More than $6.1 million in exploration completed - Roxmark updates Premier Gold's progress on Geraldton Project

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[{"type":"text","content":"\n\n\n\nTORONTO, Sept. 24 /CNW Telbec/ - Roxmark Mines Limited (TSXV - RMK) today\nprovided an update on the status of the joint venture agreement with Premier\nGold Mines Limited (TSX- PG) in which Premier has nearly more than doubled\nminimum required exploration expenditures over the past 12 months.\n\n\nIn September 2007, a letter of intent was signed with Premier to explore\nand earn interest in certain gold properties (known as the Geraldton Project)\nheld by Roxmark in the Geraldton Camp of the Beardmore-Geraldton Greenstone\nBelt of Northwestern Ontario.\n\n\nUnder the terms of the agreement, Premier, as operator of the joint\nventure, can earn a 51% interest in the Geraldton Project over four-year\nperiod by incurring $7 million in expenditures (including a firm commitment of\n$2.5 million in the first 12 months) to advance highly prospective gold\nproperties and by making cash advances and issuing shares of Premier to\nRoxmark.\n\n\nOver the past year, Premier has carried out an extensive drilling program\nusing up to three drill rigs to complete 91 holes totaling more than\n34,000 metres of diamond drilling, in addition to a geological and geophysical\nsurveys. Expenditures to date on the Project are in excess of $6.1 million and\nRoxmark has received $200,000 in cash advances (out of the proposed $500,000)\nand 200,000 shares of Premier (out of proposed 250,000) valued at\napproximately $480,000.\n\n\nImmediately after completing the earn-in period by completing $7 million\nin expenditures, Premier will have the right to increase its interest to 70%,\ncarrying Roxmark at 30%, by making additional cash advances of $250,000 and\nissuing to Roxmark additional 150,000 shares of Premier. This would make a\ntotal $750,000 of cash advances and 400,000 shares of Premier, valued at about\n$960,000, based on the current share price.\n\n\nThe Geraldton Project is located in the heart of the Beardmore-Geraldton\nGreenstone Belt, a promising high-grade gold district that has seen relatively\nlittle exploration over the past several decades. The Project area covers\nseveral kilometres of some of the most strategic ground in the region and is\nhost to past-producing mines and numerous exploration targets in a district\nthat has more than 4.1 million ounces of historic gold production.\n\n\nDrilling has been carried out on the Magne...

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