January 28, 2016 – Toronto, Ontario: Royal Road Minerals Limited (TSXV:RYR) (“Royal Road Minerals” or the “Company”), a gold focused mineral exploration and development company, is pleased to announce that it has entered into a binding letter of intent with the mining concessionaire with respect to the Mina La Redención gold project, which is located approximately 450 meters north of the license boundary of the Company’s La Golondrina gold project in the Nariño Province of southern Colombia. The letter of intent provides the Company with the exclusive right to conduct exploration and legal due diligence on the Mina La Redención gold project property for a period of three months commencing January 27, 2016.
The Mina La Redención gold project is a locally owned and operated vein-hosted gold mine held under a 25 hectare mining license. The project has not yet been drill-tested but exposure in underground development reveals that the mineralized system has the same geological characteristics to the Company’s neighboring La Golondrina gold project. Where exposed, gold mineralization at La Redención is most similar to the “vein-zone” style of gold mineralization at La Golondrina and comprises three or more parallel veins with subsidiary linking vein structures extending over widths that can exceed one meter. Mineralized bodies at Mina La Redención are shallow-dipping, and occur at the same topographic level to and just 450 meters along strike to the north from veins and vein-zones at La Golondrina suggesting they are part of the same mineralizing system.
“We are pleased to have this exclusive opportunity to geologically assess and conduct due diligence at Mina La Redención” said Tim Coughlin, Royal Road’s President and CEO. He added “It is our view that gold mineralization at La Redención is an exposed along-strike extension of the same high-grade gold system at La Golondrina, testifying to the lateral extent of vein and hornfels-hosted gold mineralization in this area and thus to its plus million ounce potential. Underground channel sampling at La Golondrina is now drawing to a close and once complete the sampling teams will move across to commence work on the underground development at La Redención. This sampling work is helping us assess the resource potential of vein and hornfels-hosted gold mineralization and will provide valuable geostatistical information for the interpretation of drilling results”.
Neither the 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. The information in this news release was compiled, reviewed and verified by Dr. Tim Coughlin, BSc (Geology), MSc (Exploration and Mining), PhD (Structural Geology), FAusIMM, President and CEO of Royal Road Minerals Ltd and a qualified person as defined by National Instrument 43-101. Royal Road Minerals employees are instructed to follow standard operating and quality assurance procedures intended to ensure that all sampling techniques and sample results meet international reporting standards. More information can be found on Royal Road Minerals web site at www.royalroadminerals.com
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur and include statements regarding the Option Agreement. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the hiring and retention of directors and officers, exploration and development of mineral properties, mine site planning and development, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, permitting and licensing and other factors described above and in the Company’s most recent annual information form under the heading “Risk Factors”, which has been filed electronically by means of the Canadian Securities Administrators’ website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
For further information please contact:
Dr. Tim Coughlin President and Chief Executive Officer USA-Canada toll free 1800 6389205 +44 (0)1534 887166 +44 (0)7797 742800 firstname.lastname@example.org