Roxmark files Technical Report updating resources at Northern Empire Gold Mineadmin
Roxmark Mines Limited announced that the Technical Qualifying Report for the Northern Empire Gold Mine, in accordance with NI 43-101 regulations and dated November 2008, has been filed on SEDAR and is available at the Company’s website. The updated report was prepared by Peter Bevan, P. Eng., consulting geologist and a qualified person under NI 43-101.
The Report includes a renewed assessment of the 2007 and 2008 drilling programs at the mine as well as a resource calculation, as per NI 43-101, establishing:
86,652 tonnes grading 10.70g.Au/t containing 29,807 ounces of Indicated Gold Resources; and 64,748 tonnes grading 9.95g.Au/t containing 20,719 ounces of Inferred Gold Resources, at shallow depths over a limited drilled strike length of the Contact and Power Zones. Roxmark’s news release of October 2, 2008 describes both resources and potential in detail.
The Company is carrying out the recommendations of the Bevan Report by commissioning a scoping study which includes dewatering the shaft and installing a headframe, hoist and ancillary equipment on surface and underground. The recommended plan also includes underground mining a 3,500-4,000-tonne bulk sample to be processed at the Company’s Northern Empire mill.
The economics of Roxmark’s plans to reopen the Northern Empire to produce gold and carry out underground exploratory drilling will benefit from the availability of existing underground workings and of the upgraded, fully permitted onsite mill.
“While these are tough times for capital markets, we believe the Northern Empire project will exceed the threshold for commercial development, offering potential investors an attractive opportunity.” said Monir Younan, Roxmark President.
The Northern Empire Mine was operated successfully by Newmont Mines from 1934 to 1941. The mine was serviced by a shaft to a depth of 2,460 feet and produced 149,000 ounces of gold from 426,000 tons of ore at a recovered grade of 0.35 oz Au/t. The on-site 200TPD mill (expandable to 500TPD) was built in 1982 and upgraded and permitted by Roxmark. It processed gold and molybdenum ores in 2005 and 2006, respectively.
The Northern Empire Mine is located in the Town of Beardmore, approximately 200 km northeast of Thunder Bay and serviced by the Trans-Canada Highway. Accessibility of all Roxmark properties including the Leitch Gold Mine and the Nortoba-Tyson property (a new source of gold and molybdenum) is a strong advantage.
Certain Roxmark holdings in the Geraldton Camp are under option agreement to Premier Gold Mines Limited (TSX-PG) which has incurred more than $6.1 million in exploration expenditures since September 2007. Additionally, several properties are being acquired by Premier to be included in the joint venture known as the Geraldton Project (For more details see Roxmark’s news release dated October 23, 2008).
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 several 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