RT Minerals Corp. Acquires Guyana Property Interest and Appoints New Vice President and Director
May 14 2014 - 8:30AM
Marketwired
RT Minerals Corp. Acquires Guyana Property Interest and Appoints
New Vice President and Director
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 14, 2014) - RT
Minerals Corp. ("RTM" / the "Company") (TSX-VENTURE:RTM) announces
that it has entered into an agreement for RTM to conduct
exploration and mining operations on three mining permits (the
"Claims") in north eastern Guyana, South America. The Claims are
located in the Potaro-Siparuni region of Guyana. Access to the
Claims from the capital city Georgetown is approximately 300
kilometers by road to the Claim area, with a small airfield
situated 3 kilometers north east of the Claims. The town of Mahdia
is 8 kilometers to the north east with infrastructure for services
such as fuel, equipment, and lodging.
The three Claims total 3,565 acres and are permitted for
exploration and medium scale mining by the Guyana Geology Mines
Commission ("GGMC"). The most northerly Claim is 1165 acres and RTM
has exclusive rights to explore and develop this claim. The
remaining two Claims are 1200 acres each and are presently
non-exclusive to RTM save for areas identified therein, and
designated by RTM from time to time, for mining mineral resources
defined by RTM.
The Claims are situated within the Palaeoprotozoic greenstones
of the Guiana Shield about 40km south west of the Omai gold mine
(~3.7 million ozs Au). The artisanal mining of gold bearing
saprolite has been ongoing in the immediate Mahdia area since the
1880s. There is no recorded modern exploration work completed or
filed with the GGMC on the RTM Claims. Site visits to the Claims by
RTM representatives and Qualified Persons observed gold bearing
material at surface and weathered quartz carbonate vein material
within near surface local saprolites on one of the Claims.
Regional exploration, adjacent to the Claims on the
Protozoic-Mahdia alluvials (saprolites), has been reported to grade
from 0.07 to 8.5 grams of gold per cubic meter. This regional work
consists of grab sampling to local artisanal mining on specific
areas (GGMC source, 2014). Several small scale alluvial operations
are ongoing on properties contiguous to the RTM Claims. In
addition, NI 43-101 compliant Indicated and Inferred Mineral
Resources are reported on an adjacent property owned by Goldsource
Mines Inc.
RTM will carry out a Phase One surface alluvial (sapprolite)
exploration program that 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 in
approximately 60 days.
Contingent on the positive results from Phase One, RTM 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.
RTM has the 100% right to explore and conduct mining operations
on the Claims over the next five years by initially carrying out
the above Phase One and Phase Two programs within three months of
signing the agreement and as further outlined hereinafter. If RTM
is delayed in completing the above programs within the three month
prescribed period, then RTM has the right and option to extend the
three month period to up to six months by paying the vendor
$100,000 USD cash per month over the last three months of the
initial six month period. The Vendor is also entitled to 15% of any
gold or other minerals produced from the Claims, paid in Guyana
dollars, over the next five years and it is the responsibility of
the Vendor to keep the Claims in good standing pursuant to the
guidelines of the GGMC for the term of the agreement. Finally, to
maintain RTM's rights relating to the Claims, and on a preliminary
cost estimate basis, RTM may incur up to approximately $4,000,000
USD per year in all costs related to the Claims including
overheads, payments, exploration, development and mining operations
per annum, or such costs amended from time to time by RTM's
Qualified Person, to advance the development of the Claims or to
obtain or maintain commercial production on the Claims.
In addition, RT Minerals Corp. is pleased to announce the
appointment of Mr. Roy Mlakar as Vice President and Director of the
Company. Mr. Mlakar has over 38 years of executive, marketing and
corporate governance experience primarily in professional sports.
He is the former President - Chief Executive Officer of the Ottawa
Senators (1996 to 2009), former Chief Operating Officer of the
Pittsburgh Penguins (1993 to 1996), past Executive and President of
the Los Angeles Kings (1986 to 1993) and the President, General
Manager and principal administrator of several American Hockey
League franchises between 1973 and 1986. Mr. Mlakar was also the
merchandising director of the Cleveland Indians (MLB) and the
Cleveland Cavaliers (NBA) from 1970 to 1974.
QUALITY CONTROL
Mr. Robert Laakso, P.Eng., is the Independent Qualified Person
who has prepared or supervised the preparation of the information
that forms the basis for the scientific and technical disclosure in
this news release.
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.
RT Minerals Corp.Paul AntoniazziPresident and Chief Executive
Officer(604) 681-3170(604)
681-3552info@rtmcorp.comwww.rtmcorp.com
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