More than $1.5 million in exploration completed
ROXMARK PROVIDES PROGRESS REPORT
ON PREMIER AGREEMENT
Toronto, Ontario, April 16, 2008. Roxmark Mines Limited (TSXV - RMK) today provided a progress report on its agreement with Premier Gold Mines Limited (TSX: PG) covered in a Letter of Intent dated September 20, 2007.
Pursuant to the agreement, Roxmark has so far received $100,000 in cash and 100,000 shares in the capital stock of Premier Gold Mines Limited. In addition, within the initial six-month period, Premier has conducted exploration work valued at more than $1.5 million, well in excess of the minimum requirement under the agreement.
The Premier agreement covers certain Roxmark gold properties in the Geraldton Camp of the Beardmore-Geraldton Greenstone Belt of Northwestern Ontario. Premier is actively and extensively exploring the properties (known as the Geraldton Project) including line cutting, geophysical work and Diamond drilling.
Under the terms of the agreement, 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 has also made a firm commitment to incur $2.5 million in exploration expenditures in the first 12 months.
To date, numerous drill holes have been completed on the Magnet Gold Mine and Little Long Lac properties using two drill rigs for a total of approximately 12,500 metres.
Results of the initial drilling program were announced in several news releases dated January 22 and 25, March 3, and April 1 and 9, 2008. Drilling is being directed to test numerous targets which have intersected gold mineralizations that contain occurrences of visible gold. The zones remain open in all directions.
Drilling on the Little Long Lac has intersected a minimum of six potentially important vein zones: The Kailey Zone, Main Zone, the No.9, No.10 Vein Zones and two new zones named No.11 and No.12 Vein Zones. Premier's Stephen McGibbon, P. Geo., is the Qualified Person for the information contained in these news releases and is a Qualified Person within the meaning of National Instrument 43-101.
As announced April 9, 2008, the newly discovered "Kailey" Zone has the potential of an open pit mineralization, is located parallel to and north of the mine workings and consists of multiple stringer veins with minor mineralization. Holes PLL08-009 and 012 were drilled 150 metres apart (along strike), with hole 009 intersecting the zone at a depth of approximately 20 metres and hole 012 intersecting the zone at a depth of approximately 130 metres. In addition to the Kailey Zone, PLL08-012 intersected the on-strike extension of the Little Long Lac Main Zone with an intersection of 13.58 g/t Au (0.40 oz/ton) across 1.0 metre approximately 50 metres east of where the zone was previously mined, suggesting the potential existence of additional high-grade resources in this area.
On March 3, 2008, a news release was issued regarding new drill holes several hundred metres south of the zones which intersected multiple high-grade vein zones (No.9, No.10 and No.11 Veins) with results including 254.8g/t Au (7.44 opt) over 0.3m, 60.88/t Au (1.78 opt) over 1.0m and 45.3g/t Au (1.32 opt) over 1.0m, suggesting the potential for both bulk tonnage and high-grade mineralization at Little Long Lac.
The latest results from drilling at the Magnet Gold Mine were announced on April 1, 2008 outlining a discovery of a new high-grade gold vein zone that has returned numerous significant intersections including 67.08 g/t Au across 2.0m. The new "Highway Zone" is located at approximately 110 metres under the Trans-Canada Highway, immediately south of the historic Magnet Gold Mine. Drilling on the Benedict Zone intersected gold mineralization including 10.22 g/t Au (0.30 opt) over 2.5m and 8.14g/t Au (0.23 opt) over 2.0m. The Magnet Mine is serviced with a shaft and winze to 2,640 feet. The property is equipped with a headframe, production hoist, compressors, generator, hydro substation, and other equipment and facilities.
The Geraldton Project is located in the heart of the Beardmore-Geraldton Greenstone Belt, a promising high-grade gold district that has seen relatively little exploration over the past several decades. The Project area covers several kilometres of some of the most strategic ground in the region and is host to past-producing mines and numerous exploration targets in a district that has more than 4.1 million ounces of historic gold production.
In the Belt's Beardmore Camp, Roxmark is currently carrying out 6,200-metres of surface Diamond drilling program at the Northern Empire Gold Mine to further delineate the Contact Zone along a strike length of 1,250 metres.
About Roxmark Mines
Roxmark Mines Limited is the leader in gold and molybdenum exploration and development in the historically significant Geraldton-Beardmore area of Northwest Ontario. In the last two years, Roxmark has generated cash flow from bulk-sampled gold and molybdenum processed at its fully-permitted mill and has the advantage of infrastructure from six formerly highly productive gold mines located on its properties. These mines previously produced nearly two million ounces of gold from high grade ore but were closed primarily due to dramatically lower gold prices at the time and to boundary issues, since eliminated.
Further information is available on the Company's website at www.roxmark.com and on SEDAR under the Company's profile at www.sedar.com.
Forward-Looking Statements
This news release includes certain "forward-looking statements". Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Monir Younan, President
Roxmark Mines Limited
801- 80 Richmond St. West
Toronto, Ontario M5H 2A4
Tel.: (416) 860-1636
Fax: (416) 360-7355
E-mail: roxmark@on.aibn.com
Website: www.roxmark.com
Renmark Financial Communications Inc.
Christine Stewart : cstewart@renmarkfinancial.com
Barbara Komorowski : bkomorowski@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
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