TORONTO, Nov. 8 /CNW Telbec/ - Roxmark Mines Limited (TSXV - RMK) (CNQ - RMKL) announces that it has issued an aggregate of 115,940 shares in satisfaction of payments due under three option agreements (the "Agreements") to acquire the Amede Properties totalling $26,666.67. The securities issued are subject to a hold period expiring on March 7, 2008. The Agreements were previously announced in the Company's July 12, 2007 news release.
The Agreements have a term of four years and will require additional aggregate payments at Roxmark's option of $60,000 by July 8, 2008 and $180,000 during the period between the second and fourth anniversaries of the Agreements.
An exploration surface program is being carried out simultaneously on two properties by Roxmark crew under the supervision of Peter Bevan, Consulting Geologist. Work includes stripping, trenching, sampling and geological mapping of these gold-bearing structures.
Historically, the Northern Empire Mine produced 149,053 ounces of gold from 425,866 tons with a recovery of 0.35 oz. in gold per ton. The mine was serviced by a shaft to 2,460 feet with development above and below a major flat diabase sill. Existing infrastructure on the property, including an upgraded and fully permitted 200 tpd mill (expandable to 500 tpd), as well as the mine's non-remote location, will reduce the cost of future development.
About Roxmark Mines
Roxmark Mines Limited is the leader in gold and molybdenum exploration and development in the historically significant Geraldton-Beardmore area of Northwest Ontario. In the last two years, Roxmark has generated cash flow from bulk-sampled gold and molybdenum processed at its fully-permitted mill and has the advantage of infrastructure from six formerly highly productive gold mines located on its properties. These mines previously produced nearly two million ounces of gold from high grade ore but were closed primarily due to dramatically lower gold prices at the time and to boundary issues, since eliminated.
Further information is available on the Company's website at www.roxmark.com and on SEDAR under the Company's profile at www.sedar.com.
Forward-Looking Statements
This news release includes certain "forward-looking statements". Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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