TORONTO, March 18 /CNW Telbec/ - Roxmark Mines Limited (TSXV - RMK) today announced that it has acquired from AdvantEXCEL.com Communications Corp. ("AdvantEXCEL") an undivided (approximately) 37% beneficial interest in certain mining claims located on the Leitch property near Beardmore, Northwestern Ontario (the "Property"). The remaining (approximately) 63% beneficial interest in the Property was already owned by Roxmark.
As consideration for the acquisition of the 37% interest in the Property (the "Acquisition"), Roxmark has paid AdvantEXCEL $103,000 and issued to AdvantEXCEL 1,150,000 common shares of Roxmark. The said common shares are subject to a hold period expiring on July 19, 2009. Pursuant to the terms of the Acquisition, the joint venture agreement relating to the Property previously in place between Roxmark and AdvantEXCEL has terminated.
The Leitch Mine, once one of Canada's richest, operated continuously from 1937 to 1965, processing 906,395 tons with a recovery of 0.92 oz. of gold per ton yielding 860,648 oz. gold at US$35/oz. It was serviced by a three-compartment shaft to 3,006', with a winze from the 19th or 2,875' level to the 30th or 4,525' level. The Property has historical resources which are not NI 43-101 compliant, are based on insufficient exploration work, and should not be relied upon.
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.
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