Roxgold Inc.
TSX VENTURE : ROG

Roxgold Inc.

April 23, 2012 20:15 ET

Roxgold Drills 113.0 gpt Au Over 1.65 Meters and 47.3 gpt Au Over 3.5 Meters at Yaramoko

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 23, 2012) - Roxgold Inc. ("Roxgold" or the "Company") (TSX VENTURE:ROG) has received assay results for 21 core holes from its Phase 3 Yaramoko drilling program at the Company's Yaramoko property located in Burkina Faso, Africa. Significant intercepts are set out in the Table below:

Hole ID From (m ) To (m ) Length (m ) True (m ) Au gpt Vertical (m)*
YRM-11-DD-013 63.00 66.00 3.00 2.55 43.25 45
YRM-12-DD-069 787.00 790.00 3.00 2.40 1.05 673
and 793.25 794.50 1.25 1.00 5.84 675
YRM-12-DD-070 85.00 87.40 2.40 2.04 9.96 55
YRM-12-DD-071 100.30 102.45 2.15 1.61 1.73 65
and 108.10 110.05 1.95 1.91 2.44 68
YRM-12-DD-072 78.00 81.75 3.75 3.19 11.60 50
and 131.10 132.95 1.85 1.57 9.59 90
and 137.25 140.00 2.75 2.34 16.39 95
YRM-12-DD-073 93.45 96.95 3.50 2.63 47.34 65
YRM-12-DD-074 90.50 93.60 3.10 2.63 7.58 55
YRM-12-DD-077 306.45 310.15 3.70 3.03 4.79 270
and 330.00 333.00 3.00 2.46 2.20 285
YRM-12-DD-078 217.70 219.45 1.75 1.49 21.32 145
YRM-12-DD-079 224.55 226.20 1.65 1.35 113.04 150
YRM-12-DD-084 217.85 220.00 2.15 1.61 5.50 190
YRM-12-DD-085 343.50 345.50 2.00 1.64 12.51 375
YRM-12-DD-086 106.85 108.75 1.90 1.56 12.26 80
YRM-12-DD-087 166.65 168.55 1.90 1.43 3.14 125
YRM-12-DD-089 68.50 70.50 2.00 1.64 1.36 160
YRM-12-DD-106 357.90 361.50 3.60 2.70 16.08 305
YRM-12-DD-108 119.00 122.00 3.00 2.46 8.02 130
YRM-12-DD-112 212.80 215.25 2.45 1.84 7.66 240
* Denotes the estimated depth of intercept from surface

Holes DD-070 and DD-074 were previously reported. DD-013 is re-stated as 43.25 grams per tonne ("gpt") gold ("Au") over 3.0m (2.55m estimated true width) versus previously reported 0.66 gpt Au over 3 meters due to late receipt of assays. Stated True widths are based on currently existing data and vein models. The following drill holes did not return significant intercepts; DD-076, DD-080, DD-081, DD-088, and DD-110.

Phase 3 drilling has focused on expanding mineralization indicated by the 2011 programs to depth and along strike. The modest assay from YRM-DD-069, the deepest hole drilled to date, is counter-indicated by the high visible gold count at this intercept and this zone and several others zone are being re-assayed. Holes YRM-DD-070 through YRM-DD-074 have connected the former 35 Zone with the 55 Zone. In the future the Zone, which has a known east west strike length of approximately 900 meters, will be referred to as the 55 Zone as first reported in a news release dated February 8, 2012. A deep drilling program to test for mineralization down dip has been initiated with the first hole targeting the projected vein at 1,000 meters below surface. Regional exploration with RAB and RC drilling is progressing steadily although core drilling follow up must wait until the assays from this work are received. Assay congestion using in-country labs, previously reported in Company news releases dated November 1, 2011 and April 2, 2012, continues to be a problem and is being circumvented by airfreighting selected core samples to Canada. As a result of only select samples being assayed from the reported drill holes it is possible that once all samples from each hole are assayed additional mineralized intercepts may be identified.

To date assays have been received for 80 core holes drilled on the 55 Zone. 62 of these holes have produced 81 intercepts with an average true width of 3.80 meters and a weighted average grade of 20.72 gpt gold.

The Company is in the process of updating plan, section and longitudinal maps of the drilling to date on the 55 Zone to the corporate web site along with additional photos.

Yaramoko Resource Study

The Company has engaged AGP Mining Consultants to undertake the compilation of an initial resource on the 55 Zone of the Yaramoko property and prepare an updated Technical Report in compliance with NI 43-101 Standards of Disclosure for Mineral Projects. Based on the results of this work the Company may make application for a Mining License within the Yaramoko Exploration Permit later this year.

Quality Assurance/Quality Control;

Roxgold Inc. is the Project Operator and maintains a quality control program involving the use of repeat assays, inserted blanks and the use of certified standards from an accredited Canadian laboratory. Assaying from holes in Phase 3 in this News Release were carried out by TSL labs in Saskatoon, Saskatchewan while results reported from phase 1 and 2 were reported by the ALS Minerals Ouagadougou Lab, BIGS Global laboratory in Ouagadougou and SGS Labs in Ouagadougou.

Warren Robb, P.Geo. is Chief Geologist with Roxgold Inc. and is a qualified person under NI 43-101 for Roxgold and has reviewed and approved the contents of this release.

The Company also announces in accordance with the Company's stock option plan, it has granted certain employees and consultants incentive stock options to purchase up to an aggregate of 200,000 common shares exercisable on or before April 23, 2017 at a price of $1.65 per share.

ON BEHALF OF THE BOARD OF DIRECTORS

ROXGOLD INC.

Robert Sibthorpe, BSc.(Geology), M.B.A., President & CEO

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

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