TORONTO, CANADA--(Marketwire - July 18, 2012) - REBgold Corporation ("REBgold" or the "Company") (TSX VENTURE:RBG) announces an update on its summer activities.
Three holes of Phase 2 of the 2012 drilling program have been completed in Finland. These holes targeted the mineralization at the far West end of the Osikonmaki shear zone, where mineralization was previously identified by the Geological Survey of Finland. Assays are expected back by the end of July. Positive results from these holes should allow for an expansion and conversion of the historic resources in this zone to NI 43-101 compliant resource categories. The drill rig is currently on hold for the month of July and will recommence drilling in August. When drilling re-commences, the rig will be relocated to the Eastern end of the shear zone where drilling during phase 1 identified both high grade and bulk tonnage potential. In the meantime, a geophysics program is planned to help define target potential along the Eastern end of the system.
The Company is pleased to announce that it has engaged the services of Venture North Capital Inc. ("Venture North") to provide investor relations and shareholder communications services, effective immediately. In connection with the engagement, Venture North has been awarded a consulting contract paying $3,500 per month, and has been granted, pursuant to the Company's stock option plan, 25,000 stock options at a price of $0.40. The options will vest quarterly over one year and are subject to regulatory approval.
The Company also announces that, pursuant to the Company's stock option plan, the Board of Directors has approved the issuance of an additional 705,000 options to purchase common shares of the Company to directors, officers, employees and consultants of the Company. The exercise price of the options is $0.40. They are subject to a four-month hold and have a term of 5 years.
The total number of outstanding options under the Company's plan is now 1,859,500 or approximately 9% of the outstanding shares.
REBgold is in the process of acquiring and developing economic interests in gold assets, in particular, where it can utilize its competitive advantages, to create shareholder value.
The Company's key competitive advantages include an experienced board and management team, strategic investor backing and proprietary technology. The Company's bacterial oxidation and bioleaching technologies are commercially proven for the liberation of precious metals from difficult-to-treat sulphide ores and concentrates, with environmental and economic benefits. To date, the Company's BACOX technology has been used at three gold mines located in Western Australia, Tasmania and China.
Shares outstanding 20,175,849
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