ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

RUG Rugby Resources Ltd

0.05
-0.005 (-9.09%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Rugby Resources Ltd TSXV:RUG TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.005 -9.09% 0.05 0.05 0.055 0.05 0.05 0.05 329,000 14:44:26

Rugby Acquires Cobrasco Project, Colombia-Exploration to Commence in June

06/06/2013 11:30am

Marketwired Canada


Rugby Mining Limited ("Rugby" or the "Company") (TSX VENTURE:RUG) is pleased to
announce that it has acquired the Cobrasco copper-gold-molybdenum porphyry
property in Colombia. The project is situated next to Rugby's Comita project in
the Western Cordillera porphyry copper belt (Figure 1), 100 kilometers west of
the City of Medellin. 


The Cobrasco concession covers 3,000 hectares within two blocks immediately to
the north and south of the Comita concession, a separate project under option to
the Company. The Cobrasco concession was acquired in an arm's length transaction
and is subject to a 1% net smelter royalty to Rio Tinto. 


Significantly, the Company has completed a Consulta Previa ("CP") agreement with
the local Cocomacia communities which provides immediate exploration access to
the Cobrasco concession area for a period of ten years. The agreement is broadly
based and provides for economic assistance to the local community as well as
social development programs. The CP consultation process was carried out by
Rugby, Cocomacia and local community leaders under the supervision of the
Colombian Ministry of the Interior. This is the first successful mineral
exploration CP to be carried out in Choco Province. 


To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/877RUGfig1.pdf.


The Comita/Cobrasco area was first explored during the 1980's by a German
government (BGR) / Ingeominas reconnaissance program. That program identified
extensive and strongly anomalous copper stream sediment geochemistry coincident
with outcropping porphyry copper style mineralization. The zone of strong stream
sediment copper anomalism extends over a district sized area of approximately 8
square kilometres covering both the Cobrasco and Comita concessions (Figure 2).
No drilling was conducted. 


In 2011, Rugby completed a low level aeromagnetic survey that defined two large
prominent magnetic low anomalies coincident with the historic anomalous copper
geochemistry.


To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/877RUGfig2.pdf.


Exploration of Cobrasco will commence in June with a focused program of
geological mapping, geochemical sampling and ground-based geophysical surveys.
This work will assist in drill targeting within the large historic geochemical
anomaly on the property. An application for a drilling permit will follow this
program, with approval anticipated by year end. 


Commencement of exploration at Comita is awaiting transfer of the property to
Rugby and the successful completion of a CP allowing access to the area. 


Mabuhay Project, Philippines Update 

The Mabuhay project, in Surigao Province, comprises the Motherlode epithermal
gold target and a gold-copper porphyry target at depth. Rugby has the option to
earn up to an 80% interest in Mabuhay. As a result of a Philippine government
moratorium on the granting of new MPSA titles pending legislation enacting a
revised revenue sharing scheme, Rugby and its exploration joint venture partner,
All-Acacia Resources Inc, have agreed to convert the Mineral Production Sharing
Agreement ("MPSA") Application to an Application for an Exploration Permit
("EP"). The EP application was submitted to the government in April 2013. Until
the EP is granted the project will remain under care and maintenance.


Separately, the Company is reducing corporate overheads to maintain its treasury
in these times of difficult access to risk funding. 


Francisco Montes, the Company's Exploration Manager, a "qualified person" ("QP")
within the definition of that term in National Instrument 43-101, Standards of
Disclosure for Mineral Projects, has supervised the preparation of the technical
information that forms the basis for this news release. 


About Rugby 

Rugby, with a treasury of $4.2 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. 


Cobrasco and Comita Projects, Colombia: Rugby owns 100% of the Cobrasco project,
subject to a 1% NSR and has an option to earn up to 60% of the adjacent Comita
project in western Colombia. Both projects host undrilled large scale porphyry
copper-gold targets which were recognised during a joint German-Colombian
government sponsored exploration program over 20 years ago. No systematic
exploration has been conducted since that time.


Mabuhay Project, Philippines: The Company holds an option to acquire up to 80%
of the Mabuhay project in Surigao Province. The Company considers the project to
have excellent potential for the discovery of both epithermal gold deposits and
gold-copper porphyry systems.


Hawkwood Project, Australia: Rugby holds an option to acquire 90% of the
Hawkwood project in Queensland. The property, covering 427 km2 is prospective
for gold, copper-gold and iron deposits. In January 2010, the Company entered
into an agreement with Eastern Iron Limited wherein that company can earn an 80%
interest in iron ore targets in the project area. To date Eastern Iron has
conducted several programs, including geophysical surveys and drilling.


For additional information you are invited to visit the Rugby Mining Limited
website at www.rugbymining.com.


RUGBY MINING LIMITED

Paul Joyce, President and CEO 

CAUTIONARY STATEMENT 

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 its 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 mineral
exploration properties in good standing; political risk that a government will
change, interpret or enforce mineral tenure, environmental regulations, taxes or
mineral royalties in a manner that could have an adverse effect on the Company's
assets or financial condition and impair its ability to advance its mineral
exploration projects or 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 interpretation of laws regarding ownership of mineral properties in the
Philippines and in the sometimes ambiguous conveyancing characteristic of many
resource properties, currency risks associated with foreign operations, the
timing of obtaining permits to conduct exploration activities, the ability to
conclude agreements with local communities and other risks and uncertainties,
including those described in each of the Company's management discussion and
analysis including those contained in its year-end financial statements for the
year ended February 29, 2012 filed with the Canadian Securities Administrators
and available at www.sedar.com.


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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Rugby Mining Limited
Paul Joyce
President and CEO
604.688.4941 or Toll-free: 1.855.688.4941
604.688.9532 (FAX)


Rugby Mining Limited
Suite 1660, 999 West Hastings St.
Vancouver, BC Canada V6C 2W2
info@rugbymining.com
www.rugbymining.com

1 Year Rugby Resources Chart

1 Year Rugby Resources Chart

1 Month Rugby Resources Chart

1 Month Rugby Resources Chart