Roxmark Completes Acquisition of Three Properties Along Strike From Northern Empire Gold Mine 08 Nov 2007 at 12:10 PM GMT-05:00
ROXMARK COMPLETES ACQUISITION OF THREE PROPERTIES ALONG STRIKE FROM NORTHERN EMPIRE GOLD MINE
Toronto, Ontario, November 8, 2007.
Roxmark Mines Limited -- (TSXV – RMK) (CNQ – RMKL) announces that it has issued an aggregate of 115,940 shares in satisfaction of payments due under three option agreements (the "Agreements") to acquire the Amedé Properties totalling $26,666.67. The securities issued are subject to a hold period expiring on March 7, 2008. The Agreements were previously announced in the Company's July 12, 2007 news release.
The Agreements have a term of four years and will require additional aggregate payments at Roxmark’s option of $60,000 by July 8, 2008 and $180,000 during the period between the second and fourth anniversaries of the Agreements.
An exploration surface program is being carried out simultaneously on two properties by Roxmark crew under the supervision of Peter Bevan, Consulting Geologist. Work includes stripping, trenching, sampling and geological mapping of these gold-bearing structures.
Historically, the Northern Empire Mine produced 149,053 ounces of gold from 425,866 tons with a recovery of 0.35 oz. in gold per ton. The mine was serviced by a shaft to 2,460 feet with development above and below a major flat diabase sill. Existing infrastructure on the property, including an upgraded and fully permitted 200 tpd mill (expandable to 500 tpd), as well as the mine’s non-remote location, will reduce the cost of future development.
About Roxmark Mines Roxmark Mines Limited is the leader in gold and molybdenum exploration and development in the historically significant Geraldton-Beardmore area of Northwest Ontario. In the last two years, Roxmark has generated cash flow from bulk-sampled gold and molybdenum processed at its fully-permitted mill and has the advantage of infrastructure from six formerly highly productive gold mines located on its properties. These mines previously produced nearly two million ounces of gold from high grade ore but were closed primarily due to dramatically lower gold prices at the time and to boundary issues, since eliminated.
Further information is available on the Company's website at www.roxmark.com and on SEDAR under the Company's profile at www.sedar.com.
Forward-Looking Statements This news release includes certain “forward-looking statements”. Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Monir Younan, President Roxmark Mines Limited 801- 80 Richmond St. West Toronto, Ontario M5H 2A4 Tel.: (416) 860-1636 Fax: (416) 360-7355 E-mail: roxmark@on.aibn.com Website: http://www.roxmark.com
Greenstone area looking forward to mining resurgence - Tb News Source Web Posted: 11/21/2007 4:42:06 PM
It was known as the Greenstone Gold belt and if recent announcements are any indication, that title may still ring true. This week Roxmark Mines Limited announced the company is planning to re-open the Northern Empire Mine - in Beardmore next year. In the coming months, the company proceed with all the necessary steps, including mine planning, permitting and employee training.
Roxmark President Monir Younan says it is difficult at this time to determine how many jobs would become available but he estimates up to 125 positions at the revived site.
Younan says the Northern Empire mine is unique because it has existing infrastructure.
Because of that he is estimating $8-10 million in capital upgrades before the mine can re-open.
Roxmark's currently owns at least ten gold properities in the Geraldton- Beardmore area but they are not alone.
More than a handful of companies are in the exploration stages in the municipality.
Premier Gold Mines Limited in a joint venture with Roxmark is spending 2.5 million dollars to explore the former Little Long Lac Mine.
And both Kodiak Exploration, a BC based company and Sage Gold are also active in the municipality.
This is all positive news says Greenstone Mayor Michael Power, who adds that this is just the beginning, with more announcements expected shortly.