SOURCE: ROYAL MINES AND MINERALS CORP.

Royal Mines and Minerals Corp.

February 08, 2012 20:24 ET

Royal Mines Signs MOU With Stina Resources

HENDERSON, NV--(Marketwire - Feb 8, 2012) - Royal Mines and Minerals Corp. (OTCBB: RYMM) ("Royal Mines") announces that it has signed a Memorandum of Understanding with Stina Resources Ltd ("Stina") of Ontario, Canada to explore Royal Mines' twenty-one mining claims in the Searchlight Mining District of Southern Nevada.

Under the proposed agreement Stina would earn a 70% interest in Royal Mines' private Smith Lease Property in the Searchlight Mining District, as well as a 40% interest in Royal Mines' 100% interest in 20 Piute Valley claims, also in the Searchlight Mining District. To acquire the interest of the claims package, Stina would agree to complete $100,000 of exploration work on the properties within 12 months, and a further $900,000 within three years of the formal agreement with Royal Mines.

A formal contract is being prepared between the two parties, and will be subject to TSX Venture Exchange approval.

Stina President James Corrigan comments that the Searchlight Project fits well with Stina, as it offers a substantial exploration opportunity which can be initiated at any time of the year. He also commented that Stina is looking forward to working closely with Royal Mines in anticipation of a successful campaign.

About the Claims Region, the Quartette Mine, and Searchlight, NV

In 1898 the Quartette Gold Mine was discovered and founded near Searchlight Nevada, approximately 60 miles south of Las Vegas, NV. In 1902 a 20 stamp mill was developed on the nearby Colorado River 15 miles from the mine site accessed by narrow gauge railway, but when water was discovered on the Quartette in 1903, a 40 stamp mill was constructed at the mine site itself. By 1904, seven mills were in operation in the immediate Searchlight area, and the Quartette was the largest gold producer in southern Nevada, and several times the largest gold producer in the US. Mining on the project ended in 1908 due to flooding of the mine at the 1,300 foot level when at the time it was difficult to dewater at these levels. The Royal Mines private Smith Lease Property is located directly to the south of the original Quartette Mine property. The 20 Piute Valley Claims are located adjacent to the Smith Lease Property to the south and west of the historic Quartette Mine.

Upon completion of this agreement the parties intend to initiate drilling and exploration on the Smith Lease Property first, and then proceed to the Piute Valley claims. This exploration will be focused on hard rock geology, with drill sampling and the intention to produce a NI 43-101 compliant report.

For additional information, please contact 1-702-588-5973 or visit our website at www.royalmmc.com.

About Royal Mines and Minerals Corp.:

Royal Mines and Minerals Corp. is a minerals exploration and process-based technology company focused on the development of mining technology and projects in North America, and on the proficient extraction of precious metals. Our primary objectives are to 1) commercially extract and refine precious metals from specific ores, fly ash and other leachable assets, 2) use our lixiviation processes (Cholla and thiourea) to convert specific ore bodies and fly ash landfills into valuable assets, and 3) joint venture, acquire and develop mining projects in North America. We have not yet realized significant revenues from our primary objectives. Additional information is available on Royal Mines' website at www.royalmmc.com and in its filings with the U.S. Securities and Exchange Commission.

Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. There is no assurance that the exploration of the above mentioned claims will be completed as contemplated or at all.

Cautionary Note to Investors

The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this press release, such as "reserves," "resources," "geologic resources," "proven," "probable," "measured," "indicated," and "inferred," that the SEC guidelines strictly prohibit us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our SEC filings, File No. 000-52391. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml.

Contact Information

  • Contact:
    Royal Mines and Minerals Corp.
    1-702-588-5973