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Abstract
(Marketwire - Aug. 13, 2012) - REBgold Corporation ("REBgold" or the "Company") (TSX VENTURE:RBG) is pleased to announce the results of the first three drill holes for Phase 2 of the 2012 (Osikonmaki) Drill Program. These holes were drilled to test and expand the gold mineralization at the Western end of the 3+ km long Osikonmaki shear zone, part of the Rantasalmi project in Finland. Whereas all of the more recent drilling on the project has concentrated on the Eastern part of the shear zone, these are the first drill holes that have been drilled at the Western portion of the shear zone since its initial identification by the Finnish geological survey in 1988 - 1991. Of the three holes drilled, two returned significant, near surface intercepts, with BELOSI 93 returning 1.4 g/t over 5.8m and BELOSI 94 returning 1.0 g/t over 7.1m.
In 2011, REBgold and Belvedere Resources signed an Earn-In Agreement, whereby REBgold has the right to earn an interest in two of Belvedere's properties, Kiimala and Rantasalmi. REBgold can earn a 50% interest in the Properties by making expenditures of CDN $6M in a 4 year period. During the first year, REBgold spent CDN $1.5M on the Properties. After the earn-in has been completed a decision as to whether to proceed to a feasibility study will be made and, if REBgold elects, it will have a period of a further 2 years to complete the feasibility study. By completing the feasibility study, REBgold's stake would increase to between 55% and 75%, depending on the level of Belvedere's contribution to the study. A further 5% interest may be earned through the contribution of BACOX technology to the Projects. REBgold currently owns 14% of the projects.