Robex Announces Closing of Private Placement of $270,000
QUEBEC CITY, QUEBEC -- (Marketwire) -- 11/08/10 -- Robex Resources Inc. (TSX VENTURE: RBX)(FRANKFURT: RB4) 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.
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.
Contacts:
Investor relations
Andre Gagne
President and CEO
418-527-5023
a.gagne@robexgold.com
Skype: andregagne1