NEWSRandsburg International Gold Corp.
October 26, 2004 3:53PM ET
Randsburg International Gold Corporation (TSX-V: RGZ) announced today that the Company's management is unaware of any material change in Company's operations that would account for the recent increase in market activity. The Company also wishes to clarify its news release of September 21, 2004 to comply with TSX requirements for NI 43-101 with respect to the Company's Titan project.
The Company reported an exploration target of over one billion tonnes of iron-titanium ore and retracts this statement. There has been insufficient drilling to define a mineral resource and that it is uncertain if further exploration will result in discovery of a mineral resource on the property. Investors are to be cautioned from relying on this statement.
The Company referred to the Titan project as a "world-class development project" and retracts this statement. Two holes have been drilled and the project could be considered an advanced exploration project. The Company also reports that at this time no economic assessment has been done to support the statements made about a mining and processing complex capable of producing 25-50 million tonnes of iron-titanium ore per year. The Company retracts this statement and cautions investors from relying on this statement.
The Company's 100%-owned properties comprise 3770 contiguous hectares (9570 acres) of 16 claims and 17 patents in Flett and Angus Townships, located 120 kilometres northeast of Sudbury, Ontario and 50 kilometres north of the City of North Bay.
Two holes were drilled into an anomalous zone on the eastern portion of the property. The zone is a strong 2000 metre diameter magnetic anomaly.
Assays from the interval areas are as follows:
Drill Hole Intersection Thickness Fe% Fe(2)O(3)% TiO(2)%
(metres) (metres)
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RA 2-04 0 to 44.8 44.8 28.79 41.16 12.10
201.5 to 261 59.5 25.07 35.84 9.64
Total Hole 0 to 261 261 27.42 39.20 11.16
Total Hole
Range 12.4 to 40.4 17.7 to 57.8 2.79 to 19.05
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RA 1-04 0 to 170 170 31.09 44.48 13.37
Total Hole
Range 12.5 to 43.2 17.8 to 61.7 2.23 to 20.8
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RA 2-04 was drilled to a depth of 261 metres (857 feet) at a dip of -60 degrees at a distance of 100 metres due north of drill hole RA 1-04. It was drilled due east (90 degrees). The hole was mineralized from surface and ended in mineralization. The true depth of the hole is approximately 200 metres.
Drill hole number RA 1-04 was drilled towards the west (270 degrees) at -45 degrees dip. The hole ended in mineralization.
Assays were carried out by ALS Chemex of Mississauga, Ontario.
The Company is planning to undertake additional drilling in early November to further define this project. This work is being conducted under the supervision of Ken Germundson, Ph.D, Professional Geologist, the Company's Qualified Person under the meaning of National Instrument 43-101.
To find out more about Randsburg International Gold Corp. (TSX-V: RGZ), visit our website at www.randsburgdiamonds.com