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Message: Options Manalo Gold Project to Appleton Exploration Inc.
| February 26, 2009 |
| Rockgate Options Manalo Gold Project to Appleton Exploration Inc. |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2009) - Rockgate Capital Corp. (TSX VENTURE:RGT) (the "Company") is pleased to announce that the Company's wholly owned subsidiary Delta Exploration Inc. ("Delta") has signed a Letter of Intent with Appleton Exploration Inc. (TSX VENTURE:AEX) ("Appleton") whereby Appleton can earn up to a 100% interest in the Manalo Gold project, located in southwest Mali, West Africa. Under the terms of the agreement, Appleton may earn an initial 65% interest by making cash payments of US$50,000 over the next six months, issuing 1.5 million units over the next two years and completing US$2,500,000 in exploration over the next three years. The units are to be issued in three equal tranches and will consist of one common share of Appleton and one 24 month warrant, with each warrant being exercisable at 200% of the 10-day average closing price of the shares ending on the trading day preceding the date of issuance of the units, subject to any minimum price requirements of the TSX Venture Exchange. The first year exploration commitment is US$500,000. Appleton may earn the remaining 35% interest by making a one-time cash payment of CDN$1,500,000 to Delta. At Delta's sole discretion, Delta may elect to receive the payment in the equivalent value of Appleton units. Appleton must also deliver an independent feasibility study or arrange for production financing prior to the 8th anniversary of TSX Venture Exchange acceptance. Appleton also has the option to purchase one half of the NSR (1%) for CDN $1,000,000 within the first 12 months of production. The agreement is subject to the approval of the TSX Venture Exchange. Rockgate President Karl Kottmeier commented, "The Manalo Gold project represents a tremendous opportunity to build value for both Rockgate and Appleton shareholders. We look forward to continuing to explore and expand upon the excellent results returned to date from this highly prospective gold property." The road accessible Manalo project lies within the Archean Birimian Greenstone Belt of western Africa and consists of three exploration permits totalling 150 square kilometres. The main Manalo permit totalling 75 square kilometres has just been renewed and the other two permits Block 1 and Block 2 are awaiting confirmation of renewal by the government of Mali. The project lies 100 kilometres southwest of Bamako, the capitol, in southwestern Mali. Mr. Lorne Warner, P. Geo, Director and VP Exploration, is the Qualified Person for the Company under NI 43 101. ON BEHALF OF THE BOARD OF DIRECTORS OF ROCKGATE CAPITAL CORP. Karl Kottmeier, President |
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