high grade gold & moly
15 Gold properties & 1 Molybdenum resource - Beardmore & Geraldton, N/W Ontario.
Message: Premier JV is for Geraldton Properties
From the news release
Toronto, Ontario, September 24, 2007. Roxmark Mines Limited (TSXV – RMK)
today announced that it has signed a letter of intent with Premier Gold Mines Limited
(TSX – PG) for a joint venture to actively explore and earn interest in certain gold
properties owned by Roxmark in the Geraldton Camp of the Beardmore-Geraldton
Greenstone Belt of Northwestern Ontario.
Under the terms of the agreement which is subject to due diligence by Premier, Premier
has the option to earn a 51% interest in the properties over a four-year period by making
cash payments of $500,000, issuing 250,000 shares of Premier to Roxmark and carrying
out, as operator, $7 million in expenditures to advance the highly prospective high-grade
gold properties to a production decision. Premier also makes a firm commitment to $2.5
million in exploration expenditures in the first 12 months and to pay $100,000 in cash
and issue 100,000 shares of Premier to Roxmark on signing. Premier’s extensive
program, including diamond drilling is expected to begin immediately
The Agreement also provides that on completion of the initial earn-in, Premier will have
the right to increase its interest to 70% by carrying Roxmark at 30% and by paying to
Roxmark an additional $250,000 in cash and an additional 150,000 shares of Premier,
and by bringing one or more properties to a production decision over an additional five-
year period.
So as you see, Premier is earning an interest in properties of the Geraldton Camp,,,,where as Roxmark plans to keep 100 % of the properties in which RMK has been exploring for the last few years,,,,,Premier has no interest in the mill.
Check out the map,,,RMK's Beardmore camp is a few miles away from the Geraldton camp. I beleive RMK has stated in the last news release that they plan to make a decision toward production sometime in 2008 for the Northern Empire property. The mill is part of the Northern Empire Property. Premier has no interest in the Northern Empire Property or mill. The last property RMK purchased is along strike to the Northern Empire and the 43-101 is for the Northern Empire. Roxmarks main focus has been the Northern Empire and Nortoba-Tyson properties for the last few years, and these are part of the Beardmore camp. Premier has no interest in the Beardmore camp.
I'll also add that when I spoke to Monir, he did not seam concerned with the cost of going into production,,,,in fact he stated that it would only cost a few million. Personally,,,,I don't think all this talk about RMK needing cash for the move toward production is an issue. There are just so many ways to raise needed cash when you are talking about a relative short period of payback,,,,,whiich would be the case when you are talking about gold production. Like I said,,,,There is always forward hedging or NSR sale to a royalty company. 25,000 ounces at a 650.00 profit is over 16 million profit.
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