Roxmark initiates molybdenum bulk sampling, obtains concentrate sales agreement – progresses on 3D modeling of gold propertiesadmin
Sunday, August 13th 2006
Roxmark Mines Limited (RMKL – CNQ) today announced that work is underway on its molybdenum bulk sampling program on the Nortoba-Tyson property and that progress continues on the systematic digitization of data from the Company’s gold properties, with both as precursors to an aggressive exploration and development program planned for 2007 and beyond.
In the first week of August, removal of overburden and waste rock on either side of the vein began on the Nortoba-Tyson property. Within the next few days, Lakeside Manitouwadge Ltd., a mining contractor, will carry out the mining of a surface bulk sample of approximately 3,000 tons which will be delivered to Roxmark’s fully upgraded Northern Empire mill. Processing of the molybdenum ore into concentrate for sale is scheduled to begin in September and be completed by mid-October.
Roxmark has signed a Sales Agreement with U.K.-based Derek Raphael & Company Limited for molybdenum concentrate produced at its mill in Beardmore, Ontario. Moly concentrate will be delivered by Roxmark to the port of Montreal, P.Q.
Molybdenum bulk sampling is a follow-up to last year’s diamond drilling and assaying program which indicated a potentially larger mineral occurrence than previously estimated, both along strike and at depth. Processing the bulk sample will provide further delineation of the ore body necessary to support a decision to proceed underground – as well as generating significant cash flow for Roxmark.
The digitization of recent and historic data on Roxmark’s gold properties, including 3-D modeling of key deposits, is being carried out under the supervision and direction of SRK Consulting Engineer and Scientists (Canada) Inc. The work is being performed on the Leitch-Sand River Gold, Northern Empire and the Magnet gold mines. The program is a key element in a scoping study on each of Roxmark’s gold properties which will select one property as a focal point and to commence an anticipated aggressive development program leading to commercial production as early as 2007.
“We see 2006 as a pivotal time for Roxmark,” said Monir Younan, President. “By the end of the year, we will have established our intermediate term plans to develop both gold – which remains our prime objective – and moly, which we continue to believe can be an important additional source of revenue and profits.”
About Roxmark Mines
Roxmark Mines is a Canadian-based junior resource company involved in exploration and development of gold and molybdenum in the Geraldton-Beardmore area of Northern Ontario. Assets include the Nortoba-Tyson molybdenum property, an onsite mill equipped to process both gold and molybdenum, and six formerly highly productive gold mines which generated nearly two million ounces of gold from high grade ore. Existing infrastructure above and below ground at these mines will provide important advantages in developing additional gold-bearing structures. Further information is available at www.roxmark.com.
This news release includes certain “forward-looking statements”. All statements regarding exercise of warrants, potential mineralization, resources, exploration results, completion of program dates, amounts and future plans are forward-looking statements that involve risks and uncertainties including, but not limited to, political risk, title risk, commodity price and currency exchange risk, operating and environmental hazards encountered in the mining business, general industry and economic conditions, changes in regulatory requirements, future capital expenditures and the availability of financing. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Historical results of operations and trends that may be inferred from the discussion and analysis may not necessarily indicate future results from operations.
For further information
Monir Younan, President at Roxmark Mines Limited, 801-80 Richmond St. West, Toronto, Ontario M5H 2A4, Tel.: (416) 860-1636, Fax: (416) 360-7355, E-mail: email@example.com, Website: www.roxmark.com
Source: Roxmark Mines Limited