TORONTO, May 16, 2016 /CNW/ - Roxgold Inc. ("Roxgold" or
"the Company") (TSX.V: ROG) is pleased to announce it has poured
first gold at the Yaramoko gold project in Burkina Faso, West
Africa. The initial gold pour totalled 1,020 ounces.
"We are extremely pleased to be a producing Company, and are
delighted to continue our track record of reaching milestones ahead
of schedule," commented John
Dorward, Roxgold's President and CEO. "We thank our
shareholders, stakeholders in the community, employees,
contractors, government officials and the board of directors for
all of their continued support." Roxgold's COO Paul Criddle commented, "Pouring gold thirteen
months from breaking ground is an achievement that we can all be
proud of and is a true testament of hard work, dedication and
exemplary teamwork by the Roxgold team."
The Yaramoko mine was built on budget, ahead of schedule and is
one of the highest grade gold mines in the world. As at
March 31, 2016 Roxgold maintained a
healthy balance sheet with cash of approximately US$42 million and debt of approximately
US$59 million. The Company expects to
ramp up to commercial production in the third quarter of 2016.
Commissioning and Ramp Up
Plant Practical Completion and Processing Performance Tests
confirming nameplate throughput and recovery assumptions were
completed over a month ahead of schedule and mine development
remains ahead of plan year to date. In the underground operation,
four sublevels are fully developed to the eastern end of the
resource and ore development is continuing to the western end of
the first mining block on three levels. Ore development is expected
to increase further next month when development commences in Block
2 on the western side of the deposit. Stoping operations in Block 1
will commence in July, further increasing the mine's productivity
(Figure 1).
Currently there are approximately 30,000 tonnes of mill feed
grade ore on the run of mine ("ROM") pad. This represents
approximately six weeks of plant throughput at the nameplate level
of 750 tonnes per day ("tpd") and, together with development ore,
should ensure that the processing plant is adequately supplied
through the ramp up phase.
Photo Gallery
Shareholders are encouraged to follow the progress of the
Yaramoko Gold Project, including today's gold pour, in the Roxgold
Photo Gallery at www.roxgold.com or by clicking here:
http://www.roxgold.com/s/PhotoGallery.asp
Expected Upcoming Catalysts
Other near term catalysts include continued exploration at the
55 Zone where the company is currently executing an advanced
definition and expansion program with the intention of completing
an updated resource estimate in the second half of 2016.
Qualified Persons
Paul Criddle, FAUSIMM, Chief
Operating Officer for Roxgold Inc., and Craig Richards P. Eng, Principal Mining Engineer
for Roxgold Inc., are Qualified Persons within the meaning of
National Instrument 43-101, and have verified and approved the
technical data disclosed in this press release.
About Roxgold
Roxgold is a gold mining company with its key asset, the high
grade Yaramoko Gold Mine, located in the Houndé greenstone region
of Burkina Faso, West Africa. The Company expects to reach
commercial production in Q3 2016. Roxgold trades on the TSX Venture
Exchange under the symbol ROG and as part of the Nasdaq
International Designation program with the symbol OTC: ROGFF.
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release."
These statements are based on information currently available
to the Company and the Company provides no assurance that actual
results will meet management's expectations. In certain cases,
forward-looking information may be identified by such terms as
"anticipates", "believes", "could", "estimates", "expects", "may",
"shall", "will", or "would".
Although the Company believes the expectations expressed in
such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include: changes in market conditions,
unsuccessful exploration results, changes in the price of gold,
unanticipated changes in key management personnel and general
economic conditions. Mining exploration and development is an
inherently risky business. Accordingly, actual events may differ
materially from those projected in the forward-looking statements.
This list is not exhaustive of the factors that may affect any of
the Company's forward-looking statements. These and other factors
should be considered carefully and readers should not place undue
reliance on the Company's forward-looking statements. The Company
does not undertake to update any forward-looking statement that may
be made from time to time by the Company or on its behalf, except
in accordance with applicable securities laws.
SOURCE Roxgold Inc.