TORONTO, ONTARIO--(Marketwired - May 27, 2013) - Roxgold Inc. (TSX VENTURE:ROG) ("Roxgold" or the "Company") is pleased to announce that it has received a three-year extension to its 100% owned Yaramoko exploration permit in Burkina Faso, West Africa.
The Yaramoko permit hosts the high grade 55 Zone (the "Project") for which the Company is currently completing a NI43-101 compliant Preliminary Economic Assessment ("PEA") scheduled for release in September 2013.
The exploration permit had an original expiry date of September 8, 2013 which has now been extended to September 8, 2016. The extension to the Yaramoko exploration permit, granted by the Burkina Faso Department of Energy and Mines, provides Roxgold with additional time in which to expand the existing 55 Zone, complete economic studies and submit an application to convert the area required for potential future operations to a mining permit. In addition, it enables Roxgold to continue its ongoing regional exploration program over the full 167 km2 permit area.
"Burkina Faso continues to demonstrate why it is one of the leading emerging gold jurisdictions in the world", commented John Dorward, Roxgold's President and CEO. "This extension, which is the maximum available, is a reflection of Roxgold's significant investment at Yaramoko and further evidence of the Burkina Faso Government's positive approach to encouraging mining development."
Roxgold's updated resource estimate and PEA remain on track for delivery in the third quarter of 2013. In addition to the two drill rigs currently completing the infill drilling program at the 55 Zone, the Company has one drill rig active on regional exploration targets.
Roxgold is an exploration and development company with its key asset, the 167 Km2 Yaramoko exploration permit, located in the Hounde greenstone belt of Burkina Faso, West Africa. The Yaramoko Gold Project hosts an indicated resource estimate of 1,032,000 tonnes containing 639,951 ounces at 19.3 grams per tonne ("gpt") gold and an inferred resource estimate of 495,000 tonnes containing an estimated 183,894 ounces gold at 11.5 gpt gold at a 5 gpt gold cut-off (see press release dated March 4, 2013) reported in accordance with NI 43-101.
This news release may contain forward-looking statements. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements in this news release include statements that describe the Company's future plans for the exploration and development of the 55 Zone and regional exploration in 2013, the potential of the 55 Zone including its prospectivity at depth and the extensions of the mineralized area at depth, the objectives or goals of exploration programs, and timing of future announcements, and include words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking statements are based on assumptions and address future events and conditions; by their very nature they involve inherent risks and uncertainties. The assumptions upon which forward-looking statements in this news release are made include the reasonable assumptions of management with respect to the geologic model, that third party labs will continue to process assays at the current pace, results of exploration will warrant further work, and current macro-economic conditions will continue to prevail. Actual results relating to such future events and conditions could differ materially from those currently anticipated in such statements for many reasons such as: changes in management, changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.