REBgold Corporation
TSX VENTURE : RBG

REBgold Corporation

July 05, 2011 11:33 ET

Additional Encouraging Results Announced on Finnish Asset Under Letter of Intent

TORONTO, CANADA--(Marketwire - July 5, 2011) - REBgold Corporation ("REBgold" or the "Company") (TSX VENTURE:RBG) is pleased to refer interested parties to the press release issued by Belvedere Resources ("Belvedere") (TSX VENTURE:BEL) announcing results from the next 21 holes in the 5,000 metre program of resource delineation drilling at its 100% owned Rantasalmi gold property. Drilling has now been completed for this phase with assay results from the final 12 holes expected over the coming month. REBgold and Belvedere have entered into a Letter of Intent to form a Joint Venture for the development of gold assets in Finland, including the Rantalsami property. Under the terms of the Letter of Intent, REBgold can earn a 50% interest in these gold assets by spending $6 million and can increase its interest by completing a feasibility study. For further details, please refer to REBgold's press release dated March 24, 2011.

The text below is quoted directly from Belvedere's press release and is provided for information purposes.

Highlights
  • T Lode System confirmed to extend down plunge for over 600m (200 metres below surface), after successful infill drilling, with BELOSI055, 58 and 62 intersecting 22.06m @ 3.67 g/t Au, 11.63m @ 6.78 g/t Au, 4.9 m @ 7.95 g/t Au respectively.
  • High-grade near surface hanging wall shears continue to be intersected in the east zone with at least three individual shear systems being intersected by a number of holes with high grade assays up to 50.8 g/t Au, a new record for the program.
  • New mineralization encountered between the S and T Lodes systems in BELOSI 60 and 61.
  • BELOSI 64, 65 and 66 extend the S Lode system down plunge and indicate the potential for multiple parallel lode systems.

David Pym (CEO of Belvedere) comments "This current phase of infill and extension drilling is rapidly increasing the size and confidence of the Osikonmäki gold system. Drilling is not only increasing confidence and confirming continuity on existing lodes it is opening up new potential for further lode systems to the south and west. Further intersections into the new hanging wall shear system continue to demonstrate high grades in what was considered waste rock in the hanging wall. In the next phase of drilling we look forward to further testing the extensions of the known lodes, as well as following-up on historical data that is interpreted as potentially indicating further parallel lodes to the west."

Hole From (m) Interval (m) Au (g/t) Grade Thickness
BELOSI047 34.23 0.89 46.10 41
BELOSI047 77.77 3.86 1.27 5
BELOSI048 54.25 2.71 1.74 5
BELOSI048 64.11 8.87 2.68 24
BELOSI049 17.58 4.10 1.92 8
BELOSI049 77.92 4.79 1.49 7
BELOSI053 91.22 0.85 6.22 5
BELOSI055 63.89 0.92 6.16 6
BELOSI055 85.66 3.59 1.92 7
BELOSI055 117.59 22.06 3.67 81
BELOSI057 43.19 1.20 6.75 8
BELOSI057 61.18 2.98 4.54 14
BELOSI058 34.98 3.20 8.67 28
BELOSI058 62.71 4.13 12.33 51
BELOSI058 101.57 11.63 7.68 89
BELOSI060 193.56 2.75 1.36 4
BELOSI060 205.5 9.30 1.50 14
BELOSI061 131.68 2.30 2.41 6
BELOSI061 152.76 9.48 1.88 18
BELOSI062 81.24 4.90 7.95 39
BELOSI064 141.97 8.49 1.10 9
BELOSI065 123.51 9.71 2.18 21
BELOSI066 94.04 24.35 1.32 32

Table 1: Intersections using a 1.0 g/t Au cut-off with a grade thickness greater than 5 gram metres. No top cut is applied. Maximum grade is 50.8 g/t Au over 0.49m, one of seven individual samples over 15 g/t Au (0.5 oz/t). Intersections are estimated to be 90% of true width.

Osikonmäki Geology: The Osikonmäki project occurs in a three kilometre long shear complex, hosted by a Proterozoic aged Tonalitic Intrusion. Most of the drilling to date has focused on the Eastern 800m of the shear where the mineralization is primarily associated with a 45 ° south dipping shear zone between 4 and 30 m thick. A series of higher grade chutes pitch at shallow angles across the plane of the main shear, plunging 20° to the ESE contain the better part of the mineralization and extend for at least 600 m down plunge. These chutes have been grouped into three principle lode systems the S, T and U lode systems. This drill program is focused on infilling previous drilling to 40 centimetres between the bedrock surface and 100 metres vertical. Drillhole locations can be viewed on the Belvedere's website.

The drilling was undertaken by Drillcon SMOY of Finland, providing 42 mm diameter core. Samples are comprised of half diamond core. Intersections are estimated to be 90% of true width. No top cuts are applied with the highest individual assay being 50.8 g/t gold over 0.49 metres. Core samples are sawn in half on site, prepped and assayed by 30g fire assay with an AAS finish at the Internationally accredited laboratories of ALS Chemex in Finland. The quality assurance-quality control (QAQC) program of Belvedere consists of the insertion of certified standards of known gold content every 20 samples, with blanks at the beginning of each batch. In addition, ALS Chemex inserts a number of blanks and standards into the analytical process. Standards, blanks and duplicates make up approximately 15% of the samples assayed. The remaining half core is retained on site for verification and reference purposes.

Qualified Person

Belvedere's news release was reviewed by Dr. Toby Strauss, who is acting as Qualified Person in compliance with National Instrument 43-101.

REBgold PROFILE

REBgold is in the process of acquiring and developing economic interests in gold assets, in particular, where it can utilize its competitive advantages, to create shareholder value.

The Company's key competitive advantages include an experienced board and management team, strategic investor backing and proprietary technology. The Company's bacterial oxidation and bioleaching technologies are commercially proven for the liberation of precious metals from difficult-to-treat sulphide ores and concentrates, with environmental and economic benefits. To date, the Company's BACOX technology has been used at three gold mines located in Western Australia, Tasmania and China.

Shares outstanding 162,258,486

Neither the 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.

Contact Information

  • REBgold Corporation
    EJ Spencer
    Corporate and Investor Relations Administrator
    416-646-1850 X 242