Randsburg Corporate Update
15 6월 2010 - 6:30AM
Marketwired
Randsburg International Gold Corp. (TSX VENTURE: RGZ) (the
"Company" or "Randsburg") is pleased to announced today that a
summer work program will begin shortly on the Company's 20% owned
Titan Project. The Titan Project is a Vanadium-Titanium-Iron
project located in Ontario, Canada jointly owned with Prophecy
Resource Corp. ("Prophecy"). The work program is being conducted by
Prophecy as part of its commitment to incur $200,000 in Exploration
Expenditures on the property by December 31, 2010.
"Working with Prophecy on the Titan Project, we hope to see the
Project considerably advanced and added value brought to the
parties," stated Michael Opara, President and CEO of Randsburg. "We
also note that the Company also has a 100% interest in a large land
position contiguous to the Titan Project."
The initial program is comprised of approximately 20 line
kilometres of line cutting that will extend the existing grid west
and southwest of the Titan deposit. A ground magnetometer survey
will be conducted over this extension to close off the airborne
magnetic anomaly associated with the deposit, and to test the
broader extensions highlighted in the airborne survey.
The grid will also provide control for geological mapping that
will be conducted to ascertain any trends with focus on determining
the nature of the Platinum-Palladium mineralization intersected in
previous drilling, and whether there are any expressions of this
mineralization at surface. All work conducted in the coming weeks
is in preparation for drilling targeted to increase the existing 49
million tonne inferred resource, and possibly discover other zones
of exploration interest.
The Property is estimated to contain an inferred resource of
49.0 million tonnes at 0.24% vanadium (0.43% vanadium pentoxide),
14.82% titanium dioxide, and 48.09% iron oxide. The estimate uses a
40% Fe2O3 cutoff grade. The results of the independent resource
estimate are summarized in the following Table:
---------------------------------------------------------------------------
Mineral Resource Estimate for Titan (at a cut-off of 40% Fe2O3)
---------------------------------------------------------------------------
Resource Tonnes TiO2 V Contained TiO2 Contained
Category (millions) V Grade (%) Grade (%) Lbs(i) Tonnes(i)
Inferred ---------------------------------------------------------------
49.0 0.24 14.82 259,174,729 7,259,310
---------------------------------------------------------------------------
-- Metal recoveries were assumed to be 100% for both vanadium and titanium
oxide.
The Technical Report was authored by Neil Prenn, P.Eng. a
Qualified Person as that term is defined under NI 43-101, of Mine
Development Associates ("MDA") of Reno, Nevada, on February 26,
2010, was prepared in accordance with National Instrument 43-101
("NI 43-101") Standards of Disclosure for Mineral Projects and
provides an update as to ownership of a report completed by MDA for
Randsburg in 2006 and revised in February, 2007 as the Company
disclosed in its news release of March 18, 2010. The resource
estimate at Titan is based on 38 drill holes completed between 2004
and 2006, totaling 10,307 metres, that were drilled to depths
between 170 metres and 604 metres on a 50 metre grid. The estimate
used the following methodologies and key assumptions: Grades for
Fe2O3, TiO2, and V were interpolated by ordinary kriging into 5 x 5
x 10 metre blocks from 10 metre composites from mineralized zones.
These kriged block grades were compared to grades estimated by
inverse distance methods and were essentially the same globally. A
minimum of one composite and a maximum of nine composites were used
to interpolate grades. Since the economics and recoveries of the
different materials contained in the mineralized zone have not been
defined all of the material estimated within the high-grade
mineralization boundary (approximately a 40% Fe2O3 cutoff grade)
and within the variogram range of 108 metres from a composite has
been defined as an inferred resource. This report is available at
www.sedar.com.
The Titan-Vanadium-Iron-Titanium Property comprises 2,150
hectares and is located within 2.5 kilometres of a high-voltage
transmission line and within 8 kilometres of a railroad. It is
amenable to open pit mining and has an overburden cover between
zero and approximately 1.5 metres.
Mineral resources which are not mineral reserves have not
demonstrated economic viability. The estimate of mineral resources
may be materially affected by environmental, permitting, legal,
title, taxation, sociopolitical, marketing, or other relevant
issues.
Flett Project
The Company holds a 100% interest, subject to a 3% NSR, in 11
claims comprising approximately 3000 hectares located in Flett
Township contiguous to the Titan Project. The Company is currently
evaluating a ground exploration and geophysics program with a focus
on defining drill targets.
Brazil
The Company's 85% owned subsidiary company Blue Falcon Extracao
Mineral Ltda. ("Blue Falcon") is in the process of acquiring
additional mining authorizations/claims in Brazil subject to
further negotiation and due diligence.
Dr. Ken Germundson, PhD, P. Geo. is the Company's Qualified
Person under the meaning of National Instrument 43-101 for the
Company's projects. Dr. Germundson has reviewed this news release
and approved its contents.
The Company will hold its Annual General and Special Meeting of
its shareholders on August 10, 2010. Randsburg notes that it is in
default of holding its shareholder meeting within the time period
set forth by applicable corporate law and Exchange policy and that
this disclosure is being provided at the request of the
Exchange.
On behalf of the Board of Directors of Randsburg International
Gold Corp.
Michael Opara, President and Chief Executive Officer
Copyright, 2010 Randsburg International Gold Corporation. This
news release can be reproduced and retransmitted in whole, with no
changes permitted of any kind, including headlines, or the addition
of any headlines or other material, and providing it is supplied
and made available without charge to the end reader.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Randsburg International Gold Corp.
info@randsburginternational.com www.randsburginternational.com
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