REBgold Signs LOI with Belvedere on the Kiimala and Rantasalmi Gold Properties in Finland
Published : March 24, 2011
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

TORONTO, CANADA--(Marketwire - March 24, 2011) - REBgold Corporation ("REBgold" or the "Company") (News - Market indicators) is pleased to announce that the Company has signed a Letter of Intent ("LOI") with Belvedere Resources Finland oy ("BelFin"), a wholly-owned subsidiary of Belvedere Resources ("Belvedere", TSX.V:BEL) for REBgold to earn an interest in two of BelFin's gold properties in Central Finland, the Kiimala and Rantasalmi properties (the "Properties").

Mark Burridge, Chairman of REBgold, commented "These are gold projects with significant upside potential that may be further enhanced by the use of our technology. We look forward to working with Belvedere, a company that has a strong track record in Finland, a country that is recognized as a good jurisdiction for mining investment."

The Properties contain drilled deposits with Indicated and Inferred Resources along with a number of surface gold occurrences. On both properties the gold occurrences are associated with 2nd order splays off large shear zones, and subcrop over strike lengths of 3 to 20 kilometers.

The mineral resources, which have previously been reported by Belvedere (information of which can be found on their website and Sedar filings) will be reviewed, updated and reported by REBgold as information is developed over the next few months.

The LOI creates a binding obligation on the parties to negotiate the necessary agreements in good faith and sets out the framework for the Earn-In Agreement, subject to certain conditions being met, including due diligence procedures. The LOI calls for an initial cash payment of CDN $100,000 to BelFin once the formal documents have been executed. REBgold can earn a 50% interest in the Properties by making expenditures of CDN $6M in a 4 year period. During the first year, REBgold must spend a minimum of CDN $1.5M on the Properties. After the earn-in has been completed a decision as to whether to proceed to a feasibility study will be made and, if REBgold elects, it will have a period of a further 2 years to complete the feasibility study. By completing the feasibility study, REBgold's stake would increase to between 55% and 75%, depending on the level of BelFin's contribution to the study. A further 5% interest may be earned through the contribution of BACOX technology to the Projects.

The completion of this transaction is subject to a number of conditions including regulatory approvals. This transaction is expected to close within 3 months, subject to due diligence and definitive documentation.

The Kiimala Property consists of 7.8 km2 of contiguous claims and claim applications with at least seven drilled gold occurrences (K1 – K7) occurring from surface. Only the K1 (Ängesneva) occurrence has been followed up with sufficient drilling to delineate an NI 43-101 compliant resource. Further targets beyond the drilled occurrences exist on the property.

The Rantasalmi Property consists of 10.1 km2 of claims and claim applications and contains both the Osikonmäki and Pirilä gold occurrences. The Osikonmäki East and West gold mineralizations lie at either end of the 3km long Osikonmäki shear, which remains open and unexplored in both directions along strike, and down dip. All recent drilling has focused on the Osikonmäki East mineralization, and a 3000 meter drill program is currently underway on the property. Further targets and parallel shear zones remain to be tested on the property.

Forward Looking Statement:

Some of the statements contained herein may be forward-looking statements, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future plans and objectives of the Company 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.

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 140,206,819

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.

REBgold Corporation
EJ Spencer
Corporate and Investor Relations Administrator
416-646-1850 X 242
Data and Statistics for these countries : Australia | China | Finland | Tasmania | All
Gold and Silver Prices for these countries : Australia | China | Finland | Tasmania | All

Rebgold

EXPLORATION STAGE
CODE : RBG.V
ISIN : CA7561832089
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Rebgold is a gold exploration company based in Canada.

Rebgold holds various exploration projects in Finland.

Its main exploration properties are KIIMALA and RANTASALMI in Finland.

Rebgold is listed in Canada. Its market capitalisation is CA$ 2.6 millions as of today (US$ 2.4 millions, € 1.7 millions).

Its stock quote reached its lowest recent point on December 24, 2008 at CA$ 0.02, and its highest recent level on December 03, 2010 at CA$ 1.50.

Rebgold has 20 176 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Rebgold
6/24/2013Closes Private Placement
6/1/2012Mobilizes Drill Rig And Closes First Tranche Of Private Plac...
5/8/2012Receives Lead Order for Private Placement and Proposes Share...
1/24/2012Extends Private Placement
Nominations of Rebgold
6/22/2012Appoints Director
Project news of Rebgold
9/26/2012(Rantasalmi)on Rantasalmi Gold Project
4/24/2012High Grade Gold Discovery at Osikonm=E4ki Prospect Confirmed...
2/28/2012New Drill Intercept of 9.6m averaging 10.0g/t Au within 55.5...
Corporate news of Rebgold
11/7/2013Aquila Resources & REBgold Corp. Announce Business Combinati...
4/16/2013Secures Funding for Business Development
10/17/2012Announces Final Drill Holes Expand Strike and Confirms Conti...
7/18/2012Provides Update on Activity
5/30/2012Shareholders of REBgold Approve Share Consolidation
4/18/2012Extends Terms of Convertible Debentures and Warrants
2/6/2012in the News
1/16/2012Resource Expansion Drilling Commences
12/5/2011Drill Rig Mobilized For Resource Expansion And Exploration D...
10/14/2011Extends Terms of Convertible Debentures and Warrants
10/11/2011Announces New NI 43-101 Resource Estimate for Finland Projec...
9/16/2011New High-Grade Gold Lode Discovered at Surface on Finnish Pr...
7/5/2011Additional Encouraging Results Announced on Finnish Asset un...
5/18/2011Further Positive Drilling Results Announced on Finnish Asset...
4/8/2011Issues Options
3/31/2011C:RBG REBgold 17,908,000-warrant extension
3/30/2011High Grade Drilling Results Announced on Finnish Asset under...
3/24/2011(Rantasalmi)Signs LOI with Belvedere on the Kiimala and Rantasalmi Gold ...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (RBG.V)
0.130+0.00%
TSX-V
CA$ 0.130
01/22 15:48 -
0%
Prev close Open
0.130 0.130
Low High
0.130 0.130
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.130 -%
Volume 1 month var.
700 -%
24hGold TrendPower© : 24
Produces
Develops
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.34+2.66%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 5.77-2.86%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.80-3.75%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.08-11.11%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.05+3.02%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 8.55+1.18%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.18+2.86%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.30-1.64%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.50+2.46%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 68.46+0.26%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :