Robex Resources Inc.
TSX VENTURE : RBX
FRANKFURT : RB4

Robex Resources Inc.

February 08, 2012 12:29 ET

Robex Has Entered Into a Social and Economic Partnership Agreement With the Municipalities of N'Tjikouna and Finkolo-Ganadougou, a Project Estimated at 5 Millions $ CAD

FINKOLO-GANADOUGOU, REPUBLIC OF MALI--(Marketwire - Feb. 8, 2012) - Robex Ressources Inc (TSX VENTURE:RBX)(FRANKFURT:RB4) has held, in conjunction with the sub-prefecture, a public consultation gathering of representatives and key leaders of the civil society of both municipalities. This project aims to craft and implement a social partnership between Robex and local communities.

Following the consultation, it has been agreed that Robex in conjunction with both municipalities will organize a social enterprise that will have the mandate to ensure the economic and social development in the mining area operated by Robex. Robex has granted the mandate of organizing and financing the new enterprise to the Canadian firm L2I Financial solutions. The partnership conclude today is an important milestone for Robex in the process of obtaining a definitive operation permit.

The main activity of the social enterprise will be the production and distribution of electricity to the mine and the population of both municipalities. In addition, the enterprise will develop jointly with local stakeholders commercial projects that will induce a social and economic development for local communities.

Among the proposed projects, priority will be given to agriculture and irrigation. For the president of Robex, André Gagné, the company aims primarily at stimulating entrepreneurship to establish a system of consumption and local economy.

Robex will hold 51% of the ordinary shares of the social enterprise and both municipalities jointly will hold equally the remaining 49%. Robex is committed to buy electricity from the social enterprise at a competitive tariff to be negotiated in due course. The social enterprise will be finance through an institutional placement of convertible debenture that will be issued by the enterprise to the profit of responsible and ethical investors such as international organizations associated or working in conjunction with the United Nations and the World Bank Group.

L2I will be responsible to negotiate the formation of the enterprise with local communities as well as to raise the require capital that is estimated to be 5 millions $ CAN. This project will be finance by ethical and social funds, philanthropic organisation and international financial institutions (IFIs). Currently, L2I representatives are already working on the field in Mali holding public consultation with representative, stakeholders as well as the sub-prefecture that are associated to the project.

André Gagné, president and chief executive officer declare: "This project, in addition of contributing to the development of local communities, will reduce Robexs' Capex required for the overall project construction, as these funds would otherwise be required to meet the energy needs of the mine."

For more information please visit : www.robexgold.com

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Contact Information

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

    Media relations:
    Frederic Berard
    Vice-President
    HKDP Communications and public affairs
    514-395-0375, ext. 259