Rapier Gold Inc. Begins Trading on TSX Venture Exchange - Video Summary on www.investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - March 12, 2013) - Rapier Gold Inc (TSXV: RPR) is one of the latest new listings on the TSX Venture Exchange. Rapier was previously a subsidiary of Rogue Iron Ore (TSXV: RRS), with each Rogue shareholder receiving one Rapier share for every four and forty-nine one hundredths (4.49) shares of Rogue.
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Rogue management felt that this transaction would maximize shareholder value by placing the iron ore and gold into separate entities.
Rapier will focus its business primarily on the exploration and development of the Pen Gold Property, which consists of a large land position located on the gold bearing Porcupine-Destor Fault Zone, located in Ontario's famous Timmins gold camp. This area is one of the world's most productive gold belts, and has reportedly produced in excess of 70 million ounces of gold.
Rapier, along with its strategic partner AuRico Gold (TSX: AUQ), plans to initiate a drilling program before the end of March. AuRico holds approximately 20% of the 22.5 million shares currently outstanding.
Drilling will consist of 20 holes, totalling 5,500 metres, in four areas, at a cost of approximately $1.5 million.
The company also plans to spend $500,000 on 8 targets areas, previously identified by Rio Tinto, which all warrant trenching and channel sampling.
Rio Tinto reported intersections of:
- 22.1 grams per tonne gold over 0.3 metres
- 9.96 grams per tonne gold 2.0 metres
- 13.3 grams per tonne gold over 0.3 metres
Once ground is clear of snow, a systemic mapping program will be commenced aimed at generating drill targets for the 2013 winter drill program.
Freeman Smith, President & CEO of Rogue Iron Ore stated, "Good projects find a way to get financed and the Pen Gold property, we believe, is an exceptional project with promising potential. Rapier's partnership with the senior, producing company AuRico Gold is a testament to the Project's geological potential and we are looking forward to commencing the first drill program to properly test this system."
For more information on the Pen Gold property, please refer to the NI 43-101 report on Sedar.com.
For more information, please visit their website at www.rapiergold.com, or contact Roger Walsh, President & CEO at 604-569-0049 or email roger@rapiergold.com.
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