An anonymous representative of Appian reports

APPIAN ACQUIRES SHARES OF ROXGOLD INC.

Between March 28, 2014, and May 15, 2014, Appian Natural Resources Fund acquired ownership and control, through its wholly owned subsidiary, of 5,249,588 common shares of Roxgold Inc. representing 2.2 per cent of the total issued and outstanding shares of Roxgold. The shares were acquired through the TSX Venture Exchange at the following prices over this period: 1,216,500 shares at a price of 60 cents per share, 707,500 shares at a price of 62 cents per share, 1,474,588 shares at a price of 63 cents per share, 251,000 shares at a price of 64 cents per share and 1.6 million shares at a price of 70 cents per share. These acquisitions resulted in a change in beneficial ownership of such shares. Immediately after the last acquisition on May 15, 2014, and as at May 16, 2014, Appian beneficially owned, or exercised control and direction over, an aggregate of 29,112,913 shares of Roxgold, representing approximately 12.3 per cent of the issued and outstanding shares of Roxgold.

The shares were acquired for investment purposes. Depending on the development of Roxgold's business, financial condition, the market for Roxgold's securities, general economic conditions and other factors, Appian may acquire additional shares of Roxgold, or sell some or all of the shares it holds, in the open market, by private agreement or otherwise.

An early warning report will be filed by Appian in accordance with applicable securities laws and will be available under Roxgold's profile on the SEDAR website.

About Appian Natural Resources

Appian Natural Resources is a metals and mining private equity fund providing long-term capital to both private and public mining companies. The adviser to Appian Natural Resources, Appian Capital Advisory LLP, is headquartered in London, with an international network in key mining cities. The adviser has a senior management team that is a combination of professionals from major mining companies, private equity firms and investment banks, bringing together over 150 years of combined mining experience. In aggregate, it has managed in excess of 60 mines through to production and concluded over $200-billion worth of mining sector transactions, while generating significant returns for investors. With a successful record of value creation across the full mining life cycle, the adviser team's strong operating and corporate skills are available to support management teams to optimize assets and ramp up operations that deliver value and generate attractive returns.