ROBEX CASHES $227, 500 FROM THE EXERCISE OF WARRANTS
QUEBEC, Oct. 28 /CNW Telbec/ - Robex Resources Inc. (TSX-V: RBX / FWB: RB4) confirms today that a total of 2,000,000 warrants were exercised at a price of $0.11 per common share for total proceeds of 220,000$. The warrants expiration date was October 15th, 2011 and they were issued in connection with a private placement completed in October 2009.
Furthermore, an additional amount of 7,500$ was raised through the exercise of 50 000 warrants at a price of $0.15 per common share. These warrants, with a February 26, 2011 expiry date, were associated with a company financing completed in February 2009.
Nampala Project's Objective : 45,000 Oz/year
Robex continues to move forward with the execution of all necessary tasks so as to initiate a feasibility study on the Nampala project by January 2011. Various contracts aimed at achieving this goal 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.
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.
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.
For further information:
Investor relations:
André Gagné, President and CEO 418-527-5023 / [email protected] / Skype : andregagne1
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