Royal Mines Signs MOU With Stina Resources
February 08 2012 - 8:24PM
Marketwired
Royal Mines and Minerals Corp. (OTCBB: RYMM) ("Royal Mines") announces that it has
signed a Memorandum of Understanding with
Stina
Resources Ltd ("Stina") of Ontario, Canada to explore Royal
Mines' twenty-one mining claims in the
Searchlight
Mining District of Southern Nevada.
Under the proposed agreement Stina would earn a 70% interest in
Royal Mines' private Smith Lease Property in the Searchlight Mining
District, as well as a 40% interest in Royal Mines' 100% interest
in 20 Piute Valley claims, also in the Searchlight Mining District.
To acquire the interest of the claims package, Stina would agree to
complete $100,000 of exploration work on the properties within 12
months, and a further $900,000 within three years of the formal
agreement with Royal Mines.
A formal contract is being prepared between the two parties, and
will be subject to TSX Venture Exchange approval.
Stina President James Corrigan comments
that the Searchlight Project fits well with Stina, as it offers a
substantial exploration opportunity which can be initiated at any
time of the year. He also commented that Stina is looking forward
to working closely with Royal Mines in anticipation of a successful
campaign.
About the Claims Region, the Quartette Mine,
and Searchlight, NV
In 1898 the Quartette Gold Mine was discovered and founded near
Searchlight Nevada, approximately 60 miles south of Las Vegas, NV.
In 1902 a 20 stamp mill was developed on the nearby Colorado River
15 miles from the mine site accessed by narrow gauge railway, but
when water was discovered on the Quartette in 1903, a 40 stamp mill
was constructed at the mine site itself. By 1904, seven mills were
in operation in the immediate Searchlight area, and the Quartette
was the largest gold producer in southern Nevada, and several times
the largest gold producer in the US. Mining on the project ended in
1908 due to flooding of the mine at the 1,300 foot level when at
the time it was difficult to dewater at these levels. The Royal
Mines private Smith Lease Property is located directly to the south
of the original Quartette Mine property. The 20 Piute Valley Claims
are located adjacent to the Smith Lease Property to the south and
west of the historic Quartette Mine.
Upon completion of this agreement the parties intend to initiate
drilling and exploration on the Smith Lease Property first, and
then proceed to the Piute Valley claims. This exploration will be
focused on hard rock geology, with drill sampling and the intention
to produce a NI 43-101 compliant report.
For additional information, please contact 1-702-588-5973 or
visit our website at www.royalmmc.com.
About Royal Mines and Minerals Corp.:
Royal Mines and Minerals Corp. is a minerals exploration and
process-based technology company focused on the development of
mining technology and projects in North America, and on the
proficient extraction of precious metals. Our primary objectives
are to 1) commercially extract and refine precious metals from
specific ores, fly ash and other leachable assets, 2) use our
lixiviation processes (Cholla and thiourea) to convert specific ore
bodies and fly ash landfills into valuable assets, and 3) joint
venture, acquire and develop mining projects in North America. We
have not yet realized significant revenues from our primary
objectives. Additional information is available on Royal Mines'
website at www.royalmmc.com and in its filings with the U.S.
Securities and Exchange Commission.
Forward-Looking Statements
Statements in this news release that are not historical facts
are forward-looking statements that are subject to risks and
uncertainties. Words such as "expects," "intends," "plans," "may,"
"could," "should," "anticipates," "likely," "believes" and words of
similar import also identify forward-looking statements.
Forward-looking statements are based on current facts and analyses
and other information that are based on forecasts of future
results, estimates of amounts not yet determined and assumptions of
management. There is no assurance that the exploration of the above
mentioned claims will be completed as contemplated or at all.
Cautionary Note to Investors
The United States Securities and Exchange Commission permits
mining companies, in their filings with the SEC, to disclose only
those mineral deposits that a company can economically and legally
extract or produce. We use certain terms on this press release,
such as "reserves," "resources," "geologic resources," "proven,"
"probable," "measured," "indicated," and "inferred," that the SEC
guidelines strictly prohibit us from including in our filings with
the SEC. Investors are urged to consider closely the disclosure in
our SEC filings, File No. 000-52391. You can review and obtain
copies of these filings from the SEC's website at
http://www.sec.gov/edgar.shtml.
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Contact: Royal Mines and Minerals Corp. 1-702-588-5973
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