|By Marketwired .||
|May 22, 2014 04:11 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/22/14 -- RT Minerals Corp. ("RTM" / the "Company") (TSX VENTURE:RTM) announces that further to the news release issued on May 14, 2014, the Company has mobilized on the Phase One surface alluvial (saprolite) exploration program of the Mahdia Guyana gold property in Guyana, South America. The program will consist of mapping, test pits, panning gravels and grab samples from each pit for assaying at an accredited laboratory in Georgetown, Guyana. This program is estimated to cost $100,000 USD and will be completed within 60 days.
Contingent on the positive results from Phase One, the Company will carry out a Phase Two program consisting of bulk sampling, by excavator, of saprolite material and the processing of same through a wash plant. The budget for the Phase II program, including the purchase and commissioning of the Wash Plant, is estimated at $300,000 USD.
The Company also announces the appointment of Mr. Michael O'Brien as Vice President of Corporate Development. Mr. O'Brien has over 30 years of sales, marketing, business development and communications experience in the Mining and Telecommunications industries. He was the Director of Corporate Communications and Investor Relations for Carpathian Gold and Sage Gold for eight years and instrumental in raising significant capital for large international mining projects. Mr. O'Brien will be performing investor relations activities for the Company and as compensation, the Company has agreed to pay Mr. O'Brien $2,000 per month for a minimum three month term and grant him 200,000 stock options exercisable at $0.10 per share over a two year term that are subject to a 12 month vesting period.
The Company previously announced the appointment of Mr. Roy Mlakar as Vice President and Director on May 14, 2014. Mr. Mlakar will be performing investor relations activities for the Company and as compensation, the Company has agreed to pay Mr. Mlakar $5,000 USD per month for a minimum three month term and $25,000 USD upon signing of his consulting agreement.
The Company has allocated a further 1,150,000 stock options to directors and employees of the Company and 350,000 stock options to consultants of the Company, exercisable at $0.10 per share over a two year term.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.