LYNN LAKE, MANITOBA - Oct 9, 2007 - Rox Resources Ltd. (Other OTC:RXRS.PK) (Rox, or the Company) today announced the Company has successfully negotiated the outright purchase of The Fox Mine, located 44 kilometers southwest of the town of Lynn Lake, Manitoba, Canada.
Rox Resources Ltd. will acquire 9 claims or Fox 1 to 9 inclusive with a 100 percent ownership interest. This Purchase and Sale agreement replaces the previous Letter of Intent, which allowed for cash and stock payments to be paid to the vendor over the course of five years. This acquisition would represent a land package of approximately 8.2 square miles or 2,110 hectares. The Fox Mine property is contained within the south limb of the Aphebian age Lynn Lake greenstone belt and is regionally metamorphosed to amphibolite facies. The Fox ore body is a volcanogenic massive sulphide deposit, and is comprised of two discrete lenses-each within its own stockwork zone. The ore lenses show conventional metal zonation with zinc sulphides lying stratigraphically above copper sylphides. Proximity to ore is indicated by pronounced geochemical enrichment and depletion trends. Little drilling has ever been done at depth and represents potential. (Project details can be found at: http://www.roxresources.com/projects.htm).
Sherritt Gordon Mines Limited first discovered The Fox ore-body in 1961. Tonnage milled to closure approximated 11,936,479 tonnes of 1.82% Cu and 1.78% Zn plus Gold and Silver production.
Rox Resources Ltd. additionally wishes to announce that the Company has closed its previously announced Private Placement and has raised $150,000 in new funds for the Company. The private placees have subscribed for 3,000,000 units of Rox Resources Ltd. Each unit of Rox consists of one (1) common share of the Company and a one half (1/2) share purchase warrant. The price of each common share will be $0.05: these shares will be subject to a statutory hold period. The share purchase warrants entitle the holder to acquire a one half (1/2) additional common share of Rox at a price of $0.15 for a period of twelve (12) months following the close of the transaction.
The Company anticipates the completion of The Fox Mine Purchase, or "Closing" in the very near future.
Rox Resources Ltd. corporate mission is to acquire land claims with superior exploration potential and or past producing mining camps with above average economics.
Rox Resources Ltd. (Other OTC:RXRS.PK - News) has been rated a "Speculative Buy" with a price target of $0.20 by Beacon Equity Research Analyst, Lisa Springer, CFA. The full report is available at http://www.BeaconEquityResearch.com.
Statements contained in this news release, aside from those identifying historical facts, are 'forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual company results and performance may be materially different from any future results, performance, strategies, plans or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
