St-Georges Eco-Mining Corp. press release
RUGBY ADDS LOUIS MONTPELLIER AS DIRECTOR AND GRANTS STOCK OPTIONS
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Dec. 6, 2010 (TheNewswire.ca) --
Vancouver, BC. December 6, 2010 - Rugby Mining Limited (TSXV:RUG) ("Rugby" or the "Company")(TSX-V: RUG), the Board of Directors of Rugby is pleased to announce the appointment of Mr. Louis Montpellier to the board of directors of the Company.
Mr. Montpellier has been practising law in Vancouver, Canada since 1981. He has worked exclusively in the capital markets as outside counsel to public companies engaged in international mineral exploration and mining. His experience includes the entire spectrum of corporate finance activities as well as mergers and acquisitions, corporate reorganizations and project financing.
The Company also reports that it has, subject to regulatory and shareholder approval granted an aggregate of 1,050,000 stock options to six directors and an officer exercisable at a price of $1.81 for five years.
About Rugby
Rugby, with a treasury of $8 million, is an emerging mineral resource company focussed on the discovery of large scale gold and copper projects. The management team has a track record in the successful exploration and development of major resource projects in different mining jurisdictions.
Mabuhay Project
The Company recently announced an option agreement to acquire up to an 80% interest in the Mabuhay Project, located in a "mining friendly" area of the Philippines. The project is close to a number of significant projects, including the recent Mapawa gold-copper porphyry discovery. Management believes Mabuhay has excellent potential for the discovery of similar mineral systems. The agreement remains subject to regulatory approval.
The Mabuhay project includes the old "Mindanao Mother Lode Mine" ("Mother Lode"), an epithermal type gold deposit with recorded gold production of approximately 500,000 ounces (1937 to 1953). At one time Mother Lode was one of the Philippines' highest grade gold producers.
Rugby plans to commence an Induced Polarization survey over the entire property to be followed by Q1-2011 drilling.
Comita Project
Rugby has entered a two stage option agreement with Rio Tinto ("Rio") to earn up to a 60% interest in Comita, a porphyry gold-copper project in the western cordillera of Colombia. Upon Rugby earning an initial 40% interest in the property, Rio has the right to assume management of future exploration and development of the project. In the event that Rio does not exercise its back-in right, Rugby can earn a 60% interest in Comita through meeting additional staged drilling and expenditure requirements. The agreement remains subject to regulatory approval.
The project is a gold-copper porphyry recognised during a joint German-Colombian regional exploration program over 20 years ago. No systematic exploration has been conducted since that time. Surface exploration is expected to begin in early 2011, with drilling in early 2012.
Interceptor Project
The Company recently announced that it has entered into an option agreement (the "Agreement") with Miranda S.A., an Argentine company, ("Miranda") to acquire 100% of the Interceptor Porphyry Gold Copper Project in Catamarca Province, Argentina. The Agreement is subject to TSX-V approval.
The Interceptor Porphyry Gold Copper Project ("Interceptor") is located near the Maricunga gold region of Chile, an established mining district which hosts significant operating gold mines and advanced stage gold copper porphyry deposits, including the large Cerro Casale and Caspiche projects. Interceptor is drill ready with large scale targets defined by geochemical and geophysical surveys conducted by a previous operator. Drilling is planned for Q1-2011.
Hawkwood Project
Rugby has an option to acquire up to a 90% interest in the Hawkwood project which covers 427 square kilometres of prospective copper-gold and iron tenements in Queensland, Australia. Eastern Iron Limited, an ASX listed company, has the right to earn up to an 80% interest in the iron ore targets at Hawkwood by incurring defined exploration expenditures and the completion of a bankable feasibility study.
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
For further information, please contact:
|P. Joyce, President or Cecil Bond,|Suite 1260, 999 West Hastings St.| |Director |Vancouver, BCCanadaV6C 2W2 | |Tel: 604.688.4941 Fax: |info@rugbymining.com | |604.688.9532 | | |Toll-free: 1.855.688.4941 | |
CAUTIONARY STATEMENT
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 the Hawkwood, Comita, Interceptor and Mabuhay 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 mining properties in good standing; political risk that a future government will change environmental regulations, taxes or mineral royalties in a manner that could have an adverse effect on the Company's financial condition and impair its ability to 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 sometimes ambiguous conveyancing characteristic of many resource properties; risks associated with the Company being required to meet various expenditure and exploration requirements in order to earn its interest in the mineral properties and it not being able to meet such requirements resulting in the loss of such rights; currency risks associated with foreign operations and other risks and uncertainties, including those described in each management discussion and analysis. 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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