Robex finances Malian work

Vancouver — Robex Resources (RBX-V) has arranged a private placement that will raise between $750,000 and $2.5 million. The money will be applied to the LaCorne and Kolomba gold properties in Mali, West Africa.

An environmental study will be performed at LaCorne in preparation for the construction of the processing complex. Road access will be upgraded and a water containment reservoir built for a gravimetric processing plant.

Situated 35 km southwest of AngloGold/Iamgold’s Sadiola gold mine, the LaCorne deposit hosts an indicated resource of 1.7 million cubic metres averaging 3.2 grams per cubic metre, or 184,553 oz. Samples taken from dioritic saprolite below the surface enrichment returned values of up to 4.7 grams per tonne. This, coupled with the angularity of the gold grains, points to the possibility of in situ gold mineralization beneath the surface.

At the Kolomba project, Robex intends to explore the Bilali placer mineralization, which follows the northeast-trending fault that controls gold mineralization from the Sadiola mine. There are more than 1,000 active artisanal and small-scale miners in the area; these stretch over 1,500 metres in length and are 250-300 metres wide.

The financing will consist of at least 1.5 million units up to a maximum of 5 million units priced at 50 apiece. A unit consists of one share plus a non-transferable warrant. The warrant will be exercisable for a 2-year period at a price of 65 a share for the first 12 months and 80 per share for the remaining 12 months.