Mr. Michael England reports
ROCKLAND ANNOUNCES LETTER OF INTENT FOR OPTION AGREEMENT OVER PIPESTONE BAY PROJECT WITH EVOLUTION MINING
Rockland Resources Ltd. has signed a letter of intent with a subsidiary of Evolution Mining Ltd. to acquire an interest of up to 70 per cent in Evolution's Pipestone Bay project that adjoins Rockland's Cole gold mines project in the west Red Lake region of Ontario.
The large land package consists of approximately 2,850 hectares and adjoins the Cole project on both the west and south borders, significantly expanding and enhancing Rockland's exposure to this highly prospective and undertested portion of the Red Lake greenstone belt. The Pipestone Bay property is host to numerous high-grade exploration targets and showings, and provides complete coverage of the large magnetic anomaly under Pipestone Bay that is interpreted to potentially represent a large intrusive body.
Cumulative terms of the non-binding LOI call for Rockland to issue up to 500,000 shares and to incur up to $11.5-million over a 5.5-year term.
Evolution has the right to reacquire from Rockland, such an interest, that results in Evolution's project ownership becoming 70 per cent, by paying 1.5 times incurred relevant expenditures (subject to Rockland defining a mineral resource containing at least 1.5 million ounces of gold or equivalent).
A definitive agreement is expected to be finalized in the coming month with an exploration campaign to test the collective property immediately thereafter.
Qualified person
Disclosure of a technical or scientific nature in this news release has been reviewed and approved by Donald Hoy, MSc, PGeo, a qualified person under the definition of National Instrument 43-101, a consultant to Rockland Resources.
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