Robex
Resources Inc. (TSX VENTURE:RBX - News; FRANKFURT:RB4 - News) is pleased to announce
the closing with success of a non-brokered placement of $270,000.
Under the terms of this private placement, the company has issued
2,076,923 Units at $0.13 per Unit. Each Unit consists of one common share and
one-half (1/2) common share purchase warrant. Each full warrant entitles the
holder to purchase one additional common share at $0.18 per share, valid for
a period of two years following the closing of this private placement.
The securities issued in this private placement are subject to a
four-month hold period under applicable securities legislation and the
policies of the TSX Venture Exchange. This placement is subject to the
approval of the TSX Venture Exchange.
Net proceeds from this financing will be used to continue the
execution of all necessary tasks so as to initiate a feasibility study on the
Nampala project by January 2011. This feasibility
study should bring Robex to its objective of
production of 45 000 ounces of gold per year.
Various contracts aimed at achieving this feasibility study have been
allocating, as those for the hydrogeological and
geophysics studies, the environmental studies and the topography studies (see
press release of October 18, 2010 for details). Also, Robex
is now getting ready for a 5000 to 6000 meter drilling campaign on Nampala. Around 71 reverse circulation holes will be
drilled on the North-West extension of the oxide portion of zone 100, between
sections 400 and 600. To date, approximately 75% of zone 100 has been drilled
at 25 meter spacing as recommended by the 43-101 Coffey Mining report. Past
drilling has so far revealed an indicated resource of 244,000 Oz gold in the oxide
portion of zone 100 at a grade of 1.05 gpt. The
objective of this coming drilling campaign is to increase the indicated
resources in zone 100 between the surface down to
approximately 80 meters in the saprolite.
Robex is
also presently assessing various options for the development of
infrastructures which could support a mining operation processing 5000 tonnes per day via cyanidation
to produce around 45000 ounces of gold per year.
www.robexgold.com
The technical content of this press release and the results contained
within have been verified by Mr. Jacques Marchand,
certified NI 43-101 engineer geologist in charge of resource calculations.
This news release contains statements that may constitute
"forward-looking information" or "forward-looking
statements" within the meaning of applicable securities legislation.
This forward-looking information is subject to numerous risks and
uncertainties, certain of which are beyond the control of Robex
Resources Inc. ("Robex"). Actual results
or achievements may differ materially from those expressed in, or implied by,
this forward-looking information. Factors that could cause such differences,
without limiting the generality of the following, include: volatility and
sensitivity to market metal prices; impact of change in foreign currency
exchange rates and interest rate; imprecision in reserves estimates;
environmental risks including increased regulatory burdens; unexpected
geological conditions; adverse mining conditions; political risks arising
from operating in certain developing countries; changes in government
regulations and policies, including laws and policies; failure to obtain
necessary permits and approvals from government authorities; and other
development and operating risks. No assurance can be given that any events
anticipated by the forward-looking information will transpire or occur, or if
any of them do so, what benefits that Robex will derive
therefrom. Forward-looking information is based on
the estimates and opinions of Robex's management at
the time the information is released and Robex does
not undertake any obligation to update publicly or to revise any of the
forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required by applicable securities laws.
Neither 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.
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