|By Marketwired .||
|August 21, 2013 06:01 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/21/13 -- Rugby Mining Limited ("Rugby" or the "Company") (TSX VENTURE:RUG) is pleased to announce that it has filed an application with the Colombian government to allow for subsurface exploration including drilling at the Cobrasco North copper-gold-molybdenum porphyry property in Colombia. A large cohesive drill target has been identified by previously completed geochemical and geophysical programs. The application is expected to be approved by year end and in the interim certain non-drilling exploration and planning activities will continue while the application is processed.
The Company previously announced that it had completed a Consulta Previa ("CP") agreement with the local Cocomacia communities which provides exploration access to the Cobrasco concession area for a period of ten years. The CP agreement is broadly based and provides for economic assistance to the local community as well as social development programs.
The Cobrasco 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. Cobrasco, acquired in an arm's length transaction and subject to a 1% net smelter royalty, covers 3,000 hectares within two blocks immediately to the north and south of Comita, a separate project under option to the Company.
The Cobrasco / Comita 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 eight square kilometres covering both the Cobrasco and Comita concessions (Figure 2). No drilling has been conducted to date on either project.
In 2011, Rugby completed a low level aeromagnetic survey that defined two large prominent magnetic low anomalies coincident with the historic anomalous copper geochemistry.
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.
Jonathan Hermanson has been appointed Chief Financial Officer for the Company. Jon has a degree in Business Administration from St. Andrews University in North Carolina and has spent 7 years in the mineral exploration industry. The Company thanks Darcy Daubaras for his services over the past four years.
Rugby, with a treasury of $3.9 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
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. An application for an Exploration Permit ("EP") is currently being processed, however to minimise expenditures, the project will remain under care and maintenance until the EP is granted.
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.
To view Figures 1 and 2, click on the following link: http://media3.marketwire.com/docs/r820p.pdf
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
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 including the expected approval of permits required for exploration 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 28, 2013 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.
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