New High-Grade Gold Lode Discovered at Surface on Finnish Project
Parties Extend Joint Venture Conditions
(firmenpresse) - TORONTO, CANADA -- (Marketwire) -- 09/15/11 -- REBgold Corporation ("REBgold" or the "Company") (TSX VENTURE: RBG) is pleased to announce results from the remaining 1270 m of drilling on the 53 hole, 6073 m program of resource delineation drilling at the Rantasalmi gold property. The Rantasalmi property forms part of the joint venture with Belvedere Resources Ltd. ("Belvedere")(TSX VENTURE: BEL) which was entered into on 21st July 2011. A new resource statement will be issued in late September incorporating the results of the last two phases of drilling.
Highlights
Mark Burridge (Chairman) commented, "The latest set of drilling results demonstrate the potential for a new high grade lode system to the East, highlighting the exploration potential along strike. The latest drill holes also continued to successfully infill the main lode system, confirming the likely consistency of high grade shoots."
Osikonmaki Geology: The Osikonmaki project occurs in a three kilometer long shear complex, hosted by a Proterozoic aged Tonalitic Intrusion. Most of the drilling to date has focused on the Eastern 800m of the shear where the mineralization is primarily associated with a 45 degrees south dipping shear zone between 4 and 30 m thick. A series of higher grade chutes pitch at shallow angles across the plane of the main shear, plunging 20 degrees to the ESE contain the better part of the mineralization and extend for at least 600 m down plunge. These chutes have been grouped into three principle lode systems the S, T and U lode systems. This drill program has been focused on infilling previous drilling to 40 meter centres between the bedrock surface and 100 meters vertical.
The drilling was undertaken by Drillcon SMOY of Finland, providing 42 mm diameter core. Samples are comprised of half diamond core. Intersections are estimated to be 90% of true width. No top cuts are applied with the highest individual assay being 50.8 g/t gold over 0.49 metres. Core samples are sawn in half on site, prepped and assayed by 30g fire assay with an AAS finish at the Internationally accredited laboratories of ALS Chemex in Finland. The quality assurance-quality control (QAQC) program of Belvedere consists of the insertion of certified standards of known gold content every 20 samples, with blanks at the beginning of each batch. In addition, ALS Chemex inserts a number of blanks and standards into the analytical process. Standards, blanks and duplicates make up approximately 15% of the samples assayed. The remaining half core is retained on site for verification and reference purposes.
Amendment of the Joint Venture Terms:
Under the terms of the Shareholders' Agreement, REBgold has the right to earn up to a 50% interest in a special purpose joint venture company which holds the Kiimala and Rantasalmi projects by contributing expenditures of C$6 million over a 4 year period. To maintain its earn-in right, during the first year REBgold must contribute at least C$1.5 million on the projects, including reimbursing Belvedere for certain recent exploration expenditures (the "Pre-Existing Expenditures"). The parties have amended the Shareholders' Agreement to provide that 50% of the Pre-Existing Expenditures shall be reimbursed by REBgold on or before September 19, 2011, with the balance of the Pre-Existing Expenditures to be reimbursed by November 18, 2011. Currently, Belvedere Resources Finland Oy (a wholly-owned Finnish subsidiary of Belvedere) holds a 100% interest in the special purpose joint venture company. The Shareholders' Agreement will come into force upon satisfaction or waiver of certain conditions precedent, including a condition that REBgold shall have completed an equity financing as required to fund the first year's expenditure commitment. The time period for satisfying this condition precedent has been extended to November 18, 2011. Upon execution of the Shareholders' Agreement REBgold paid C$100,000 to Belvedere Resources Finland Oy. After the earn-in has been completed, a decision will be made whether to proceed to a feasibility study. If REBgold proceeds with and completes the feasibility study it will increase its stake in the projects to between 55% and 75% depending on the level of Belvedere's contribution to the study. A further 5% can be earned if REBgold's bioleaching technology can lead to a material improvement in the project economics.
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statement, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future plans and objectives of the Company (including statements relating to future drill results) are forward-looking statements that involve various degrees of risk. It is important to note that the Company's actual results could differ materially from those in such forward-looking statements.
Qualified Person
This news release was reviewed by Dr. Toby Strauss, who is acting as Qualified Person for both REBgold and Belvedere in compliance with National Instrument 43-101 with respect to this release.
REBgold PROFILE
REBgold is in the process of acquiring and developing economic interests in gold assets, in particular, where it can utilize its competitive advantages, to create shareholder value.
The Company's key competitive advantages include an experienced board and management team, strategic investor backing and proprietary technology. The Company's bacterial oxidation and bioleaching technologies are commercially proven for the liberation of precious metals from difficult-to-treat sulphide ores and concentrates, with environmental and economic benefits. To date, the Company's BACOX technology has been used at three gold mines located in Western Australia, Tasmania and China.
Shares outstanding 162,258,486
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
REBgold Corporation
EJ Spencer
Corporate and Investor Relations Administrator
416-646-1850 X 242
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Datum: 15.09.2011 - 12:00 Uhr
Sprache: Deutsch
News-ID 66257
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Kategorie:
Mining & Metals
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