Rugby Mining Limited ("Rugby" or the "Company") (TSX VENTURE:RUG)
(FRANKFURT:7RM.F) is pleased to report that it has commenced
drilling at the Interceptor Gold-Copper Porphyry Project located in
Catamarca Province, Argentina. The 2,000 metre ("m") diamond
drilling program will test a porphyry system defined by a
gold-copper geochemical anomaly that is coincident with a large
scale geophysical target.
The Interceptor Project ("Interceptor") is located approximately
100 kilometres ("km") east of the renowned Maricunga gold belt in
Chile. The district includes the Maricunga and La Coipa gold mines
and the very large Cerro Casale and Caspiche gold-copper projects.
The Alumbrera Mine and the Agua Rica deposits are 150km northeast
of the property. Road access to the project is good, occurring
within 10km of the sealed main road linking Chile to Argentina
(Route 60) and the nearby town of Fiambala.
To view the figures associated with this release, please visit
the following link:
http://media3.marketwire.com/docs/1114rug_figs.pdf
Click here for pictures of the drill rig preparing for the first
drill hole at Interceptor:
http://www.rugbymining.com/gallery/interceptor_gallery.php
Trenching at Interceptor by Newcrest Mining Ltd. in 1997
identified gold-copper mineralization in a sediment-hosted
intrusive complex. That trenching exposed secondary copper
mineralization associated with an altered hornblende-dacite
porphyry intrusive in a zone up to 100m wide. Gravel cover and
overlying sediments obscure the extent of potential mineralization.
No previous drilling was conducted to test the system at depth.
A recent geophysical survey conducted for the Company defined a
coincident resistivity and a 1,600m wide chargeability anomaly that
is open both north and south (Figure 2). The initial drilling focus
is a low resistivity feature which may be associated with a more
intensely altered and mineralized portion of the intrusive system,
interpreted to potentially extend to a depth of +1,000m. Three
drill holes are planned to test this large target.
To view the figures associated with this release, please visit
the following link:
http://media3.marketwire.com/docs/1114rug_figs.pdf
Paul Joyce, the Company's CEO stated, "The commencement of
drilling on the Interceptor Porphyry target is an important
milestone for Rugby. The system appears to have very significant
dimensions and thus represents a "company maker" opportunity for
us. We anticipate initial drill assays from Interceptor will be
reported in early 2012."
Francisco Montes, a "qualified person" within the definition of
that term in NI 43-101, has supervised the preparation of the
technical information contained in this news release.
About Rugby
Rugby, with a treasury of CDN $5 million, is an emerging mineral
resource company exploring for gold, silver and base metals. The
management team has a track record in the successful
identification, acquisition, exploration and development of
international mining projects.
Interceptor Project, Argentina: Rugby has an option to acquire
100% of the Interceptor porphyry gold-copper project in mining
friendly Catamarca Province. The property is located near the
Maricunga gold belt of Chile, an established mining district which
hosts significant operating gold mines and advanced stage porphyry
projects. Interceptor is "drill ready" with large scale targets
defined by geochemical and geophysical surveys. Drilling is
underway.
Mabuhay Project, Philippines: The Company has an option to
acquire up to an 80% interest in the Mabuhay Project in mining
friendly Surigao Province. The Company considers the project has
excellent potential for the discovery of both gold-copper porphyry
and epithermal type gold deposits. The property includes the former
Mindanao Mother Lode Mine, a high-grade epithermal vein style gold
mine that is estimated to have produced approximately 500,000
ounces of gold in the period 1937 to 1953. The Mother Lode Mine was
one of the Philippines' highest grade gold producers.
Comita Project, Colombia: Rugby has an option to earn up to a
60% interest in Comita, a porphyry copper-gold project in the
western cordillera of Colombia. The Comita project was recognised
as a porphyry system during a joint German-Colombian government
sponsored exploration program over 20 years ago. No systematic
exploration has been conducted since that time. Rugby recently
completed a 555 line km helicopter-borne geophysical magnetic and
radiometric survey over the project area. The survey will assist in
designing the 2012 drilling program.
Hawkwood Project, Australia: Rugby has an option to acquire up
to a 90% interest in the Hawkwood project which covers 427 km2 of
prospective copper-gold and iron tenements in Queensland. In
January 2010, the Company entered into an agreement with Eastern
Iron Limited wherein that company can earn up to an 80% ownership
of iron ore targets in the area. To date Eastern Iron has conducted
several geophysical surveys and a drilling program.
Rugby recently completed a geochemical sampling and
reconnaissance program at the Mary Elizabeth prospect located
within a 229 km2 area excluded from the Eastern Iron agreement.
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
Colombia, 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 tenures in the Philippines and in the sometimes ambiguous
conveyancing characteristic of many resource properties, currency
risks associated with foreign operations, the timing for 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, 2011
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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: Rugby Mining Limited P. Joyce President 604.688.4941
or Toll-free: 1.855.688.4941 604.688.9532 (FAX) Rugby Mining
Limited Cecil Bond Director 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
2W2info@rugbymining.comwww.rugbymining.com
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