RANDSBURG INCREASES INTEREST IN THE EMPIRE PROJECT (IDAHO) TO 75%
TORONTO,
March 10, 2008 - Randsburg International Gold Corporation (TSX-V: RGZ)
announced today that, subject to TSX-V approval, it has entered into an
agreement to acquire an additional 25% interest in a group of mining claims
known as the "Empire Project", located in Custer County, Idaho,
(the "Property") from its joint venture partner, a private US
company. The additional 25% interest means that Randsburg will hold a 75%
lease interest in the Property. Randsburg will acquire the additional 25%
interest for the payment of $100,000 and 500,000 common shares of
Randsburg.
Randsburg also announced today that its joint
venture partner has entered into an agreement with other parties to settle the
legal proceedings with respect to the termination of previously granted
lease interests in the claims. The settlement agreement is subject to a 120
day due diligence period and payment of $1.0 million dollars (CDN) for work
product and a release of claims.
"We are pleased with these latest
developments with respect to our Empire Project," commented Michael
Opara, President and CEO of Randsburg. "The additional interest
strengthens the Randsburg portfolio of projects. Drilling on the
project is planned for this summer beyond the area of pervious
mineralization discovered from drilling in 2004-2006 in the area known as
the ‘AP Pit’."
The Empire Project, a former
copper/gold/silver producer, is located on the east-facing slope of the
White Knob Mountains approximately three miles west of Mackay, Idaho. Historic
work on the Property, including drilling in 2004 and 2006, indicates the
presence of polymetallic skarn mineralization containing copper, zinc, gold
and silver. The Property consists of 23 patented mining claims, 6 mill-site
claims and 21 unpatented mining claims situated in the Alder Creek Mining
District, Custer County, Idaho, USA.
Dr. Ken Germundson, P. Geo., is the
Company’s Qualified Person under the meaning of National Instrument
43-101 for the Empire Project. Dr. Germundson has reviewed this news
release and approved its contents.
ABOUT RANDSBURG INTERNATIONAL GOLD
CORPORATION:
Randsburg International Gold Corporation is
a Canadian exploration company listed on the TSX Venture Exchange (Symbol
TSX-V: RGZ). The Company is engaged in exploring for diamonds, titanium,
iron, precious and base metals, and platinum group metals (PGMs) in Brazil,
Canada and Idaho. The Company has three active exploration projects.
1.
Victory Strike diamond project in Brazil - 85% owned;
2.
Titan Project (iron-titanium-vanadium) in Northern Ontario - 100% owned;
and
3.
Empire Project (copper-gold-silver-zinc)-Idaho – a 50% owned Joint
Venture.
On behalf of the Board of Directors of Randsburg
International Gold Corp.
"Michael Opara", President and Chief
Executive Officer
E-mail:
info@randsburginternational.com
Website:
www.randsburginternational.com
The TSX Venture
Exchange does not accept responsibility for the adequacy or accuracy of
this release.
Copyright, 2008 Randsburg International Gold
Corporation. This news release can be reproduced and retransmitted in
whole, with no changes permitted of any kind, including headlines, or the
addition of any headlines or other material, and providing it is supplied
and made available without charge to the end reader.
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