Appian Acquires Shares of Roxgold Inc.

TORONTO, ONTARIO--(Marketwired - May 16, 2014) -

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Between March 28, 2014 and May 15, 2014, Appian Natural Resources Fund acquired ownership and control, through its wholly owned subsidiary, of 5,249,588 common shares (the "Shares") of Roxgold Inc. ("Roxgold") representing 2.2% of the total issued and outstanding shares of Roxgold. The Shares were acquired through the TSX Venture Exchange at the following prices over this period: 1,216,500 Shares at a price of $0.60 per Share, 707,500 Shares at a price of $0.62 per Share, 1,474,588 Shares at a price of $0.63 per Share, 251,000 Shares at a price of $0.64 per Share and 1,600,000 Shares at a price of $0.70 per Share. These acquisitions resulted in a change in beneficial ownership of such Shares. Immediately after the last acquisition on May 15, 2014 and as at May 16, 2014, Appian beneficially owned, or exercised control and direction over, an aggregate of 29,112,913 Shares of Roxgold, representing approximately 12.3% of the issued and outstanding Shares of Roxgold.

The Shares 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 shares of Roxgold, or sell some or all of the shares 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.

CONTACT

For more information, including to obtain a copy of the early warning reports to which this press release relates, please contact the investment advisor to Appian Natural Resources Fund:

Appian Capital Advisory LLP,

5th Floor, 33 St. James's Street,

London, SW1A 1HD,

United Kingdom.

+44 (0) 207 004 0951

Appian Natural Resources Fund is a Jersey Fund whose registered address is at 47 Esplanade, St Helier, Jersey, JE1 0BD, Channel Islands. Appian Capital Advisory LLP is a limited liability partnership, whose registered number is OC365361 and registered address is at 5^th Floor, 33 St. James's Street, London SW1A 1HD, UK