Roxgold Inc.
TSX VENTURE : ROG

Roxgold Inc.

January 29, 2008 09:00 ET

Roxgold Inc.: Discovery of Mineralized Intrusive on TJ Ridge Project; Potential for Bulk Tonnage Gold Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2008) - Roxgold Inc. (TSX VENTURE:ROG) has received final fire assay results from diamond drill holes ROG-07-14 through ROG-07-18 completed on the East Side of the TJ Ridge project. These holes confirm the presence of two intrusive units: an altered and variably mineralized monzonite unit and cross-cutting feldspar porphyry dykes. The monzonite unit is the target stratigraphy, encountered in three of five holes, all of which intersected variable amounts of arsenic- zinc- lead- silver-gold, mineralization. Holes ROG-07-17 and ROG-07-18 were drilled through the monzonite into the underlying altered sediments. ROG-07-16, the first to encounter the monzonite hosted mineralization, was terminated in altered monzonite carrying anomalous gold and silver values and associated pathfinder elements. Anomalous gold + silver is associated with arsenopyrite - pyrite- sphalerite - galena mineralization occurring in sub-parallel sheeted quartz veins and in areas where the sheeted quartz veining is more pervasive, as pyrite - arsenopyrite disseminations within the monzonite. Given the early stage of the discovery and mineralization's relationship to significant EM anomalies in the immediate vicinity has yet to be established, the potential for the discovery of a significant bulk tonnage deposit is believed strong particularly given all monzonite intersected in the three holes (total of 317 metres) returned an average grade of 4.9 g/t silver and 0.18 g/t gold or 0.27 g/t gold equivalent. Significant results are as follows:



Core Au
width Eq
from to m Pb Zn Ag Au g/t
metres metres (1) ppm ppm g/t g/t (2)
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ROX-07-14
Collar 19082N 22408E; Dip -45 degrees Az 090 degrees
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altered sediments 119.95 124.50 4.55 2,270 362 54 0.89 1.87
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ROX-07-15
Collar 19082N 22408E; Dip -70 degrees Az 090 degrees
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altered
sediments/vein 93.10 105.20 12.10 1,310 2,789 46 0.92 1.76
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including 93.10 96.00 2.90 2,244 3,857 41 0.64 1.39
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and 103.10 105.20 2.10 3,961 9,568 188 4.26 7.68
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ROX-07-16
Collar 19135N 22290E; Dip -45 degrees Az 120 degrees
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monzonite 194.65 224.02 29.37 931 1,438 6 0.53 0.64
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including 198.00 206.00 8.00 3,145 4,703 15 1.66 1.92
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including 198.00 200.00 2.00 4,286 6,433 22 2.59 2.97
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and 201.00 202.00 1.00 1,954 3,562 10 4.76 4.94
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and 205.00 206.00 1.00 5,746 10,000 22 1.72 2.12
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ROX-07-17
Collar 19036N 22300E; Dip -45 degrees Az 120 degrees
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monzonite 51.00 230.70 179.70 182 378 3 0.11 0.18
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including 156.00 221.00 65.00 332 542 5 0.19 0.28
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including 107.00 108.50 1.50 463 390 27 0.93 1.42
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and 156.00 160.00 4.00 872 1,336 8 0.80 0.93
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and 203.00 221.00 18.00 628 947 8 0.36 0.51
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including 219.50 221.00 1.50 326 2,330 8 1.46 1.60
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ROX-07-18
Collar 18958N 22270E; Dip -45 degrees Az 120 degrees
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monzonite 112.85 207.00 94.15 226 280 8 0.15 0.29
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including 146.00 147.50 1.50 633 339 15 1.69 1.96
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and 162.50 164.00 1.50 5,239 1,643 29 1.96 2.48
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and 177.50 180.50 3.00 214 176 157 0.35 3.19
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monzonite 245.65 256.15 10.50 819 972 4 0.55 0.62
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and 247.65 248.65 1.00 4,215 1,910 12 1.96 2.18
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and 252.65 254.65 2.00 1,839 3,654 11 1.78 1.98
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(1) Core widths are estimated to be about 85% of true width
(2) Au Eq includes only gold and silver values based upon 55 grams of
silver being equivalent to one gram of gold with metallurgical
recoveries and net smelter returns assumed to be 100%.


ROG-07-14 and 15, the first holes to test the E1 anomaly, were drilled on section to test a strong and well defined gold-in-soil geochemical anomaly, intersected strongly altered sediments with local thin dykes of monzonite and feldspar porphyry. ROG-07-15, showed a marked increase of feldspar porphyry and monzonite dykes prior to passing into the altered sediments. One shear related zone with strongly mineralized quartz veining was encountered near the bottom of ROG-07-15. ROG-07-16 collared 135 metres WNW of ROG-07-15, intersected altered sediments, with geochemically anomalous gold-silver, along with lesser feldspar porphyry dykes prior to intersecting monzonite at a drill depth of 194 metres. ROG-07-17 was collared approximately 100 metres south of the ROG-07-16 and encountered 51 metres of feldspar porphyry with minor inter-bedded sediments before intercepting the monzonite from 51 to 231 metres on the drill stem. ROG-07-18 was collared approximately 80 metres southwest of the ROG-07-17 and encountered 113 metres of altered sediments with lesser feldspar porphyry dykes before intercepting two sections of monzonite from 113 to 207 metres and 245 to 254 metres on the drill stem. The altered sediments between these two intervals included two metres of 7 g/t silver and 1.36 g/t gold and a second two-metre interval grading 19 g/t silver and 1.03 g/t gold.

Initial petrography indicates the monzonite has been subjected to retrograde alteration causing it to be kaolinized and strongly sericite altered. The cause of the alteration of the monzonite has not been determined, but may be related to the presence of a later intrusive related event such as the porphyry dykes and/or due to hydrothermal alteration associated with veining and sulphide mineralization. Alternatively, the mineralized monzonite may represent a partially mineralized zone peripheral to a larger system. Additional petrographic work and isotope analysis is ongoing to determine the genesis of the intrusive to better understand the alteration and related events.

The monzonite hosted mineralization encountered to date appears to be on the western flank of a strong airborne EM conductor. After a short break in the conductor that parallels regional structure, the strength and size of the EM conductor markedly increases. This EM conductor, potentially the most significant EM conductor on the TJ Ridge property lies less than 250 metres south west of ROG-07-18. Trenching, geophysics surveys (Induced Polarization) and diamond drilling are planned for this priority area during the 2008 exploration program.

The Company is in the process of completing a website upgrade at www.roxgold.com that will feature an interactive mapping utility that will overlay viewer selected maps of soil geochemistry, the EM survey and a drill hole plan. This mapping feature will help viewers better understand the large size of the priority targets and the potential of the TJ Ridge project. The upgraded website is expected to be operational in the first or second week of February.

"The discovery of a previously unknown, altered, mineralized monzonite is a very significant geological development that makes the 2007 exploration program a great success," commented Alan Raven President of Roxgold. "At this early stage, we do not know whether the discovery represents a partially mineralized zone peripheral to larger system, but the spatial relationship to significant gold-silver soil geochemistry anomalies and EM conductors significantly increases the exploration potential on the TJ Ridge property. Beyond this priority target area, many other targets potentially related to monzonite and its associated mineralization remain untested. This bodes well for further discovery and with a drill secured and the initial drill pads already constructed, we look forward to the 2008 exploration program with great anticipation."

All drill core was sawn in half with one half retained for reference and the second half sent for analysis with standards and blanks were systematically included. Acme Analytical Labs sample preparation facility in Smithers, BC prepped and prepared a pulp sample which was then forwarded to Acme Analytical Labs in Vancouver for ICP MS (1DX 15 gram) geochemical analysis. All drill core samples were sent for gold fire assay. Independent consulting geologist Brett LaPeare, MAusIMM, a qualified person as defined by National Instrument 43-101, has reviewed the information contained herein.

Roxgold Inc.

Alan Raven, President

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the accuracy or adequacy of this release.

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