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Roxmark Mines, Premier Gold announce joint venture agreement for Geraldton properties
Roxmark Mines, Premier Gold announce joint venture agreement for Geraldton properties.
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[{"type":"text","content":"\n\n\n\nAgreement involves cash, shares, $7 million in expenditures\n\n\n-----------------------------------------------------------\n\n\nTORONTO, Sept. 24 /CNW Telbec/ - Roxmark Mines Limited (TSXV - RMK) today\nannounced that it has signed a letter of intent with Premier Gold Mines\nLimited (TSX - PG) for a joint venture to actively explore and earn interest\nin certain gold properties owned by Roxmark in the Geraldton Camp of the\nBeardmore-Geraldton Greenstone Belt of Northwestern Ontario.\n\n\nUnder the terms of the agreement which is subject to due diligence by\nPremier, Premier has the option to earn a 51% interest in the properties over\na four-year period by making cash payments of $500,000, issuing 250,000 shares\nof Premier to Roxmark and carrying out, as operator, $7 million in\nexpenditures to advance the highly prospective high-grade gold properties to a\nproduction decision. Premier also makes a firm commitment to $2.5 million in\nexploration expenditures in the first 12 months and to pay $100,000 in cash\nand issue 100,000 shares of Premier to Roxmark on signing. Premier's extensive\nprogram, including diamond drilling is expected to begin immediately.\n\n\nThe Agreement also provides that on completion of the initial earn-in,\nPremier will have the right to increase its interest to 70% by carrying\nRoxmark at 30% and by paying to Roxmark an additional $250,000 in cash and an\nadditional 150,000 shares of Premier, and by bringing one or more properties\nto a production decision over an additional five- year period.\n\n\n"This joint venture makes an ideal fit for Roxmark," said Monir Younan,\nPresident. "It pairs us with a strong, proven gold mining team who shares our\nenthusiasm for the development prospects of the Beadmore-Geraldton Greenstone\nBelt, enables us to concentrate on exploration and development on Roxmark's\nhigh grade gold properties in the Beardmore Camp closest to our\nfully-permitted mill, and creates shareholder value by accelerating the\npotential development of our Geraldton properties."\n\n\n"Our immediate operational priorities as operators remain unchanged: to\nproduce a 43-101 compliant report to justify commercial development of the\nNorthern Empire Mine based on historic and recent drilling-and to advance\ndevelopment prospects for molybdenum resources at our No...