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More than $1.5 million in exploration completed - Roxmark provides progress report on Premier agreement
TORONTO, April 16 /CNW Telbec/ - Roxmark Mines Limited (TSXV - RMK) today provided a progress rep...
About this update from Atlas Salt Inc
[{"type":"text","content":"\n\n\n\nTORONTO, April 16 /CNW Telbec/ - Roxmark Mines Limited (TSXV - RMK) today\nprovided a progress report on its agreement with Premier Gold Mines Limited\n(TSX: PG) covered in a Letter of Intent dated September 20, 2007.\n\n\nPursuant to the agreement, Roxmark has so far received $100,000 in cash\nand 100,000 shares in the capital stock of Premier Gold Mines Limited. In\naddition, within the initial six-month period, Premier has conducted\nexploration work valued at more than $1.5 million, well in excess of the\nminimum requirement under the agreement.\n\n\nThe Premier agreement covers certain Roxmark gold properties in the\nGeraldton Camp of the Beardmore-Geraldton Greenstone Belt of Northwestern\nOntario. Premier is actively and extensively exploring the properties (known\nas the Geraldton Project) including line cutting, geophysical work and diamond\ndrilling.\n\n\nUnder the terms of the agreement, Premier has the option to earn a 51%\ninterest in the properties over a four-year period by making cash payments of\n$500,000, issuing 250,000 shares of Premier to Roxmark and carrying out, as\noperator, $7 million in expenditures to advance the highly prospective\nhigh-grade gold properties to a production decision. Premier has also made a\nfirm commitment to incur $2.5 million in exploration expenditures in the first\n12 months.\n\n\nTo date, numerous drill holes have been completed on the Magnet Gold Mine\nand Little Long Lac properties using two drill rigs for a total of\napproximately 12,500 metres.\n\n\nResults of the initial drilling program were announced in several news\nreleases dated January 22 and 25, March 3, and April 1 and 9, 2008. Drilling\nis being directed to test numerous targets which have intersected gold\nmineralizations that contain occurrences of visible gold. The zones remain\nopen in all directions.\n\n\nDrilling on the Little Long Lac has intersected a minimum of six\npotentially important vein zones: The Kailey Zone, Main Zone, the No.9, No.10\nVein Zones and two new zones named No.11 and No.12 Vein Zones. Premier's\nStephen McGibbon, P. Geo., is the Qualified Person for the information\ncontained in these news releases and is a Qualified Person within the meaning\nof National Instrument 43-101.\n\n\nAs announced April 9, 2008, the newly discovered "Kailey" Zone has the\npotential of an op...