Roxgold Inc.
TSX VENTURE : ROG

Roxgold Inc.

September 07, 2011 10:28 ET

Roxgold Drills 16 Meters Grading 62.74 Grams Per Tonne Gold at Yaramoko Gold Concession, Burkina Faso, West Africa

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2011) - Roxgold Inc. (TSX VENTURE:ROG) -

Mr. Robert Sibthorpe reports

HIGHLIGHTS

  • 62.74 gpt over 16 meters (including 226.89 gpt over 3 meters) in drill hole YRM-11-DDH-022
  • 17.16 gpt over 12 meters (including 32.34 gpt over 6 meters) in drill hole YRM-11-DDH-009
  • Visible gold present in most intercepts
  • Zone 55 mineralization (currently 300 meters in strike)remains open to depth and along strike to the west; assays pending for an additional 17 holes
  • New Discovery at Zone 35 (an orpaillage site located more than 300 meters west of the discovery hole of Zone 55) has 10 completed drill holes and is open in all directions with assays pending

Roxgold Inc. ("the company" or "Roxgold"), announces that it has received assays from drilling activities on its optioned Yaramoko gold concession in western Burkina Faso, West Africa. Assays include data from 13 of the 44 diamond drill holes (1659 out of 6290 meters) drilled in June through August (YRM-11-DDH001 through YRM-11-DDH044).

"We are encouraged by the results to date", said Roxgold President Robert Sibthorpe. "The Zone 35 discovery encountered mineralization similar to Zone 55 with visible gold evident. The potential exists that the veins in Zone 35 may be a continuation of the gold-bearing structures in Zone 55. The 175 meter gap between the western extent of drilling on Zone 55 and the eastern extent of drilling on Zone 35 remains untested."

The assays reported in this release are all holes from the Bagassi Central Area of the Yaramoko Concession in an area now referred to as "Zone 55".

ZONE 55 DRILLING

Core drilling focused on defining high grade gold intercepts in reverse circulation holes YRM-10-RC036 and YRM-11-RC055 (6m grading 24.62 gpt and 20m grading 28.61 gpt) respectively drilled earlier this year. Core holes were drilled on 25 meter sections along a 300 meter distance, with the mineralized zone striking east-west and dipping vertically. Each section was usually tested with at least two holes to establish vertical continuity.

All results received to date from Zone 55 are listed below listed east to west covering a strike length of 175 meters;

DDH-022 reported 62.74 gpt over 16 meters including 226.89 gpt over 3 meters

DDH-008 reported 17.28 gpt over 3 meters

DDH-009 reported 17.16 gpt over 12 meters including 32.34 gpt over 6 meters

DDH-005 reported 39.03 gpt over 2 meters

DDH-006 reported 14.10 gpt over 9 meters including 42.58 gpt over 2 meters

DDH-007 reported 6.17 gpt over 10 meters including 18.12 gpt over 2 meters

DDH-011 reported 2.42 gpt over 3 meters

DDH-012 reported 11.56 gpt over 4 meters

And 1.36 gpt over 5 meters

And 5.22 gpt over 12 meters

DDH-015 reported 5.5 gpt over 4 meters

DDH-016 reported 5.43 gpt over 12 meters

(REPORTED GOLD INTERVALS ARE OVER INTERSECTION LENGTHS)

Drill holes DDH-010, DDH-013 and DDH-014 reported either low grade intercepts or no significant results.

In the above list, drill holes with consecutive numbers are located on the same section. Visible gold was noted in most of the intercepts in this list.

Zone 55 remains open in all directions. Assays are pending for an additional 17 holes drilled in Zone 55. A complete table of all drill hole specifications to date on the Yaramoko concession and a plan map are available on the Company's website www.roxgold.com.

ZONE 35 DISCOVERY

10 of the 44 drill holes completed to date tested an orpaillage site located more than 300 meters west of the discovery hole in Zone 55.

The first hole, DDH-11-035, encountered mineralization similar to that encountered in Zone 55 with visible gold evident in two zones of 5.4 and 3 meters. The remaining nine holes of the core drilling program tested this mineralization along 5 sections, each separated by 25 meters. Assays are pending. Drilling was suspended on August 20 for rig servicing and is scheduled to resume later in September.

COMMENTS

The gold mineralization in Zones 55 and 35 are hosted in quartz veins and silicified zones in east west striking structures and dilation zones with granitic intrusives and mafic volcanics as the main host rocks. Minor pyrite and arsenopyrite is associated with the gold. Zone 55 was the location of intense artisanal mining activity between January and June 2011.

Zone 35 is open in all directions. Zones 35 and 55 are located along a broad geochemical anomaly covering approximately 2 kilometers in an east west direction. There are a number of such anomalies, parallel or sub-parallel to Zones 55 and 35 in the immediate area which will be investigated in the next core drilling program.

All Yaramoko holes referenced in this press release were drilled at an angles of 45, 55, 60 or 65 degrees and the mineralized structures appeared to be vertical to subvertical suggesting that true widths of mineralized zones approximate 60-75% of reported widths.

BAGASSI SOUTH DRILLING

Core drilling (four holes totalling 747.6 meters) was also carried out to follow up on significant gold intercepts from previous reverse circulation programs totalling 2505 meters in 28 holes. The Bagassi South area is located 2.5 km southeast of Zone 55. Assays from selected zones from the 4 core holes are pending.

BISSA WEST CONCESSION

A second reverse circulation drill program has been completed (20 holes and 2500 meters) on the Bissa West concession in central Burkina Faso following up on positive results from Phase 1 earlier this year.

Samples from the Phase 2 Reverse Circulation program on Bissa West were submitted to ALS Chemex on July 3, 2011 and results remain pending. Over 10,000 meters of Rotary Air Blast (RAB) drilling was also performed to identify new targets. If the Phase 2 reverse circulation drilling results confirm the presence of ore grade intercepts at Bissa West these targets will be incorporated in the upcoming core drilling program.

SOLNA CONCESSIONS

The "Solna Concessions" comprise three large contiguous permits; Solna, Teyango and Yantera. Results for the Phase 1 reverse circulation drilling program completed earlier this year (1773 meters in 16 holes) have been received. Fifteen drill holes were drilled in the southwest portion of the Solna Permit. Drill holes SLN-11-RC003 and RC004 reported intercepts of 1.25 gpt over 6 meters and 1.48 gpt over 6 meters respectively, below a trench grading 7.34 gpt gold over 7.5 meters(previously reported) but no other drill holes reported significant results. The other RC hole was drilled under a Teyango orpaillage site and returned only geochemically interesting gold values.

The Phase 1 RC program at "Solna" was curtailed before completion due to the loss of the drill rig and a number of planned targets were not tested. A major RAB drill program was subsequently performed and generated numerous geochemical targets especially on the Teyango Permit. These Permits are considered inadequately explored and will be the subject of additional work in 2012.

CORPORATE

Roxgold Inc. has assumed Operatorship of the exploration programs on the properties optioned from Riverstone Resources Ltd. and has fulfilled its vesting requirements on the Yaramoko Concession by issuing the required cash and shares to Riverstone and incurring in excess of $1.5 million in property work expenditures on this Permit. The Company is ahead of schedule on its work commitments on all other properties.

Roxgold has engaged Taiga Consultants Ltd. of Calgary, Canada to provide geological and logistical support for its ongoing operations.

The Company has $ 5.37 Canadian million in net working capital.

QUALITY ASSURANCE/QUALITY CONTROL

Roxgold Inc. was the operator of this drill program 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. In order to avoid delays associated with assaying facilities in Burkina Faso, all Yaramoko assays reported in this press release were assayed at TSL Laboratories in Saskatoon, Saskatchewan using metallic screening techniques with duplicate assays performed on every fortieth sample. These samples were selected based on the presence of visual gold and/or increased silicification and sampled at one meter intervals. The remainder of each drill hole has been sampled on two meter interval with samples grading over one gram gold per tonne to be re-assayed with a gravimetric finish, at the independent Abilab Burkina SARL laboratories in Ouagadougou, Burkina Faso, which is part of the ALS Chemex group.

A high level of exploration and development activity in the gold sector in Burkina Faso has resulted in an increase in the turnaround time for receiving all gold assays.

Paul Anderson, PGeo, is a qualified person for Riverstone and has reviewed and approved the contents of this release.

Robert Sibthorpe, President and CEO

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