Simba Increases Investment in Rogi Mining and Miyove Gold Project, Rwanda
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/26/12 -- Simba Gold Corp. (TSX VENTURE: SGD)(FRANKFURT: S7G) has increased its ownership of Rogi Mining Limited from 12% to 26% after making the second installment under an agreement granting Simba the right to purchase all of the common shares of Rogi Mining. The second installment payment comprised US$312,500 in cash and 950,100 common shares of Simba.
Simba has the right to purchase up to 100% of the outstanding shares of Rogi Mining by making payments of shares and cash in five installments, of which the first two installment payments have now been made. Simba may acquire up to 100% of Rogi Mining by making three further installment payments as follows:
About the Miyove Gold Project
The Miyove gold project comprises 2,937 hectares and is located in the northern portion of Rwanda, approximately 65 kilometres from the capital city of Kigali. Infrastructure at the property includes excellent road access, water and commercial power access. The project consists of an exploration licenses issued by the MINITERE, MINIRENA and MINIFOM, in the Republic of Rwanda.
The Miyove gold project comprises three mineralized zones referred to as Karenda, Baradega and Masogwe, all of which lie along a northwest-southeast mineralized trend which extends for six kilometers. Three types of structurally controlled gold mineralization has been identified and includes stringer-vein zones, silicified (quartz) and ferruginous shales, and less frequently, quartz veins with varying amounts of iron oxides and hydroxides (in the weathering crust). The host rocks are commonly shale, and to a lesser extent, sandstones. A fourth type of gold mineralization has been identified on the property and includes alluvial and deluvial places.
The Company, with Rogi Mining, has commenced a comprehensive surface exploration program at the Miyove Gold project. The surface exploration program commenced in October 2011 and continued until early December 2011. The program, consisting of a ground magnetic survey, soil sampling and detailed geological mapping, will provide detailed information on property scale structures which, based on historic information, are known to host gold mineralization. The current program will provide sufficient information for designing a drill program, to commence in the spring of 2012, which will assess the structural continuity of the various known gold zones identified on the property.
The Miyove Gold project is being managed by A. Armitage, Ph.D., P.Geol. Dr. Armitage is a Director and the Senior Technical Advisor of Simba Gold, and is the Qualified Person, as defined by NI 43-101, for the Miyove Gold project. Dr. Armitage has reviewed and approved the technical content if this news release.
About Simba Gold Corp.
Simba Gold Corp. is an exploration company focused on the development of quality gold assets in Rwanda. Simba owns 26% of Rogi Mining Limited ("Rogi") and has an option to purchase up to 100% in stages through to March 2015. Rogi owns three properties in Rwanda, with the principal asset being the Miyove Gold Project which comprises 2,937 hectares over the largest historic gold-producing area in the country.
On behalf of the board of directors
Werner J. Ullmann, President and CEO
Simba Gold Corp.
Cautionary Statement Regarding Forward-Looking Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Simba's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Simba Gold Corp.
Investor Relations
604-568-2486
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Datum: 26.03.2012 - 22:56 Uhr
Sprache: Deutsch
News-ID 128571
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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