Rugby Mining Limited

August 09, 2011 23:06 ET

Rugby Amends Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2011) - Rugby Mining Limited ("Rugby" or the "Company") (TSX VENTURE:RUG)(FRANKFURT:7RM.F) reports that it has amended the exercise price of an aggregate of 920,000 stock options with a price of $1.81 to $1.15. These options are held by directors and officers of the Company and the amendment is subject to approval by disinterested shareholders and acceptance by the TSX Venture Exchange.

About Rugby

Rugby, with a treasury of $6.9 million, is an emerging mineral resource company focussed on the discovery of large scale gold and copper porphyries and epithermal gold-silver projects. The management team has a track record in the successful exploration and development of major resource projects in different mining jurisdictions.

Comita Project

Rugby has a two stage option agreement with Rio Tinto to earn up to a 60% interest in Comita, a porphyry gold-copper project in the western cordillera of Colombia. The Comita project is a copper-gold porphyry system recognised during a joint German-Colombian exploration program over 20 years ago. No systematic exploration has been conducted since that time. Surface exploration is expected to begin in the second half of 2011, with drilling first half 2012.

Interceptor Project

Rugby recently announced that it had entered into an option agreement with Miranda S.A., an Argentine company, to acquire 100% of the Interceptor porphyry gold copper project ("Interceptor") in Catamarca Province, Argentina.

Interceptor is located near the renowned Maricunga gold region of Chile, an established mining district which hosts significant operating gold mines and advanced stage gold copper porphyry deposits, including the large Cerro Casale and Caspiche projects. Interceptor is drill ready with large scale porphyry copper gold targets defined by geochemical and geophysical surveys.

Paul Joyce, the Company's President and CEO and a "qualified person" within the definition of that term in NI 43-101, has supervised the preparation of the technical information contained in this news release.

For additional information you are invited to visit the Rugby Mining Limited website at


Paul Joyce, President and CEO


Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the British Columbia, Alberta and Ontario Securities Acts. This includes statements concerning the Company's plans at the Interceptor, Comita, Hawkwood and Mabuhay projects, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the effect on prices of major mineral commodities such as copper, gold and iron by factors beyond the control of the Company; events which cannot be accurately predicted such as political and economic instability, terrorism, environmental factors and changes in government regulations and taxes; the shortage of personnel with the requisite knowledge and skills to design and execute exploration programs; difficulties in arranging contracts for drilling and other exploration services; the Company's dependency on equity market financings to fund its exploration programs and maintain its mining properties in good standing; political risk that a future government will change environmental regulations, taxes or mineral royalties in a manner that could have an adverse effect on the Company's financial condition and impair its ability to raise further funds for exploration; risks associated with title to resource properties due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the sometimes ambiguous conveyancing characteristic of many resource properties, currency risks associated with foreign operations.and other risks and uncertainties, including those described in each management discussion and analysis.

The Company is required to issue shares, pay option fees and complete certain work and expenditure requirements in order to maintain and earn its interest in the projects referenced above. The failure to issue such shares, pay the option fees or complete the required expenditure or work commitments could result in the loss of such project. In addition, forward-looking information is based on various assumptions including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Rugby Mining Limited
    Paul Joyce
    President and CEO
    604.688.4941 or Toll-free: 1.855.688.4941

    Rugby Mining Limited
    Cecil Bond
    604.688.4941 or Toll-free: 1.855.688.4941
    604.688.9532 (FAX)