Royal Standard Minerals Inc.
TSX VENTURE : RSM
OTC Bulletin Board : RYSMF

Royal Standard Minerals Inc.

November 03, 2005 20:37 ET

RSM Options Land Package Adjoining Its Goldwedge Mine

SPARKS, NEVADA--(CCNMatthews - Nov. 3, 2005) - ROYAL STANDARD MINERALS INC. ("RSM") (TSX VENTURE:RSM)(OTCBB:RYSMF) is pleased to announce that it has entered into a 5-year purchase option agreement with a private individual for all of his patented and unpatented mining claims in the Manhattan Mining District located in Nye County, Nevada. The land package totals approximately 1600acres (4 patented, 700 unpatented claims). This property position adjoins RSM's Goldwedge Mine. The land package includes a number of exploration targets which are of interest to the company. In addition RSM's option includes the Dixie Comstock claim group located in Churchill County, Nevada. The Dixie Comstock is a 1500acre property containing an epithermal gold system that has been explored by a number of major mining companies over the past 20 years. It is considered to be an attractive advanced exploration project. The Company is currently engaged in the completion of a 43-101 property report. Annual option payments of $48,000 are to be applied to a total purchase price of $600,000 - there are no royalties.

In addition, RSM has signed an Exploration and Option Agreement with Metallic Ventures to explore the Mustang Canyon Project in Esmeralda County, Nevada.

The agreement gives Royal Standard the exclusive option to acquire 50% interest in the Mustang Canyon Project by spending $20,000 per year in exploration expenditures with the objective to identify a measured resource by June 30, 2010. Upon identification of a measured resource and completion of a 43-101 report, Royal Standard will earn a 50% interest in the project.

Royal Standard may terminate the Agreement at any time after spending the initial $20,000 by providing 30 days written notice to Metallic. When RSM has exercised its option to acquire a 50% interest in the project, Metallic and RSM will establish a Joint Venture in respect to the project, on a 50/50 basis. Further expenditures on the Mustang Canyon Project will then be made by the Joint Venture. RSM will be the operator of the JV as long as it has at least a 50% interest in the JV.

Royal Standard Minerals Inc. is a Nevada gold-silver exploration and development company with 7 projects distributed within central and northern Nevada. The Company's most advanced project is the Goldwedge Project located in Nye County, Nevada.

Royal Standard Minerals cautions that the statements made in this press release and other forward looking statements made on behalf of the Company may be affected by such other factors including, but not limited to, volatility of mineral prices, product demand, market competition, imprecision of mineral estimates, and other risks detailed herein and from time to time in the Securities and Exchange Commission filings of the Company.

C.U.S.I.P. # 780919106

LISTED: STANDARD & POORS

The TSX Venture Exchange does not accept responsibility for adequacy or accuracy of this release as per Exchange Policy 3.3 section 6.5.

Contact Information

  • ROYAL STANDARD MINERALS INC.
    Roland Larsen
    Qualified Person (NI-43-101)
    (775) 487-2454
    (775) 487-2454 (FAX)
    Royal-Standard.com