Cyprus Canada Inc. and Roxmark Mines Ltd. Signed "The Geraldton Venture" Agreement.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :RMK RMK Remark (Weather METAR) RMK Rocky Mountain King (Polaris Snowmobiles) RMK Remarks RMK Resource Manager Kernel ) announces that it has finalized the terms of and signed a Joint Venture Agreement with Cyprus Canada Inc. ("Cyprus'), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Cyprus Amax Mineral Company of Denver, Colorado, USA. Under the terms of the agreement: Cyprus is required to meet the following conditions in order to earn 60% undivided interest undivided interest n. title to real property held by two or more persons without specifying the interests of each party by percentage or description of a portion of the real estate. in certain Roxmark's mining claims, 8,287 acres, that are located in Geraldton, Ontario Geraldton is a community located on the shores of Kenogamisis Lake, in the town of Greenstone, Ontario, Canada. External links
- Spend a minimum of $500,000 within the next 12 months. - Incur a total of $2,000,000 on exploration and development expenditures over four years. - Make a series of Cash payments to Roxmark for a total of $250,000 Cyprus can increase its earned undivided interest to 80%, by financing the Joint Venture to commercial production. Roxmark, in addition to its interest in the Joint Venture, has a 2% net smelter return royalty on its wholly owned mining claims. Cyprus has completed a private placement by purchasing 1,000,000 Common Shares from the Capital Stock of Roxmark for the sum of $150,000 and is holding 1,000,000 warrants that can be converted into common shares at $0.20 each within one year. Cyprus is planning an aggressive winter exploration program including geophysical surveys and diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral to further explore low grade gold mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. that has the potential of outlining a significant tonnage (several million tons) that can be mined by open pit methods. Roxmark is a junior gold mining company with a Canadian focus, that has extensive land holdings in Geraldton, Ontario. Roxmark maintains its total interest in the high grade occurrences at the Magnet Mine which includes the Benedict Zone, the Bankfield property, the McLellan Joint Venture, the LittleLong-Lac Gold Mine and a series of other occurrences covered by 2,990 acres. The retained properties have historically produced 823,954 ounces of gold from 2,373,437 tons at a recovered average of 0.35 oz/t. Development work to complete the feasibility study on the Benedict Zone and other high grade occurrences will proceed. The Magnet Mine is equipped with headframe, two production hoists, compressors, dewatering Dewatering (dē′wöd·ər·iŋ) is the removal of water from solid material or soil by wet classification, centrifugation, filtration, or similar solid-liquid separation processes. and stationery pumps, hydro-substation, etc., with a replacement value exceeding $ 2,000,000. The Geraldton Camp produced 3 million ounces, of gold from 1934 to 1970 from approximately 17 million tons of ore with a recovery grade of 0.17 oz/t. CONTACT: Roxmark Mines Ltd. David Malouf, 416/860-1636 or Fax 360-7355 |
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