Appian Acquires Units of Roxgold Inc.

TORONTO, Nov. 4, 2014 /CNW/ - On November 4, 2014, Appian Natural Resources Fund ("Appian") acquired ownership and control, through its wholly owned subsidiary, ANRH Sarl, of 12,000,000 "Units" of Roxgold Inc. ("Roxgold") representing approximately 6.3% of the currently issued and outstanding common shares in the capital of Roxgold (the "Shares"), after assuming conversion of the Warrants (as defined below) into Shares. Each Unit is comprised of one common share in the capital of Roxgold and one-half of one common share purchase warrant in the capital of Roxgold (each whole warrant, a "Warrant"). The Units were acquired through a bought deal public offering at $0.65 per Unit. Immediately after this acquisition on November 4, 2014, Appian beneficially owned, or exercised control and direction over, an aggregate of 53,039,013 Shares (after assuming conversion of the Warrants into Shares) of Roxgold, representing approximately 18.4% of the issued and outstanding Shares (after assuming conversion of the Warrants into Shares).

The Units were acquired for investment purposes. Depending on the development of Roxgold's business, financial condition, the market for Roxgold's securities, general economic conditions and other factors, Appian may acquire additional securities of Roxgold, or sell some or all of the securities it holds, in the open market, by private agreement or otherwise.

An early warning report will be filed by Appian in accordance with applicable securities laws and will be available under Roxgold's profile on the SEDAR website at www.sedar.com.

About Appian Natural Resources Fund

Appian Natural Resources Fund is a metals and mining private equity fund providing long-term capital to both private and public mining companies. The advisor to Appian Natural Resources Fund, Appian Capital Advisory LLP (the "Advisor"), is headquartered in London, with an international network in key mining cities. The Advisor has a senior management team that is a combination of professionals from major mining companies, private equity firm and investment banks, bringing together over 150 years of combined mining experience.  In aggregate they have managed in excess of 60 mines through to production and concluded over $200 billion worth of mining sector transactions, while generating significant returns for investors.  With a successful track record of value creation across the full mining life cycle, the Advisor's team's strong operating and corporate skills are available to support management teams to optimise assets and ramp up operations that deliver value and generate attractive returns.

SOURCE: Appian Natural Resources Fund

including to obtain a copy of the early warning report to which this press release relates, please contact Michael Scherb at the investment advisor to Appian Natural Resources Fund: Appian Capital Advisory LLP, 33 St James's Street, 5th Floor, London, SW1A 1HD, United Kingdom. [phone]