Robex acquires Malian Goldfields and SEMM properties
2005-03-14 05:41 ET - News Release
Mr. Richard Savard reports
ACQUISITION BY ROBEX OF THE SEMM AND MALIAN GOLDFIELDS (WILI WILI) PROPERTIES IN THE KENIEBA VALLEY, MALI
Robex Resources Inc. has acquired the Malian Goldfields (110 square kilometres) and SEMM (158 square kilometres) properties located in the famous Kenieba Valley in Mali. The two properties are located south of the Kossaya property, which already belongs to Robex.
Until recently, the combined SEMM and Malian Goldfields properties together formed the Wili Wili property. During the eighties, before the discovery of the Sadiola and Morilla mines, the richest gold potential regions in Mali were considered by the BRGM (Geological and Mineral Research Office France) to be Syama, Loulo and Wili Wili. For several years, BHP Minerals operated the rich Syama mine and Randgold will start production of the Loulo mine before the end of 2005.
The French Bureau des Recherches Geologiques et Minieres (BRGM) and the Malian PDRM have been the sole organizations to carry out exploration programs on the Wili Wili property. The high gold potential of this property is revealed in publications produced by both organizations. During the last decades, Wili Wili has been neglected by exploration companies because of its inaccessibility. Recent developments of the Loulo mine (Randgold) and at Tabakoto (Nevsun), as well as exploration programs carried out by Robex in the area, have opened the accessibility to Wili Wili.
For a few years, Robex has held options on both the SEMM and Malian Goldfields properties. Recently, Robex signed an agreement to acquire these two important properties, thereby increasing to 10 the number of its properties in Mali, two in South Mali, between the Morilla and the Syama mines, and eight in the Kenieba Valley (West Mali), close to the Sadiola, Loulo and Tabakoto mines, in all comprising a total of 1,378 square kilometres.
Exploration programs on these two new properties will start as soon as possible. It will be initiated by the study of satellite images, the opening of access roads to the properties and soil geochemistry over known areas anomalous in gold. The follow-up program will consist of pitting and trenching in order to define drilling targets.
The financial agreements for acquisition of both properties are identical and the payments in Canadian dollars for each property are as follows:
$20,000 at the date of signing of the notarial agreement, allowing Robex to acquire an interest of 55 per cent of the property;
$17,500 on June 13, 2005;
$30,000 on Dec. 13, 2005, to acquire 65 per cent of the property;
$30,000 on Dec. 13, 2006, to acquire 75 per cent of the property;
$30,000 on Dec. 13, 2007, to acquire 85 per cent of the property; and
$20,000 on Dec. 13, 2008, to acquire 95 per cent of the property.
.........
A 2-per-cent net smelter return royalty will be retained by the vendor, of which 1-per-cent can be purchased for $1-million (U.S.).
This news within disclosure has been reviewed by the qualified person, Richard Savard, geologist, president and chief executive officer of Robex Resources.
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