Rockgate Capital Corp.
TSX VENTURE : RGT

Rockgate Capital Corp.

November 13, 2007 09:01 ET

Rockgate Options Turner Lake Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 13, 2007) - Rockgate Capital Corp. (TSX VENTURE:RGT) (the "Company") is pleased to announce that it has entered into a Binding Letter of Intent with Trade Winds Ventures (TSX VENTURE:TWD) ("Trade Winds") to earn up to a 75% interest in the Turner Lake Gold Property near Bathurst Inlet, Nunavut, Canada.

Property

The Turner Lake Gold Property consists of the HA 1-4 mineral claims which overlie an area of approximately 29.0 sq km containing three known mineral occurrences known as the Main Gold Showing, Turner East Gold and Nickel Knob Showing, all of Archean age.

Main Gold Showing has a surface exposure of over 500 metres and has received limited diamond drilling, testing the zone to a depth of approximately 100 metres. The zone remains open along strike and to depth. Historical (non NI 43-101 compliant) diamond drilling and surface sampling completed between 1986 and 1989 by Chevron Minerals and Silver Hart Mines returned results of:

28.0 g/tonne gold over 4.75 metres

12.86 g/tonne gold over 8.87 metres

4.08 g/tonne gold over 15.27 metres

15.20 g/tonne gold over 4.00 metres

10.0 g/tonne gold over 5.00 metres

Rockgate is currently planning an extensive, multi-rig diamond drill program of up to 20,000 metres to commence as early as weather and ground conditions allow in spring 2008. The Main Gold Showing will be drilled to test the known 500 metre strike length and to test the mineralization potential to a minimum of 300 m depth. Additional drill holes will target mineralization potential at greater depths.

Diamond drilling of the untested Nickel Knob Showing will also be conducted in 2008. The Nickel Knob is known to contain significant concentrations of copper/nickel/gold/platinum and palladium in an ultramafic intrusive. Recent regional, geological mapping has located several more ultramafic intrusive occurrences on the property with similar mineralization, all of which have not been drill tested. Further field work will also be undertaken on the Turner Lake East Showing which is located on strike over 2000 metres east of the Main Gold Showing.

"We are pleased to add the Turner Lake Gold project to our growing Canadian Gold and Uranium exploration portfolio. Turner Lake is an exciting exploration project with compelling historical gold values. Rockgate will achieve significant efficiencies and cost savings in mobilization, exploration and drilling by combining the 2008 Turner Lake exploration program with our 2008 uranium and gold exploration program at our 100% owned Bathurst Inlet project as Turner Lake is located approximately 50 kilometres from the Bathurst Inlet project," said Karl Kottmeier, President of Rockgate Capital.

Agreement

Under the terms of the Option agreement, Rockgate can earn an initial 65% interest in the project by spending $1,000,000 in exploration expenditures by the first anniversary date of Exchange Acceptance and issuing 150,000 shares to Trade Winds within 5 days of receipt of approval. Rockgate can earn an additional 10% interest by spending an additional $500,000 on exploration and issuing an additional 250,000 shares to Trade Winds.

Mr. Lorne Warner, P. Geo, Director and VP Exploration is the Qualified Person for the Company under NI 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS OF ROCKGATE CAPITAL CORP.

Karl Kottmeier, President

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.

Contact Information

  • Rockgate Capital Corp.
    Karl Kottmeier
    President
    (604) 678-8941
    or
    Rockgate Capital Corp.
    Kirk Gamley
    VP Corporate Development
    (604) 678-8941
    (604) 689-7442 (FAX)
    Email: info@rockgatecapital.com