Orocan Resource Corp. Options TJ Ridge Property
Vancouver, BC -- March 9, 2010 -- Roxgold Inc. (ROG:TSX.V "Roxgold or the"Company") announces it has entered into an option agreement (the "Agreement") with Orocan Resource Corp. ("Orocan") dated March 8, 2010 wherein Orocan may acquire a 70% undivided interest in the TJ Ridge mineral property (the "Property"), located in the Skeena Mining Division of British Columbia, Canada. It is expected that this transaction will constitute Orocan's Qualifying Transaction as defined by the TSX Venture Exchange.
The Property covers a large (4.5 km x 2.6 km) gold, silver, lead and zinc soil geochemical anomaly that overlies sedimentary rock north of Hazelton, in Central British Columbia. The anomaly consists of in-situ, structurally controlled linear segments that are locally offset from each other. The northern half of the anomaly was explored by Noranda Exploration Limited in the 1980s. The focus will be on the central and southern part, where there is potential for high-grade "carbonate base-metal gold" style mineralization. Recent geophysical surveys show that structures controlling the main north-westerly trending soil anomalies are off-set by mineralized north-easterly trending structures at the north end of the Roxgold's area of interest, where it overlaps the south end of Noranda's old grid. This area of structural off-set is potentially one of improved ground preparation and improved grades.
To earn an undivided 70% interest, the Agreement requires Orocan to make payments of $25,000 and issue 100,000 common shares to Roxgold on TSXV approval, $25,000 and 100,000 shares on or before the first anniversary of the Agreement, 100,000 shares on or before the second anniversary of the Agreement, and $100,000 and 100,000 shares on or before the third anniversary of the Agreement. Orocan is required to conduct work programs of $150,000 on or before the second anniversary of the Agreement, a further $150,000 on or before the third anniversary, a further $440,000 on or before the fourth anniversary and a further $1,000,000 on or before the fifth anniversary of the Agreement. A 2% NSR has been reserved by the underlying owner of the Property
Robert H. Pinsent, P.Geo., a Qualified Person (QP) as defined by National Instrument Policy 43-101, is responsible for the technical information contained in this News Release
ON BEHALF OF THE BOARD
"Alan Raven"
President
Contact:
Roxgold Inc.
880 -- 580 Hornby Street, Vancouver, BC
Alan Raven, President
604-806-0991 ext 117
Email alan@roxgold.com
or
Barry Girling, Director
604-806-0991 ext 102
Email barry@roxgold.com
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
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