TORONTO, March 21, 2016 /CNW/ - Roxgold Inc.
("Roxgold" or "the Company") (TSX.V: ROG) is pleased to
announce that His Excellency, Mr Alfa Oumar Dissa, Burkina Faso Minister of Mines, has approved
the transfer of the Houko Permit from Daritos Or SARL ("Daritos")
to Roxgold's wholly owned subsidiary Roxgold Exploration SARL
("REX").
Highlights:
- The Houko Permit lies adjacent to the Company's Yaramoko permit
and adds approximately 30km2 of prospective Boni Shear exposure to Roxgold's portfolio;
and
- Additional ground brings Roxgold's Hounde land position to
approximately 196km2
Geological Setting
The Houko permit lies to the south of the western
arm of the Yaramoko permit and adjacent to the western border of
the permit (Figure 1). The underlying geology of the Houko permit
represents the contact between the Boni Shear Zone and the Birimain
volcanic and intrusive suites, which Roxgold has been exploring on
the adjacent Yaramoko permit. Roxgold defined and eight kilometre
long geochemical trend along the Boni shear, in 2013, to the north
of the Houko permit and this geochemical anomalism is thought to
persist south along this trend. The permit is mainly overlain by
loosely consolidated surficial material and laterite, making it an
ideal target for mineralization under this cover.
"We are delighted to be able to bolster our
position on the Hounde Belt with an additional 29 km2 of
exposure along the regionally important Boni Shear Zone", commented
Ben Pullinger, Roxgold's Vice
President of Exploration. "The Houko Permit's proximity to the high
grade 55 Zone makes it an ideal candidate for fieldwork later this
year."
Transaction Details
The terms of the Houko acquisition by Roxgold
includes the payment to Daritos SARL of 60,000 Euros upon transfer of the permit, with a
further 25,000 Euros payable upon the
third anniversary of transfer. In addition, a once off payment of
15,000 Euros, along with €1.25 per
ounce is payable upon the announcement of a maiden resource on the
Houko Permit.
Qualified Person
Ben Pullinger,
P.Geo is the designated Qualified Persons within the meaning of
National Instrument 43-101, and has verified and approved the
technical data disclosed in this press release.
Photo Gallery
Shareholders are encouraged to follow the
progress of the Yaramoko Gold Project in our Photo Gallery on our
website at www.roxgold.com
About Roxgold
Roxgold is a gold exploration and development
company with its key asset, the high grade Yaramoko Gold Project,
located in the Houndé greenstone region of Burkina Faso, West
Africa. The Company is currently in construction and expects
to be producing gold by Q2, 2016. Roxgold trades on the TSX Venture
Exchange under the symbol ROG and as part of the Nasdaq
International Designation program with the symbol OTC: ROGFF.
"Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release."
Forward-Looking Information
This news release contains forward-looking
information. Forward looking information contained in this new
release includes, but is not limited to, the expected completion of
the balance of the AUMS equity financing facility and the terms
thereof, and the expected use of proceeds thereof. These
statements are based on information currently available to the
Company and the Company provides no assurance that actual results
will meet management's expectations. In certain cases,
forward-looking information may be identified by such terms as
"anticipates", "believes", "could", "estimates", "expects", "may",
"shall", "will", or "would". Forward-looking information contained
in this news release is based on certain factors and assumptions
regarding, among other things, the estimation of mineral resources
and mineral reserves, the realization of resource estimates and
reserve estimates, gold metal prices, the timing and amount of
future exploration and development expenditures, the estimation of
initial and sustaining capital requirements, the estimation of
labour and operating costs, the availability of necessary financing
and materials to continue to explore and develop the Yaramoko Gold
Project in the short and long-term, the progress of exploration and
development activities, the receipt of necessary regulatory
approvals, including the approval of the TSX Venture Exchange for
the balance of the AUMS equity financing facility, and
assumptions with respect to currency fluctuations, environmental
risks, title disputes or claims, and other similar matters. While
the Company considers these assumptions to be reasonable based on
information currently available to it, they may prove to be
incorrect.
Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include: changes in market conditions,
unsuccessful exploration results, changes in the price of gold,
unanticipated changes in key management personnel and general
economic conditions. Mining exploration and development is an
inherently risky business. Accordingly, actual events may differ
materially from those projected in the forward-looking statements.
This list is not exhaustive of the factors that may affect any of
the Company's forward-looking statements. These and other factors
should be considered carefully and readers should not place undue
reliance on the Company's forward-looking statements. The Company
does not undertake to update any forward-looking statement that may
be made from time to time by the Company or on its behalf, except
in accordance with applicable securities laws.
SOURCE Roxgold Inc.