Roxgold Inc.
TSX VENTURE : ROG

Roxgold Inc.

April 02, 2012 09:00 ET

Roxgold Sends Core Samples to Canada; Orders Drill for Deep Targets at Yaramoko Property in Burkina Faso, West Africa

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 2, 2012) - Roxgold Inc. ("Roxgold" or the "Company") (TSX VENTURE:ROG) reports on Phase 3 of its Yaramoko drilling program and plans for further work.

First Quarter Progress Report;

Yaramoko Core Drilling Activity; Since resumption of drilling in mid- January the Company has completed 15,442 meters of HQ and NQ core drilling in 49 holes with an additional 3 holes in progress. From these holes 6605 core samples were submitted to the assay facility in Burkina Faso for processing. To date, complete results have been received for only 2 holes and their significant gold intercepts are set out below.

YRM-12-DDH-070 reported 9.96 gpt Au from 85.0 m to 87.4 m (1.92 m estimated true width)

YRM-12-DDH-074 reported 7.58 gpt Au from 90.5 m to 93.6 m (2.48 m estimated true width)

These holes targeted the drilling "gap" between the former "35" and "55" zones.

Discussions with the local assay lab have indicated a large backlog of samples at that facility and no assurance of timely delivery of additional results. As a result, Roxgold has removed 530 selected samples from this facility and with those on hand has begun the process to ship the 636 samples by air to TSL Laboratories in Saskatoon, Saskatchewan. This process was employed by the Company during Phase 1 of its drilling campaign last year to avoid the excessive delays associated with assaying in Burkina Faso and results were generally received within 3-4 weeks of the date of shipping. The Company will continue to select intervals from future drill holes which exhibit characteristics indicative of gold mineralization for shipment to Canada until such time as the local labs can deliver results on a timely basis. These excessive delays encountered by the Company in-country to date are detrimental to exploration planning and deployment of resources. The remainder of each hole not selected for shipment to Canada will continue to be sent to local lab(s) for assaying as the cost of their transport to Canada is prohibitive. The Company still has numerous assay results pending from its Phase 1 drill program from samples sent to ALS Chemex in Ouagadougou in July and August of last year. The most significant results from such samples received this year are from hole YRM-12-DDH-021 from 30m to 31m grading 4.0 gpt Au and from 39m to 41m grading 41.3 gpt Au. The interval in this hole can now be re-stated from 53.6 gpt Au over 8m as 46.8 gpt Au over 11m. True widths for this hole are estimated at 50% of reported widths.

Of the 49 holes completed during 2012, 22 holes have observed to have visible gold in 37 intervals. This ratio is slightly less than that encountered during the 2011 drilling, reflecting perhaps the wider range of drill spacing as the 2012 program has been designed to extend mineralization aggressively to depth and along strike. The presence of visible gold in the core generally (but not always) indicates significant assay results. Its presence is not a pre-requisite for significant assays. Visible gold in core has now been encountered down to 675 meters below surface and over 900 meters along strike. In order to probe to greater depths the Company has asked Boart Longyear to replace one of its LF 90 drill rigs with a drill capable of depths exceeding 1000 meters. This new drill is expected on site this week. The Company anticipates drilling a minimum of an additional 20,000 meters of core this year.

Yaramoko Soil Sampling, RAB and RC Programs;

Since resumption of activities this year there have been 744 soil samples taken and 1432 RAB holes drilled (30,992 meters and 10,644 samples) on regional programs on the Yaramoko and Bissa West Permits. In addition 43 reverse circulation (RC) holes have been drilled (3199 meters and 335 samples). Unfortunately assays have been received for only a small percentage of the samples submitted and this has disrupted the normal exploration sequence and the timely recognition of new targets for core drilling. The RC rig has been targeting RAB and soil anomalies identified from 2011 assay results in the immediate area of the 55 Zone and this RC work appears to have located quartz veining extending from and parallel to the 55 zone although no statement about their gold content can be made as yet.

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

Yaramoko Resource and Economic Studies

The Company is currently discussing the possibility of the compilation of an initial resource estimate including a Preliminary Economic analysis within the context of an updated NI43-101 report with a number of independent industry consultant groups. Based on the results of this work the Company may make application for a Mining License within the Yaramoko Exploration Permit 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 SGS Ouaga labs while results reported from phase one were reported by the ALS Minerals Ouagadougou Lab.

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.

ON BEHALF OF THE BOARD OF DIRECTORS

ROXGOLD INC.

Robert Sibthorpe, B.Sc.(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."

Contact Information