Rockridge Capital Corp.

Rockridge Capital Corp.

January 30, 2012 07:00 ET

Rockridge Commences 20,000-Metre Drill Program at Fatou Gold Project; Shareholder Rights Plan Adopted

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2012) - Rockridge Capital Corp. (TSX VENTURE:RRC) ("Rockridge"; the "Company") is pleased to announce that it has commenced a 20,000-metre H1 2012 reverse circulation (RC) and diamond drilling program focused on 12 separate target areas on the Fatou Gold Project, located in southern Mali, West Africa. The Fatou permit covers 250 square kilometres of highly prospective Birimian terrane, 90 kilometres south of the Morila Gold Mine and 50 kilometres west of the Syama Gold Mine.

Overview of the H1 2012 Program

  • 12 target areas identified through interpretation of detailed heli-borne VTEM, magnetics, and radiometrics survey completed in late 2011 (see Map 1).
  • 20,000 metres of combined RC and diamond drilling currently planned.
  • Targeting assisted by results from a 9000-metre auger drill program completed in December 2011.
  • Fatou Main Gold Zone identified as a top priority target with possible strike extensions identified (see Map 2).
  • Fininko Gold Zone confirmed as a priority target, and is associated with a large fold-fault structure, known as the "Buckle" (Map 2).
  • Buckle was identified from the VTEM survey as a fold structure in carbonaceous sedimentary rocks along a northwest-directed shear zone adjacent to granitoids. The fold structure is 1-2 kilometres in size.
  • Four targets located along the Buckle fold-fault structure (Map 2).
  • Three bulk-tonnage targets identified in potassically-altered granitoids in the northeast of the permit (Map 1).

To view Map 1 and Map 2 click on:

2011 Exploration Program Review

The 2011 exploration campaign included diamond drilling at Fininko in April, diamond drilling at Fatou Main between June and August, RC drilling and limited core drilling at Digan prior to the suspension of work for the seasonal rains. During the break, new project management was brought in to re-assess the program to-date. As part of that reassessment process, the project database was reorganized and a full re-interpretation of the exploration data was completed.

In September, Geotech Airborne Ltd. of Johannesburg South Africa, conducted a helicopter-borne VTEM electromagnetic, magnetic, and radiometric survey at Fatou. Approximately 2880 line-kilometres were flown at a line spacing of 100 metres with tie-lines at 1000 metres over an area of 250 square kilometres. A final report complete with detailed interpretation and targeting study was received by Rockridge in December.

In an effort to improve the soil geochemistry, Coffey Mining out of Accra, Ghana, was contracted to complete over 9,000 metres of auger drilling across 12 prospective zones identified during the preliminary interpretation of the airborne geophysical data. Auger drilling was conducted between late October and early December. Results of that survey show subtle gold-in-saprolite anomalies over large structures identified through the interpretation of geophysical data.

In December, an infill diamond drill program was completed at the Fatou Main Gold Zone. The 8-week program consisted of 20 drill holes totalling 4166 metres. This program has been successful in identifying the structure hosting many of the mineralized intervals discovered during previous drill campaigns and allowing management to begin to model the mineralization. All samples have been submitted to SGS Canada for analysis by fire assay and results are expected shortly.

Mineralization at Fatou Main and Fininko has been described as a series of sub-parallel north-trending gold "zones". Further interpretation suggests the presence of one or two broad zones of silicification largely coincident with contacts between Birimian metasedimentary rocks and intermediate to felsic intrusive plugs. Several narrower shoots of higher grade mineralization occur within these silicified zones.

Shareholder Rights Plan

The Company also announced that its Board of Directors has approved and adopted a Shareholders Rights Plan (the "Rights Plan"). The Rights Plan, which is effective immediately but is subject to regulatory and shareholder approval as well acceptance by the rights agent, will provide the Board of Directors of the Company and the shareholders with more time than otherwise allowed for under existing Canadian legislation to fully consider any unsolicited take-over bid for the Company. It will also allow more time for the Board of Directors to pursue, if appropriate, other alternatives to maximize shareholder value. Shareholders will be asked to confirm the Rights Plan at the next Annual and Special General Meeting which will be held in July of this year. If this confirmation is not received, the Rights Plan will terminate.

The Rights Plan entitles shareholders to severable rights to purchase additional shares of the Company and become exercisable only when a person, including any party related to it or acting jointly with it, acquires or announces its intention to acquire 20% or more of the Company's outstanding common shares without complying with the "Permitted Bid" provisions of the Rights Plan. Should such an acquisition occur, each right would, upon exercise, entitle a rights holder, other than the acquiring person and related persons, to purchase common shares of the Company at a 50% discount to the market price at the time. Certain holdings of common shares, such as positions held by investment managers, trust companies for managed accounts and pension plans will not trigger the Rights Plan unless the holders are participating in making a takeover bid for the Company.

Under the Rights Plan, a Permitted Bid is a bid made to all shareholders that is open for not less than 60 days. If at the end of the 60 days at least 50% of the outstanding shares, other than those owned by the offeror and certain related parties, have been tendered, the offeror may take up and pay for the shares but must extend the bid for a further 10 business days to allow other shareholders to tender.

The Rights Plan was not adopted in response to, or in anticipation of, any specific effort to acquire control of the Company and is not aimed at blocking bids, but is designed to ensure than any acquisition of control is through a public offer to all shareholders and that sufficient time is available to evaluate any offer. The Rights Plan is similar to plans adopted by other Canadian public companies.

Christopher J. Wild, P.Eng., is the Qualified Person for the Company under NI 43-101. All samples from the Fatou Main campaign reported herein were collected on site and sent to ALS-Chemex in Bamako for analysis. The company inserts a blank and requests a duplicate sample be run in every batch of 20 samples. In addition, the lab inserts in-house blanks, standards, and duplicates with each shipment. Data that falls outside the control limits are checked and repeated as required. An average grade of the original and the duplicate samples is used where applicable, and generally a cut-off grade of 0.5 g/t is used.

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Karl Kottmeier, President

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Rockridge Capital Corp.
    Karl Kottmeier

    Rockridge Capital Corp.
    Kirk Gamley
    VP Corporate Development
    604-689-7442 (FAX)