13:24:58 EDT Wed 24 Apr 2024
Enter Symbol
or Name
USA
CA



Rugby Mining Ltd
Symbol RUG
Shares Issued 70,345,833
Close 2018-03-01 C$ 0.36
Market Cap C$ 25,324,500
Recent Sedar Documents

Rugby Mining appoints Bond as vice-president of finance

2018-03-05 09:46 ET - News Release

Mr. Paul Joyce reports

RUGBY STRENGTHENS BOARD, MAINTAINS FOCUS ON COBRASCO COPPER PROJECT, COLOMBIA

Rugby Mining Ltd. has appointed Cecil Bond, CPA, CA, to the board as executive vice-president of finance. Mr. Bond was previously chief financial officer for Exeter Resource Corp and managed the corporate spinout of Extorre Gold Mines Ltd. from Exeter. Mr. Bond was previously a director and vice-president of finance for Extorre.

Rugby continues to focus on the permit application necessary for drilling its 100-per-cent-owned Cobrasco project in Choco Province, Western Colombia. As part of completing the application process, a further site visit is planned for the Department of Forestry later this month to view selected drill sites requested by the company. All other permits required to drill Cobrasco, including agreements with local communities and a water permit, are now in hand.

The 30-kilometre-square tenement includes Cobrasco North and South, which are situated approximately 100 kilometres southwest of Medellin in the Choco porphyry copper belt. This belt represents a continuation of the very productive Chilean and Peruvian copper belts. Cobrasco hosts both outcropping porphyry style copper mineralization and high-priority geochemical and geophysical targets that have never been drill tested. The dimensions of the system are large, indicating potential for the discovery of a significant copper resource.

Cobrasco was first recognized in the 1980s by a German government exploration program that discovered outcropping porphyry style copper mineralization supported by strongly anomalous copper stream sediment geochemistry. In the intervening 30 years, no drilling has been conducted on the property due to, in large part, prevailing security issues. Cobrasco is located immediately north and south of the Comita project, a property currently under option to Rugby.

Paul Joyce, Rugby's chief executive officer, director and a qualified person within the definition of that term in National Instrument 43-101, Standards of Disclosure for Mineral Projects, has verified the technical information that forms the basis for this news release.

Currently Rugby has the option, expiring in October, 2018, unless extended, to earn up to a 60-per-cent interest in Comita by incurring additional expenditures of approximately $8-million (U.S.) and drilling a minimum of 10,000 metres on the project.

About Rugby Mining Ltd.

In addition to the Cobrasco copper project, Rugby controls a portfolio of gold and gold-copper projects in Colombia which have considerable potential for significant mineral discoveries. Rugby is an exploration company that benefits from the experience of its directors and management, a team that has either been directly responsible for world-class mineral discoveries or have been part of the management teams responsible for such discoveries.

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