Ringbolt to Acquire Roaring River property
Ringbolt Ventures Ltd.
Suite 306 - 595 Howe Street, Vancouver, BC V6C 2T5 Telephone: (604) 638-7382 Facsimile: (604) 871-9926
January 13, 2010 TSX-V: RBV
News Release
Ringbolt to Acquire Roaring River property
VANCOUVER, January 13, 2010 – Ringbolt Ventures Ltd. (TSXV: RBV) (the “Company”) is pleased to announce that it has entered into an Option Agreement with Kalac Holdings Ltd. and Frontier Asset Management Ltd. to acquire a 100-per-cent interest in certain mineral claims known as the Roaring River property (the “Property”). The Property consists of 9 claims totaling139 claim units (2,224 hectares), located approximately 140 kilometres north of Thunder Bay, Ontario.
The Roaring River claims cover a mafic to ultramafic intrusion measuring 8 km by 3 km. The eastern half of the intrusion is covered by a Proterozoic diabase sill. Prospecting during the 2001- 2003 period resulted in the discovery of five occurrences of disseminated sulphides with PGE mineralization. Assays gave up to 1.10 g/T palladium, 0.70 g/T platinum, 0.24 g/T gold, 0.21% nickel and 0.19% copper. In 2003, North American Palladium Ltd. carried out an IP survey and drilled five holes to test IP anomalies. All the IP anomalies turned out to be caused by disseminated magnetite in the overlying diabase sill.
The Roaring River property lies 60 km north of the Lac des Iles Mine of North American Palladium Ltd. The Lac des Iles deposit contains one of the largest open pit bulk mineable palladium reserves in the world. The mine has been in operation since 1993, beginning in 1999 to run a high-tonnage, lower-grade operation. It was temporarily shutdown in 2008 due to depressed metal prices. Lac des Iles has measured and resources of 3.6 million ounces of palladium and 300,000 ounces of platinum at an average grade of 3.18 g/T Pd and 0.26 g/T Pt.
The company initially intends to carry out an airborne geophysical survey to define targets on the property.
Consideration for the acquisition is cash payment of $210,000, incurring exploration expenditure of $1,000,000 on the property over a five-year period and the issuance of 2,000,000 common shares from treasury upon receipt of TSX Venture Exchange approval for this transaction. The vendor retains a 2-per-cent net smelter return, up to one percent of which may be purchased by the Company for $1-million.
Exploration schedule:
i) $60,000 on or before April 10, 2010;
ii) $140,000 on or before October 31, 2010;
iii) $200,000 on or before January 31, 2012;
iv) $300,000 on or before January 31, 2013; and
v) $300,000 on or before January 31, 2014
Private Placement Financing
The Company has entered into a private placement for the sale of 2,780,000 units at a price of $0.105 per unit for a total of $291,900. Each unit will consist of 1 common share and 1 share purchase warrant for the purchase of 1 further common share of the Company within five years at the price of $0.25 per share.
These transactions are subject to regulatory approval. The maximum allowable finder’s fee shall be paid in cash, shares or a combination of both with regard to the value derived from the Agreement and the private placement financing as per the TSX Venture Exchange’s policy guidelines.
Mike Magrum, P. Eng, a qualified person under National Instrument 43-101, has approved the technical content of this news release.
On behalf of the Board of Directors
Ringbolt Ventures Ltd.
“Simon Tam”
Simon Tam Director
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.