Published: June 8, 2016 |

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Rugby Mining Limited has acquired an extensive portfolio of both granted exploration concessions and applications covering approximately 845 square kilometers in Colombia. The acquisition, which includes a substantial geological database, was secured through the purchase of a subsidiary of Barrick Gold Corporation.

Under the terms of the agreement, Rugby acquired 100 percent of the Barrick subsidiary for nominal cash consideration. No residual rights to the subsidiary or the Colombian properties were retained by Barrick.

The portfolio includes projects in the Boyacá, Lower Cauca and Bucaramanga gold regions of Colombia that are prospective for both epithermal gold and porphyry gold mineralization.

“The acquisition of the Colombian entity places Rugby in an ideal position. We now have what I consider to be an exciting drill-ready gold property plus a pipeline of early stage gold targets. The projects are well located within major gold districts and importantly, all are outside Colombia’s high altitude Paramo ecosystem where mining is restricted,” said Rugby’s Chairman, Bryce Roxburgh.

“Initially Rugby will conduct a review of the extensive geological database to identify new gold targets over the various drill ready concessions. Rugby’s directors are recognized for having successfully made similar acquisitions from major mining companies, viz. Exeter and Extorre (Extorre was sold to Yamana Gold). It is my belief that this acquisition provides an excellent platform for similar success, particularly in a rising gold market. This acquisition complements our undrilled porphyry projects at Cobrasco and Comita that await permitting,” added Roxburgh.

About Rugby
Rugby is an emerging mineral resource company focused on a portfolio of projects having considerable potential for significant mineral discoveries. Rugby 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.

To stop by Rugby’s website, CLICK HERE

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