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Roxgold Inc.

TICKER: ROG:TSX.V

Roxgold Inc. is an exploration and development company. Its key asset, the 167-sq-km Yaramoko concession, is located to the south of and contiguous to SEMAFO's Mana project in the Houndé region of Burkina Faso, West Africa. Roxgold is focused on exploring its 100%-owned Yaramoko concession and advancing the 55 zone.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Tara Hassan, Haywood Securities (4/22/14) "Roxgold Inc.'s feasibility study for Yaramoko confirmed above-average returns and the very robust nature of the Burkina Faso project, delivering results which are stronger than the PEA. . .Yaramako generates attractive economics even at gold prices well below current levels. With the project ranking amongst the highest-grade (top three) and lowest-cost (bottom 20%) projects globally, and a compelling feasibility study in hand, we expect Roxgold's share price appreciation to continue."

Smallcappower.com Interview with Joe Mazumdar (4/9/14) "Roxgold Inc. is seeking to develop the 55 Zone of the Yaramoko high-grade, underground gold project in Burkina Faso. This small (740 tpd) potential operation with a low upfront capital requirement (US$90–100M) that could deliver 70–75 Koz/year at C2 cash costs of US$540–550/oz. Applying our gold price curve, the project generates paybacks of less than a year."

The Gold Report Interview with Robert Cohen (3/31/14) "Roxgold Inc. is working on a high-grade underground project. . .it has robust economics and is finding more gold through extensional drilling or satellite deposits, which will enhance the economics. This project should have a fairly fast payback period, a robust rate of return on capital employed and strong cash flows. It could be potential takeover target for a big company looking for the best quality projects. Just as importantly, even if it is not taken over, Roxgold won't have problems raising capital needed to build its project." More >

Joe Mazumdar, Canaccord Genuity (3/25/14) "Roxgold Inc. has closed the previously announced bought deal financing (March 4, 2014) for gross proceeds of CA$28.8M via the issuance of 49.7M shares. . .we expect the company to end Q1/14 with a working capital position of ~CA$45M, which should be sufficient to advance the company through the CA$17.9M in capital expenditures in H2/14 and CA$4.4M in corporate general and administrative and exploration expenses for the year."

Tara Hassan, Haywood Securities (3/25/14) "We are resuming coverage of Roxgold Inc. following the close of the company's $29M (gross) financing announcement on March 4, 2014. The funds will be used for the advancement of the feasibility study and development of the Yaramoko gold project, further exploration of the property as well as general working capital purposes. . .Roxgold remains one of the better positioned development companies in our universe with nearly $45M of cash on the balance sheet now."

more comments

Joe Mazumdar, Canaccord Genuity (3/17/14) "We are initiating coverage of Roxgold Inc. with a Speculative Buy recommendation and a 12-month target of CA$0.90/share. . .valuation is based predominantly on the company's high-grade underground Yaramoko gold project in Burkina Faso. . .Yaramoko's 55 Zone hosts a global resource of 1.1 Moz Au grading at 12.6 g/t (2.8 Mt) with 75% Indicated. . .the company's new management team has sourced funding to deliver two resource updates and a scoping study or PEA on the 55 Zone. . .Roxgold is modeled as a potential takeover in 2016 after the project is permitted, financed and built for production."

The Gold Report Interview with Ron Struthers (3/5/14) "Roxgold Inc.'s recent preliminary economic assessment at its Yaramoko project in Burkina Faso is projecting a metal grade of 11.9 grams per ton (11.9 g/t) in the first five years. That results in a low cash cost of just $455/oz, a high 47.7% internal rate of return and only a 1.4-year payback on initial capital. So you can see the big effect [of high grades] there." More >

Brent Cook, Exploration Insights (2/23/14) "Roxgold Inc. will be releasing the results of an independent feasibility study by midsummer. We should anticipate a fairly robust result in line with the preliminary economic study that showed an after-tax NPV 5% of US$192M, with an internal rate of return of 47%. Yaramoko is one of a very few high-margin, low-capex, undeveloped projects on the market."

Tara Hassan, Haywood Securities (2/20/14) "Larger claims at ROG's Yaramoko contain many worthy targets, including Bagassi South, 117 zone, Haho and the ground along the Boni Shear zone. Although many of these targets are still in the early stages, initial results suggest that there is potential to meaningfully extend the life at the project or boost annual production from satellite targets."

David Sadowski, Raymond James (2/20/14) "This morning, Roxgold Inc. released regional exploration results from its 100%-owned Yaramoko project. . .highlights include 3.7m grading 19.9 g/t in hole 37 and 3.8m of 16.2 g/t in hole 36, both of which serve to extend the QV1 vein (of three drill confirmed thus far) a further 50m northwest (for 300m total strike) and build on a 4.4m interval of 41.7 g/t in 2013. . .we view recent share price levels as compelling."

Pierre Vaillancourt, Macquarie Equity Research (2/7/14) "SRK Ltd. (Roxgold Inc.'s mining engineering consultant) is advancing the feasibility study for the 55 Zone. . .we anticipate that the integration of more structural and statistical data into the model will result in a more robust resource, with better constraint and definition to the high-grade gold in the 55 Zone. . .there is potential for approximately 700 Koz in the top half of the mine (to 500m), and another 600 Koz in the bottom half of the deposit. . .we anticipate the feasibility study could produce a shallower, more productive mine, with a better overall reserve recovery rate. . .we maintain our Outperform rating."

David Sadowski, Raymond James (2/3/14) "Based on our site visit, we are upgrading our rating of Roxgold Inc. to Strong Buy and urge investors to increase positions ahead of the feasibility study for its 100%-owned Yaramoko gold project in Burkina Faso. We believe the study will show an improvement over the outstanding economics already demonstrated by the October 2013 PEA. The project also has significant long-term growth potential."

PI Financial (1/31/14) "Results of a preliminary economic assesment released in September indicate robust economics for Roxgold Inc.'s Yaramoko gold deposit. At $1,100/oz, the project has a $144M NPV (discounted 5%), a 39.8% internal rate of return and a payback of 1.6 years (pre-tax basis). . .with the recent acquisition of XDM Royalty Corp. (done largely for the cash position XDM had), Roxgold is well financed to continue its efforts in exploring the Yaramoko project, with approximately $18M in cash on hand."

Raymond James (1/31/14) "We strongly encourage investors to continue accumulating shares of Roxgold Inc., given its low-cost, high-grade Yaramoko gold project in Burkina Faso, for which an exceptional PEA was released in September 2013, and strong management team that has previously developed gold mines in West Africa. . .we believe Yaramoko is one of the world's best gold development projects."

Tara Hassan, Haywood Securities (1/27/14) "We are initiating coverage on Roxgold Inc. with a 12-month target price of $1.05/share. Our 75% projected return justifies a Buy rating. . .the company offers the opportunity to invest in a gold development company, with a flagship project (Yaramoko) that falls among the highest-grade and lowest-cost projects globally."

Stuart McDougall, Jennings Capital (1/27/14) "Roxgold Inc. provides an opportunity to participate in what we view as a high risk/reward exploration play. The primary 55 zone alone has demonstrated robust economics but, similarly, high-grade intersections from a target located only 2 km away suggest that this may be just the tip of the iceberg. . .we are transferring coverage of the company."

Brent Cook, Exploration Insights (1/12/14) "Roxgold Inc.'s PEA is based on only a portion of the resources; I expect the resources to increase with detailed drilling. . .the company's current cash should be sufficient to complete a feasibility study due out in Q2/14."

The Gold Report Interview with Robert Cohen (12/30/13) "Roxgold Inc.'s Yaramoko underground gold project in Burkina Faso has barely 1 Moz gold but extremely high grade at 11.5 g/t. It has a $100M capital expense, which isn't huge, but it can throw off $50M/year in cash flow, so that's a two-year payback. Even at this gold price, that equates to about a 34% rate of return." More >

Brent Cook, Exploration Insights (12/15/13) "Roxgold Inc. announced an all share deal to acquire XDM Royalty Corp. XDM is a private company with $7.5M cash and no other material assets. This transaction effectively works out to be the equivalent of a private placement in Roxgold at $0.55, a slight premium to the company's share price. This is a smart deal in a tough market and will provide additional working capital to advance the Yaramoko gold deposit in Burkina Faso through the submittal of an environmental report, exploration and infill drilling, an updated resource estimate and a feasibility study by mid-2014. I continue to hold Roxgold shares based on the thesis that the feasibility study will show Yaramoko to be a low-cost, simple and profitable mining operation."

David Sadowski, Raymond James (12/11/13) "Roxgold Inc. announced a definitive agreement to acquire private company XDM Royalty Corp. in an all-share deal. We recommend investors add to positions of Roxgold on reduced near-term dilution risk, potential optimization of already impressive economics with a feasibility study mid-2014E at quickly advancing Yaramoko, strong management, attractive valuation and takeout potential. . .the company would receive XDM's CA$7.5M in cash. . .the cash provides the company with additional flexibility to move forward with site prep work at Yaramoko."

The Gold Report Interview with Eric Coffin (11/27/13) "Roxgold Inc. [is] also in Burkina Faso. The 55 Zone of its Yaramoko project is a high-grade, steep-vein setting. Roxgold put out a PEA and mineral resource in September: 850 Koz gold at 13.88 g/t. This will be a small but very high-margin operation." More >

Brent Cook, Exploration Insights (11/3/13) "Roxgold Inc. released assays from exploration drilling at Bagassi South and the 109 Zone, plus infill, stepout, and geotechnical drilling at the 55 Zone gold deposits in Burkina Faso. Drilling within the 55 Zone deposit (~1 Moz at 15.3 g/t Au) continued to confirm the high-grade nature of the deposit. . .the company plans to finalize a bankable feasibility study mid-2014; we expect the Zone 55 deposit will be a solid, simple and profitable deposit."

David Sadowski, Raymond James (10/31/13) "Roxgold Inc. released results from exploration and geotechnical drilling at its 100%-owned Yaramoko project in Burkina Faso. . .we recommend investors add to positions of Roxgold on further demonstration of regional prospectivity and increased high-grade resource growth potential, which could bolster already compelling economics at Yaramoko, as well as on strong management and attractive valuation. . .while 109 Zone appears encouraging in its early days (half a dozen holes drilled, all hitting wide, low-grade intervals), we are particularly excited about the potential for Bagassi South to eventually be incorporated into the Yaramoko mine plan."

The Gold Report Interview with Kerry Smith (10/23/13) "There's hope for companies like Roxgold Inc. in Burkina Faso, which is drilling on a project, has a resource and is working toward developing its project. But the average grade of the deposit is high at about 15 g/t and it would be underground. Those kinds of projects can finance themselves." More >

David Sadowski, Raymond James (9/24/13) "Roxgold Inc. announced a maiden preliminary economic assessment (PEA) for its flagship, 100%-owned Yaramoko gold project in Burkina Faso that demonstrate the project's robust economics. . .initial numbers demonstrate a significant, low-cost operation with room to grow/optimize, which should work in most gold price environments. . .we see considerable room to optimize the PEA's parameters ahead of a feasibility study expected in mid-2014, including a decrease in mining dilution from 21%, which should boost life-of-mine head grades from 10.2 g/t and further optimization on mining and process flow sheet."

The Gold Report Interview with Charles Oliver (9/23/13) "I added to my position in Roxgold Inc., which just released its PEA and has a spectacular-looking deposit in Burkina Faso. . .I'm very happy with [its Yaramoko project in West Africa]. It just came out with its PEA and it has an after-tax return at $1,300/oz gold of just less than 50%. It's got about a 1.4-year payback. It's a high-grade deposit. It's still in the early stages, but I expect it will optimize it over time and potentially improve its already high internal rate of return. At some point in time, I would not be surprised to see another company take it out. It's a sweet little project." More >

Brent Cook, Exploration Insights (9/22/13) "Roxgold Inc. published the findings of a PEA for its 55 Zone gold deposit. . .the study shows the deposit to be a very robust and economic project. . .all in all, it's a good study that points to a very profitable deposit."

Dan Hrushewsky, Jennings Capital (9/17/13) "The preliminary economic assessment (PEA) for the 55 Zone at Roxgold Inc.'s Yaramoko gold project indicates very robust project economics. . .the PEA reflects the August 2013 resource estimate with a cutoff grade of 3 g/t gold. However, we like the deposit better at the 5 g/t gold cutoff grade (790 Koz at 17.15 g/t indicated, 250 Koz at 11.5 g/t inferred). With this higher cutoff grade, tonnes would decrease by 24%, and only 7% of the ounces would be lost while increasing the grade by 21%, substantially improving the already robust economics. . .the exceptional metallurgical characteristics of the 55 Zone were reflected in the 96% recovery rate and a high recovery to the gravity circuit."

Pierre Vaillancourt, Macquarie Equity Research (9/17/13) "Roxgold Inc. announced the results of a preliminary economic assessment (PEA) for its 55 Zone project in Burkina Faso. Based on a 10-year mine life with LOM gold production of 738,500 oz at a total cash cost of $530/oz, and LOM capital costs of $214.5M, the project generates an after-tax NPV5% of $192M at $1,300/oz gold, with an IRR of 47.7% and a payback of 1.4 years. . .the production and cost profile is particularly strong in the first five years of mine life. . .we maintain our Outperform rating on the strength of a high-quality asset that we believe will grow in size."

Jennings Capital (9/10/13) "Roxgold Inc. announced this morning that it has commenced a drilling program on the Bagassi South target. . .the program consists of six core holes (1,600m). . .the 55 zone deposit is one of the highest grade gold deposits in the world. Its high grades, together with potentially high-gravity recovery, make it a low-capex, low-cost, high-margin project with lower financing risk, and a future strong performer in high or low gold price environments."

Jennings Capital (9/5/13) "Roxgold Inc. announced that it has hired a new CFO. . .with this last hire, Roxgold has now completed the build-out of a senior management team with gold project development experience in West Africa. Over the last year, the company has also brought on board a COO, a senior manager of geology, a general manager and a principal mining engineer, positioning itself for the development of its high-grade 55 Zone deposit. Roxgold remains one of our top picks."

Brent Cook, Exploration Insights (9/1/13) "Roxgold Inc. published an updated resource estimate for the 55 Zone on its Yaramoko concession in Burkina Faso; it resulted in an Indicated 850 Koz grading 13.88 g/t gold, plus an Inferred 250 Koz grading 9.88 g/t gold. . .in addition to the high grade offered by the 55 Zone, the deposit displays good continuity within the ore shoot. . .the 55 Zone gold deposit should qualify as a nice, low cost, ~95 Koz per annum acquisition target for a midtier gold miner active in West Africa, or with a desire to become so."

Morning Coffee (8/28/13) "Roxgold Inc. announced an updated resource estimate for the 55 Zone deposit located on its 100%-owned Yaramoko exploration permit in Burkina Faso. The resource estimate is based on 99,077m of drilling and produced an Indicated Resource of 850 Koz Au (1,904,000 tonnes at 13.88 g/t) and an Inferred Resource of 273 Koz Au (860,000 tonnes at 9.88 g/t). . .one Bay Street analyst stated, 'We recommend investors build positions in Roxgold based on our view of the company’s high-grade gold resource growth potential [and] potentially strong economics in the maiden PEA, expected later this quarter.'"

Jennings Capital (8/27/13) "Roxgold Inc. announced an updated resource estimate for its 55 Zone. . .the combined Indicated and Inferred ounces exceeded 1 Moz, meeting previous guidance. . .the company remains one of our top picks: The Zone 55 deposit is one of the highest grade gold deposits in the world. Its high grades, together with potentially high gravity recovery, make it a low capex, low-cost, high-margin project with lower financing risk, and a future strong performer in high or low gold price environments."

David Sadowski, Raymond James (8/27/13) "Roxgold Inc. announced an updated NI 43-101 resource estimate for the 55 Zone at its 100%-owned Yaramoko project in Burkina Faso. The estimate is in line with our expectations for contained metal and grades. . .we recommend investors add to positions of Roxgold on our view of further high-grade resource growth potential at Yaramoko in Burkina Faso, which should support compelling economics (a maiden PEA is expected mid-September), as well as strong management and attractive valuation. . .we continue to see significant growth potential with increased delineation of the deeper, higher-grade areas of 55 Zone."

The Gold Report Interview with Dan Hrushewsky (8/7/13) "High-margin projects are strong performers in high or low gold price environments and, as an example, [one] such higher-margin projects [is that] of Roxgold Inc. Roxgold's Zone 55 deposit is one of the highest-grade deposits in the world with 0.6M oz Measured and Indicated at 19.3 grams per ton at a 5 gram per ton cut-off grade, and has very high gravity recovery. This translates into a low cost, high-margin project with lower financing risk. . .Roxgold has had excellent high-grade results throughout its resource delineation drilling at Zone 55, and recent results such as 14.2 m of 12.7 grams per ton were no exception." More >

Jennings Capital (8/2/13) "Roxgold Inc. announced the closing of a bought-deal private placement of 25,625,000 shares. . .for gross proceeds of $10.25M. . .we view the transaction positively, as it allows Roxgold to continue exploration and development on its highly prospective Yaramoko permit. . .Roxgold remains one of our top picks: The 55 Zone deposit is one of the highest-grade gold deposits in the world. Its high grades, together with potentially high gravity recovery, make it a low-capex, low-cost, high-margin project with lower financing risk and a future strong performer in high or low gold price environments."

Metal Augmentor (7/31/13) "Roxgold Inc. is one of the select few smaller-size gold deposits likely to have good enough economics even in the current gold price environment that it might be an attractive takeover target for a mid-size gold producer. The company's Yaramoko project features a modest but extremely high-grade resource with excellent metallurgy."

Brent Cook, Exploration Insights (7/21/13) "Roxgold Inc. announced a bought-deal financing that will issue 25.625M shares at $0.40 per share for gross proceeds of $10.25M. . .the company should have ~$20M in cash, sufficient to complete its preliminary economic assessment, environmental studies and detailed metallurgy, leaving it in reasonably good shape at year-end. . .there is good potential to expand the Yaramoko deposit down plunge, as well as decent regional exploration potential."

Brent Cook, Exploration Insights (7/7/13) "Roxgold Inc. just released additional infill drill results from the 55 zone of the Yaramoko deposit. The results are in line with previous drilling and continue to demonstrate a high-grade ore shoot hosting an Indicated 679 Koz grading 15.7 g/mt, plus an Inferred 216 Koz grading 8.9 g/mt. . .the 55 zone is a small, high-grade deposit that should require low capex and show high profit margins."

Pierre Vaillancourt, Macquarie Capital Markets (7/4/13) "Roxgold Inc. announced the results from the recently completed infill drill program on the 55 zone, at its Yaramoko permit in Burkina Faso; of the nine holes reported, the highlights were 12.7g/t over 14.2m (6.3m true width), and 13g/t over 11.2m (6.6m true width). . .the recent drilling confirms narrow, vein-hosted gold mineralization. . .these results confirm the extent of mineralization to depth and will help the company to reach its objective of 1Moz of high-grade mineralization. . .we maintain our Outperform rating, as we anticipate positive economics on the 55 Zone; additional upside is possible from the regional program."

Jennings Capital (7/3/13) "Roxgold Inc.'s infill drilling confirmed continuation of high grades and good widths at depth. . .the Zone 55 deposit is one of the highest-grade gold deposits in the world. Its high grades, together with potentially high-gravity recovery, make it a low-capex, low-cost, high-margin project with lower financing risk, and a future strong performer in high or low gold price environments."

Dan Hrushewsky, Jennings Capital (7/2/13) "The undervaluation of Roxgold Inc. highlights the increasing comparative advantage of higher-margin projects in declining gold price environments. . .the company's Yaramoko project could operate comfortably in lower gold and silver price environments. We suggest that Roxgold should attract a premium to its peers based on robust economics. . .it represents good relative value."

Pierre Vaillancourt, Macquarie Capital Markets (6/3/13) "We initiate coverage of Roxgold Inc. with an Outperform rating. The resource is modest and the gold vein is narrow, but the grade is very attractive and there is potential to add to mineralization. . .we also believe the deposit could make for an attractive acquisition target."

Jennings Capital (5/27/13) "Roxgold Inc. announced this morning, that it has received an extra three-year extension to its exploration permit on its Yaramoko concession in Burkina Faso. . .this extension provides the company with additional time to expand the 55 zone and continue exploration for satellite deposits on the concession. . .despite the extension, Roxgold expects to adhere to its September 2013 deadline for completion of the PEA on the 55 zone. . .this also reflects the Burkina Faso government's high regard for the progress and value creation shown by the company on the Yaramoko project."

The Gold Report Interview with Brent Cook (5/20/13) "Last week I bought Roxgold Inc., after following it for a long time. The company will issue a preliminary economic assessment later this year. It's Burkina Faso deposit is not big, but it is tight and high grade. It will be easy to mine, inexpensive to build and very profitable for whoever ends up owning it." More >

Brent Cook, Exploration Insights (5/11/13) "Roxgold Inc. released drill assays from infill drilling into the 55 zone at its Yaramoko gold deposit in Burkina Faso. Highlights include 53 g/t gold over 1.24m, 22 g/t gold over 2.1 m and 16.2 g/t gold over 2.3m. The results confirm the high-grade nature of the currently defined resource and the deposit remains open to depth."

Pope & Co. Morning Notes (5/8/13) "Roxgold Inc. announced results from the ongoing infill drilling program on the 55 zone. . .the results continue to demonstrate the continuity of high-grade mineralization throughout the zone. Highlights include: 22.1 g/t Au over 3.96m in drill hole YRM-DD-13-266, 20.3 g/t Au over 3.17m within a wider intercept of 10.9 g/t over 7.2m in drill hole YRM-DD-13-270 and 53.7 g/t Au over 1.48m within a wider intercept of 18.8 g/t over 4.48m in drill hole YRM-DD-13-274."

Brent Cook, Exploration Insights (5/5/13) "The 55 zone at Roxgold Inc.'s Yaramoka project in Burkina Faso hosts one of the highest-grade resources belonging to any junior company. . .the metallurgy looks fantastic, gravity methods capture over half the gold and cyanide treatment of the tails recover most of the rest for >98% overall recovery. . .thanks to its very high grade and exceptional recoveries, I calculate potential cash costs of less than $400/oz. This would mean this deposit is easily in the upper 10% of gold producers on a cost basis."

Pope & Co. Morning Notes (5/3/13) "Roxgold Inc. announced results from metallurgical drilling at its 100%-owned Yaramoko permit in Burkina Faso. Highlights include 29.73 g/t Au over 28.8m in metallurgical test hole YRM-13-MET-01 and 27.62 g/t Au over 7.3m in metallurgical test hole YRM-13-MET-05 ."

The Gold Report Interview with Dan Hrushewsky (4/10/13) "Roxgold Inc. did a successful financing very recently, at market, with no warrants. . .generally for an open-pit mine, an above-average grade is 2 g/t and up. Roxgold has a grade that is probably one of the best in the world at 19 g/t for its Indicated resource category." More >

The Gold Report Interview with Rob Cohen (3/18/13) "Roxgold Inc. is a smaller company with a project in Burkina Faso. . .of course, it is a country that has a degree of political risk, but it is one of the best risk/reward opportunities. It has some critical mass in terms of market cap, a bit of safety on the downside . . .and is financeable because it is a very small, 2.5 Ktpd operation, at a very low capital cost." More >

The Gold Report Interview with Rodney Stevens (11/14/12) "Right now my top pick is Roxgold Inc. It's still in the early stages of a new high-grade gold discovery in Burkina Faso. There's a lot of potential to drill off a large, high-grade ore body of sufficient size to be attractive to the majors. Successful drilling could garner takeover speculation. . .there is large potential and the key takeaway is that if the company can expand the resource maybe to the 3 Moz range—the sweet spot that makes it attractive to the majors." More >

The Gold Report Interview with Joe Foster (11/5/12) "Roxgold Inc.'s discovery of a high-grade, quartz-vein deposit in Burkina Faso is very exciting. The company has done quite a bit of drilling and appears to have identified enough to support a small-scale underground operation. That means Roxgold already has something of value, and with more exploration and drilling may locate more high-grade veins. It could even develop into a gold district, but it is early days yet. . .Roxgold's cash can support a lot of drilling, and the company will not have to worry about financing for quite some time." More >

The Gold Report Interview with Charles Oliver (10/24/12) "Some of the names that I've been looking at are companies like Roxgold Inc., which has been drilling 20+ g/t material." More >

The Gold Report Interview with Brock Salier (9/17/12) "Roxgold Inc., in Burkina Faso, came out with a resource of 660 Koz at 11 g/t. That is almost unheard of in Africa." More >

Pope & Company Morning Notes (8/15/12) "Roxgold Inc. recently delivered a mineral resource estimate and has announced further upcoming milestones as the company continues its growth."

The Gold Report Interview with Ron Struthers (8/15/12) "Roxgold Inc. has a lot of cash on hand. The company is getting good drill results and is still going on what will be a good-sized and high-grade deposit in West Africa. . . Roxgold has a good gold discovery." More >

Morning Coffee (8/8/12) "The West Africa-focused gold explorer Roxgold Inc. released the initial resource estimate for the 55 zone on its 100%-owned Yaramoko property, in Burkina Faso. The initial resource estimate returned 617 Kt Indicated resource grading 17.8 g/t gold containing an estimated 354 Koz gold. In the Inferred category, the initial resource estimate returned 1.244 Mt grading 7.7 g/t gold containing an estimated 306 Koz gold."

Dan Hrushewsky, NCP Northland (8/8/12) "Roxgold Inc. announced the first resource estimate for zone 55 of its Yaramoko gold project in Burkina Faso. . .the deposit appears to plunge to the east, including a potential high-grade zone. This area represents the potential of zone 55 to increase in size, which may be confirmed/refuted by pending assay results."

Pope & Company Morning Notes (8/8/12) "Roxgold Inc. received the initial resource estimate from AGP Mining Consultants Inc., of Toronto, Ontario, for the 55 Zone on its 100%-owned Yaramoko property located in Burkina Faso. . .the results from the initial resource returned 617 Kmt of Indicated resource grading 17.8 g/t Au containing an estimated 354 Koz Au; in the Inferred category, the initial resource estimate returned 1,244 Kmt grading 7.7 g/t containing an estimated 306 Koz Au. . .there are a number of milestones to come—a preliminary economic assessment, new drill results from the six drills turning and an updated resource estimate—all of which will add to the company's remarkable history of growth."

Pope & Company Morning Notes (7/13/12) "Roxgold Inc. has a number of upcoming milestones to be delivered (resource estimate, assay results, etc). . .the high-grade 55 zone is unlike anything we have seen in West Africa and is equally unique in the approach of developing a resource. . .we remain supportive of the company's management despite these difficult times in the market."

Pope & Company Morning Notes (7/10/12) "Difficult markets are making proxy battles a nearly daily occurrence: In the case of Roxgold Inc., we believe the proposed wholesale change [of management] would prove a setback for the company and shareholders. It is this same team that took Roxgold from $0.30 to over $2, that was named part of the TSX-V 50 and successfully raised tens of millions of dollars. . .a quick review of management's accomplishments finds an impressive track record. . .the company has so many upcoming milestones, (resource estimate, technical report, drilling results, etc.) we believe that a complete change in management at this point would create value for no one."

Dan Hrushewsky, NCP Northland (7/5/12) "Roxgold Inc. is advancing its flagship Yaramoko project. . .91 core holes on the 55 zone deposit generated 90 intercepts with an average true width of 3.77m and a weighted average grade of 19.7 g/t. . .Yaramoko's zone 55 deposit could make a very profitable underground mine, with its high grades, good mineable widths and potential size. Metallurgy would appear to be simple, as most gold looks to occur as native gold, although not very coarse. . .potential exists to find other veins, similar to zone 55, in the other parallel structures on the property. . .Roxgold, or the Yaramoko project, is a logical acquisition for Semafo."

Morning Coffee (5/30/12) "Roxgold Inc. announced that it has discovered two new high-grade gold zones (the 109 zone and the 117 zone) on its Yaramoko property located in Burkina Faso, West Africa; in addition, the company said its core drill program continues to expand and define the previously identified 55 zone. Highlights from the 109 zone include YRM-12-RC-109 returned 8.33 g/t gold over 10m from 116–126m, including 18.52 g/t gold over 2m."

The Gold Report Interview with Robert Cohen (5/30/12) "It would be nice to see more vertical extent on Roxgold Inc.'s Yaramoko deposit, but I haven't ruled anything out yet because it has to do a lot more drilling to understand it. I certainly like what I see in the top 250m, which is one reason why we own it. If this one works out down deep, great. If it doesn't, the fat lady hasn't sung because there are still things to look at laterally as well. . .I like what I see so far. That's what early-stage exploration is all about. We don't know exactly how this is going to wash out. But this is high-grade gold in Burkina Faso, which keeps me pretty curious." More >

Pope & Company Morning Notes (5/29/12) "Roxgold Inc. received additional assay results from drilling conducted on its Yaramoko property located in Burkina Faso, West Africa. Its reverse circulation drill program has identified two new high-grade gold zones; the 109 zone and the 117 zone. . .YRM-12-RC-109 returned 8.33 g/t Au over 10m from 116–126m, including 18.52 g/t over 2m. . .While we are not surprised to see an intersection of quartz veining at over 1,000m vertical depth and await the assay values, it reinforces our position that the 55 zone has depth potential."

Hendrick Visagie, Pope & Company (4/24/12) "Roxgold Inc. received assay results for 21 core holes from its phase 3 Yaramoko drilling program. . .based on a recent site visit to Yaramoko, it became readily apparent that mineralization of the 55 zone was unlike most other deposits in Burkina Faso. Our geologist noted in relation to other deposits, the 55 zone displayed relatively narrow widths and higher grades. . .using a conservative approach to modeling, we estimate that near-surface drilling has identified ~550–700 Koz."

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