Rapier receives Pen Gold North exploration extension2015-01-12 14:50 ET - News Release Mr. Roger Walsh reports RAPIER GOLD INC. ANNOUNCES EXTENSION TO RIO TINTO AGREEMENT Rio Tinto has granted Rapier Gold Inc. an extension from March 31, 2015, to Sept. 30, 2015, to complete the remaining exploration expenditure requirement on the Pen Gold North property, which forms part of the Pen gold project. Approximately $185,000 of the original exploration expenditure commitment of $1.5-million remains to be incurred by Sept. 30, 2015. Pen gold project summary ## The company's activities are exclusively focused on exploring for gold on the Pen gold project, comprising 16,448 hectares (approximately 160 square kilometres) located 75 kilometres southwest of Timmins, Ont. ##The Pen gold project sits on the western extension of the Porcupine-Destor fault zone (PDFZ), one of the most productive gold structures in the world. This fault zone extends east into Quebec and hosts many of the largest and most famous gold mines in Canada. ## On Dec. 18, 2014, the Province of Ontario's Ministry of Northern Development and Mines (MNDM) published the Ontario Geological Survey's Summary of Fieldwork and Other Activities 2014, which includes a detailed report describing observations made on Rapier's Pen gold project. A copy of the report is available on the company's website. ## Observations made in the OGS summary confirm the presence of significant occurrences of Timiskaming-style conglomerates on the Pen gold project, which indicate the proximity of a major fault, which is interpreted to be the western extension of the PDFZ. ## As outlined in the OGS summary, at least 72.5 million ounces of gold have been produced from this area, and greater than 98 per cent of this mineralization has come from north of the PDFZ, within a panel of synorogenic clastic rocks, locally known as the Timiskaming group or assemblage, mineralization straddling the unconformity at the base of this clastic package, or from mineralization hosted by deformed greenstones and porphyry intrusions below this unconformity -- but all within approximately 0.1 kilometre to three kilometres of the PDFZ. ## A number of companies are conducting active exploration programs or have option agreements in the area:## Lakeshore Gold is actively exploring the 144 exploration area of its Timmins West mine, approximately 50 kilometres east of the Pen gold project; ## Probe Mines is conducting an extensive drill program at the Borden gold project, approximately 85 kilometres south west of the Pen gold project; ## Teck Resources recently entered into an option agreement with Explor Resources on the Timmins Porcupine West property, adjoining Lakeshore Gold's Timmins West mine to the east toward Timmins. Current market conditions and financial constraints have resulted in the company evaluating various options to advance the next stage of work, including joint ventures and alliances with senior mining companies. We seek Safe Harbor. © 2015 Canjex Publishing Ltd. All rights reserved.