Business
Roxmark receives $550,000 and 200,000 shares of Premier Gold under joint venture agreement
TORONTO, May 26 /CNW Telbec/ - Roxmark Mines Limited (TSXV-RMK) today reported that it has receiv...
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[{"type":"text","content":"\n\n\n\nTORONTO, May 26 /CNW Telbec/ - Roxmark Mines Limited (TSXV-RMK) today\nreported that it has received an additional $550,000 in cash and will soon be\nreceiving 200,000 more shares of Premier Gold Gold Mines Limited, under its\njoint venture agreement with Premier Gold. The issuance of shares is subject\nto TSX approval.\n\n\nThe payments were triggered as a result of Premier's accelerated\nexploration expenditures on the Hardrock Project in the Geraldton Camp of the\nBeardmore-Geraldton Greenstone Belt.\n\n\nUnder terms of the agreement, signed in September 2007 and amended in\nJuly 2008:\n\n\n- Roxmark soon will have received a total of $750,000 and 400,000 shares\n of Premier valued at approximately $1 million\n- Roxmark has a 30% carried interest in the project.\n\n\nExpenditures incurred so far by Premier on the Hardrock Project are in\nexcess of $14 million. As operator, it is undertaking an aggressive\nexploration program using three drill rigs to carry out more than 50,000\nmetres of definition and exploration drilling. The drilling is targeting both\nopen pit and underground style gold zones. Significant potential exists for\ndeveloping resources in several areas.\n\n\n"The success in drilling numerous target sites at the Hardrock Project\naccelerates the process of bringing these properties to a production\ndecision." said Monir Younan, President. "Roxmark's immediate priorities as\noperators in the Beardmore Camp remain unchanged. We are committed to bringing\nthe Northern Empire Mine to the production stage and thereafter, to focusing\non the development of the Leitch-Sand River Mine area." Younan added.\n\n\nAbout Roxmark Mines\n\n\nRoxmark Mines Limited is the leader in gold and molybdenum exploration\nand development in the historically significant Geraldton-Beardmore area of\nNorthwest Ontario. In addition to the Hardrock Project in the Geraldton Camp,\nRoxmark is aggressively pursuing a number of initiatives in the Beardmore\nCamp, including re-opening the Northern Empire Mine and the upgraded onsite\nmill and expanding the resource base at the Leitch-Sand River Mine, once\nCanada's richest and now 100% owned by Roxmark. In recent years, Roxmark has\ngenerated cash flow from bulk-sampled gold and molybdenum processed at its\nfully-permitted mill and has the advantage of infrastructure ...