Robex Resources Inc.
TSX VENTURE : RBX
FRANKFURT : RB4

Robex Resources Inc.

July 20, 2011 10:43 ET

Joint Venture Agreement Concluded With Resolute Mining and Robex Resources

QUEBEC CITY, QUEBEC--(Marketwire - July 20, 2011) - Resources Robex Inc. (TSX VENTURE:RBX)(FRANKFURT:RB4) is pleased to announce that it has entered into a Farm In and Joint Venture Agreement with Resolute Mining Limited ("Resolute") granting Resolute the right to earn up to a 70% interest in Robex's N'Golopène gold exploration permit located in southern Mali covering a terrestrial surface of 108km2.

The N'Golopène permit is situated along strike of the gold anomaly of the Syama mine, Resolute's flagship operation with reserves of 2.94 million ounces (31.7 million tonnes @ 2.9 g/tonne). In 2011, Syama produced 85,362 ounces of gold. Resolute is Australia's No. 2 gold producer.

Under the terms of this farm-in and joint venture agreement, Resolute has agreed to pay a total of US$400,000.00 over 12 months during the Initial Earning Period either in cash or by issuing Resolute shares; or a mixture of both methods. Resolute will earn an initial 51% Joint Venture Interest if it contributes a further US$1,000,000 to Joint Venture Expenditure during the 2 year Initial Earning Period. Following the Initial Earning Period, Resolute may elect to earn an additional 19% Joint Venture Interest by contributing a further US$1,500,000 to Joint Venture Expenditure or by producing a Feasibility Study during the 2 year Further Earning Period.

Robex is also the owner of:

  • The Nampala license, where a feasibility study is in progress with the objective of defining a potential exploitation for an open pit and milling facilities with cyanidation for 5,000 tonnes/day;
  • The Diangounté license, located only a few kilometers from the Sadiola and Yatela mines (property owned by IAMGOLD and AngloGold Ashanti, which contains 8.5 million ounces of gold and produced 178,000 ounces in 2010);
  • The Wili-Wili and Wili-Wili West license which is characterized by a strong geochem gold anomaly over 2.8 km by 0.6 km, and adjacent to Iamgold's and Merex' Siribaya project;
  • The Sanoula license which is surrounded by Golden Rim with whom preliminary discussions have been held for a potential JV, and
  • The Kolomba license which delivered interesting results in a previous campaign and which is presently occupied by small miners.

Robex also owns two RC drills which provides the company with significant flexibility and reduced costs in the realisation of drilling campaigns. Robex has also the benefit of its own experienced team of drill operators and geologist on the ground in Mali.

For more details on other license held by Robex, visit our web site at: www.robexgold.com

This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Robex Inc.'s ("Robex") control. The actual results or conclusions may differ considerably from those which have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Robex. The forward-looking information is based on the estimates and opinions of Robex's management at the time of the publication of the information and Robex does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.

Neither TSX Venture Exchange nor the regulatory service provider (as the term is defined in TSX Venture Exchange's policies) accepts any liability of any kind as to the authenticity or accuracy of this release.

Contact Information

  • Investor relations
    Andre Gagne
    President and Chief Executive Officer
    418-527-5023
    a.gagne@robexgold.com
    Skype: andregagne11