Ontex Resources Limited and Roxmark Mines Limited Shareholders Approve Merger
19 Décembre 2009 - 12:50AM
Marketwired
Ontex Resources Limited ("Ontex") (TSX: ONT) and Roxmark Mines
Limited ("Roxmark") (TSX VENTURE: RMK) today announced that their
respective shareholders have voted strongly in favour of the
previously announced merger between Ontex and Roxmark (the
"Transaction") at special shareholders meetings held today in
Toronto.
In connection with the Transaction, Ontex shareholders also
approved a one-for-three share consolidation, the election of
additional directors and the change of Ontex's name to "Goldstone
Resources Inc.", all effective in connection with the completion of
the Transaction.
The closing of the Transaction is expected to occur on December
22, 2009 and remains subject to receipt of all requisite regulatory
approvals. The Transaction is structured as three-cornered
amalgamation between Roxmark and 2223951 Ontario Inc, a wholly-
owned subsidiary of Ontex.
ABOUT ONTEX
Ontex is a gold exploration and development company operating in
the historically significant Geraldton-Beardmore area. Ontex is
focused on gold exploration and deposit delineation at its
Brookbank gold property in northern Ontario spanning a strike
length of 35 kilometres. To date, diamond drilling has identified a
structure over a 7 kilometre strike length with mineralized zones
extending from surface to a depth of at least 800 metres. The
mineral resources at a 3.4 g/t gold cut-off grade stands at 1.36
million tonnes grading 9.7 g/t gold containing 424,400 ounces of
Indicated and 1.09 million tonnes grading 7.9 g/t gold containing
276,600 ounces of Inferred resource. (See National Instrument
43-101 technical reports - "Technical Report on the Brookbank Gold
Deposit, Beardmore - Geraldton Area, Northern Ontario, Canada" by
Scott Wilson RPA Inc. dated May 4, 2009, as filed on SEDAR and
Irwin Zone resources estimated at 3.0 g/t cut-off by John P
Thompson and Associates in NI 43-101 report dated April 28, 2006,
as filed on SEDAR.)
ABOUT ROXMARK
Roxmark is a gold exploration and development company operating
in the historically significant Geraldton-Beardmore area. In
addition to the Hardrock Project in the Geraldton Camp, Roxmark is
pursuing a number of initiatives in the Beardmore Camp, including
re-opening the Northern Empire Mine and its onsite mill and
expanding the resource base at the Leitch-Sand River Mine, once
Canada's richest producing gold mine. In recent years, Roxmark has
generated cash flow from bulk-sampled gold and molybdenum processed
at its fully-permitted mill and has the advantage of infrastructure
from nine formerly highly productive gold mines located on its
properties. These mines previously produced nearly four million
ounces of gold from high-grade ore but were closed primarily due to
boundary issues and dramatically lower gold prices at the time.
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" within
the meaning of applicable Canadian and United States securities
laws. Forward-looking information is not comprised of historical
facts and includes, but is not limited to, information concerning
the proposed merger between Ontex and Roxmark. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects",
"anticipates", "believes", "may", "could", "would", "might" or
"will" or variations of such words and phrases or statements
(including in the negative). Forward-looking information reflects
Roxmark's and Ontex's current expectations regarding future results
or events and is based on the opinions, estimates and assumptions
of their respective management at the date the information is made.
Such forward-looking information is 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 information. Many of these assumptions (including,
without limitation, that the parties' will be able to satisfy all
applicable regulatory requirements) are based on factors and events
that are not within the control of Roxmark or Ontex and there can
be no assurance they will prove to be correct. Factors that could
cause actual results to vary materially from results anticipated by
such forward-looking information include changes in market
conditions, variations in ore grade or recovery rates, fluctuating
metal prices and currency exchange rates, changes in project
parameters, the possibility of project cost overruns or
unanticipated costs and expenses, labour disputes and other risks
of the mining industry, the business of the companies not being
integrated successfully or such integration proving more difficult,
time consuming or costly than expected as well as those risk
factors discussed in Ontex's Annual Information Form for the year
ended December 31, 2008, Roxmark's management discussion and
analysis for the period ended September 30, 2009 and the joint
management information circular (copies of which are available at
www.sedar.com). Although Roxmark and Ontex has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results not to be anticipated, estimated or
intended. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Neither Roxmark nor Ontex undertakes any obligation to
update forward-looking information if circumstances or their
respective management's estimates or opinions should change except
as required by applicable securities laws. The reader is cautioned
not to place undue reliance on forward-looking information.
This news release and the information contained herein does not
constitute an offer of securities for sale in the United States and
securities may not be offered or sold in the United States absent
registration or exemption from registration.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Ontex Resources Limited J. Patrick Sheridan, Jr.
President & CEO (647) 436-0273 psheridan@ontexresources.com
www.ontexresources.com Roxmark Mines Limited Monir Younan President
(416) 860-1636 roxmark@on.aibn.com www.roxmark.com
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