Robex Resources Inc./Moussala: Encouraging Results
QUEBEC CITY, QUEBEC -- (Marketwire) -- 08/23/12 -- Robex Resources Inc. (TSX VENTURE: RBX)(FRANKFURT: RB4) has received the results of trenches dug on the Moussala permit. Of the three trenches dug, the first with a length of 150 meters and a depth of 3 to 7 meters, gave very good results. A grading of 0.68 g/t over 58 meters, including 1.16 g/t over 4 meters and 0.85 g/t over 18 meters, has been collected among others (see complete results at www.robexgold.com). The second trench did not provide significant results, and the third could not be completed due to too much water in the ground. The three trenches were made on a geochemical anomaly of 4 km2. The Moussala permit is located in Western Mali, South-East of the Loulo deposit, operated by Randgold.
"These grades, on the surface, are very interesting and encourage Robex to continue exploration work on the permit", said Andre Gagne, President and CEO.
N'Golopene
Resolute paid in July the 3rd installment, in the amount of $ 200,000, as per the agreement signed with Robex in July 2011 in respect of the N'Golopene permit. To hold 51% of the permit rights, Resolute had to pay a total of $ 400,000 in three installments to Robex, which has been completed, and must carry out $ 1 million in work on the permit by July 2013. Then, to get an additional 19%, Resolute must carry out 1.5 million in additional work on the permit, or carry out a feasibility study.
Seeing that Resolute is continuing the exploration on the N'Golopene permit is a good indication that they are still foreseeing, at this stage, the development of the permit. Given the proximity of the Syama mine with N'Golopene, the production could be done at reasonable cost and also benefit Robex, which still holds 30% of the rights.
The geological information of this release as well as the assay results have been verified by Jacques Marchand, P.Eng. P.Geo, and an independent Qualified Person.
This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Robex Inc.'s ("Robex") control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Robex. The forward-looking information is based on the estimates and opinions of Robex's management at the time of the publication of the information and Robex does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.
The TSX Venture Exchange or its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts no liability for the authenticity or accuracy of this release.
Contacts:
Investor relations:
Andre Gagne
President and CEO
418-527-5023
a.gagne@robexgold.com
Skype: andregagne11