Roughrider Exploration Limited ("Roughrider") is pleased to announce that the summer 2014 exploration program at the Genesis uranium project in the Wollaston trend adjacent to Saskatchewan's Athabasca Basin has now begun. The 491,154 acre Genesis Property covers large sections of favorable Athabasca basement rocks within a structural corridor that hosts the majority of the high grade uranium resources within and adjacent to the current boundaries of the Athabasca Basin.
Roughrider's Phase I program is budgeted at $1 million and will be executed by Kivalliq Energy Corporation ("Kivalliq"), owner and the operator of the Genesis property. As previously disclosed, Kivalliq has granted Roughrider an option to acquire up to an 85% interest in the Genesis Property. The Phase I program will consist of about 6,000 kilometres of helicopter borne geophysical surveys (magnetics, electromagnetics and radiometrics) focused on eight areas of high potential within the project area. The airborne surveys are now underway and concurrently a crew is completing a lake sediment sampling program to define new uranium anomalies within the target areas. Upon receipt of the airborne geophysical data, it is planned that crews will be dispatched to "ground proof" new geophysical anomalies and areas of historic showings and/or favorable structure by completing prospecting, mapping and geochemical soil sampling grids in order to further refine developing target areas and generate additional new targets. This summer's program is expected to run until late September or early October and is expected to define a number of uranium targets for an anticipated winter drill program that is planned to start after the New Year.
Roughrider's CEO Scott Gibson commented: "We're excited to get started on Genesis fieldwork. Kivalliq's crews and contractors began working as soon as our Qualifying Transaction closed and this work is expected to generate significant new data on a number of target areas. Management is committed to keeping shareholders informed as exploration progresses and results are generated, compiled and evaluated. We look forward to a busy second half of 2014".
Roughrider is also pleased to announce the appointment of David W. Tupper, P. Geo, as Vice President of Exploration. Mr. Tupper has over 28 years of mineral exploration experience working in the public resource sector. Since 2004, working as Vice President of Exploration of various companies Mr. Tupper managed programs to identify, acquire and explore numerous high quality, exploration projects including the Baruunbayan and Ail uranium projects in Domogobi, Mongolia. He has experience exploring for uranium, gold, base metals and coal in a wide variety of geological settings in North, Central and South America and Asia.
Roughrider also announces that that it has granted an aggregate of 1,950,000 incentive stock options exercisable at $0.22 for a period of 5 years to directors, officers, and consultants of the company. The grant of the options are subject to the approval of the TSX Venture Exchange.
David W. Tupper, P. Geo, V.P. of Exploration and a Qualified Person under National Instrument 43‐101 has reviewed and approved the technical information contained in this release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
For Further Information, contact:
Scott Gibson Chief
This news release includes forward‐looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward‐looking statements. Factors that could cause actual results to differ materially from those in forward‐looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward‐looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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