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Roxgold Announces 2016 Mineral Reserves & Mineral Resources Statement & Provides Details for the Yaramoko Expansion Plan, Including Development of Bagassi South

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PR Newswire

TORONTO, April 18, 2017

TORONTO, April 18, 2017 /PRNewswire/ - Roxgold Inc. ("Roxgold" or the "Company") (TSX: ROXG) is pleased to announce an updated Mineral Reserves and Mineral Resources statement for the Yaramoko Gold Project along with initial development plans for the Company's Bagassi South deposit.

An Investor Day will be held by the Company, tomorrow, April 19, 2017 at 9:00AM ET which will be available via a webcast in the Events section of the corporate website.

Highlights:

Yaramoko Life of Mine and updated Mineral Reserves and Mineral Resources Statement as at December 31, 2016:

Measured and Indicated Mineral Resources estimate of 738,000 ounces at 17.1 g/t Au;
Inferred Mineral Resources estimate increased to 567,000 at 14.31 g/t Au;
Estimated P&P Mineral Reserves of 662,000 ounces at 11.46 g/t Au following mine depletion of 91,000 ounces; and
Preliminary Bagassi South mining schedule produces an estimated 182,000 ounces over five years commencing in late 2018.

"We are very pleased with the overall increase in ounces and grade of the Mineral Resources at Yaramoko", commented John Dorward, President and CEO of Roxgold. The definition of additional Mineral Reserves at the 55 Zone will be a priority for 2018 as we will be deep enough in the underground mine at this point to establish drill platforms to undertake the required infill drilling. In addition, the preliminary mining schedule for Bagassi South is very encouraging as we believe this will support a near-term production expansion at Yaramoko".

2017 Work Program:

Bagassi South infill and extension drilling program results – Q2
Updated Bagassi South Mineral Resource – Q3
Results of Bagassi South feasibility study – Q4
Commencement of 55 Zone deep drilling program to target further expansions to Inferred Resources – Q2
Initial drilling of regional geophysical targets – Q3

Mineral Reserves and Mineral Resources

ARIVA.DE Börsen-Geflüster

Kurse

Roxgold

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The Company estimated its 2016 year-end Mineral Reserves and Mineral Resources using a gold price assumption of $1,250 per ounce. These assumptions represent a change compared to the price of $1,300 per ounce utilized for the 2014 Mineral Reserves and Resources estimate in the Technical Report prepared to support the feasibility study for the Yaramoko project.

The Mineral Resources and Mineral Reserves models were prepared in conformity with The Canadian Institute of Mining, Metallurgy and Petroleum's (CIM) Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines (November, 2003) and are classified per the CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014).

A. Mineral Resources

Estimated Measured and Indicated gold Mineral Resources (inclusive of Mineral Reserves) decreased by 9% from 810,000 ounces of gold in 2014 to 738,000 ounces as of December 31, 2016. The decrease of 72,000 ounces was primarily due to depletion of 91,000 ounces mined in 2016, a change to gold price assumptions from $1,300 per ounce to $1,250 per ounce and different modeling and estimation assumptions. The grade of the Measured and Indicated components increased by 8.4% compared to the December 31, 2015 Indicated Mineral Resources estimate.

Estimated Inferred Mineral Resources increased by 104% from 278,000 ounces of gold as of December 31, 2015 to 567,000 ounces of gold as of December 31, 2016, and the grade increased by 40%. The increase is mainly the result of exploration drilling at depth at the 55 Zone and the disclosure of the initial Mineral Resources at Bagassi South.

Mineral Resources Statement

	December 31, 2016 Measured Mineral Resources			December 31, 2016 Indicated Mineral Resources			December 31, 2016 Measured and Indicated Mineral Resources			December 31, 2015 Measured and Indicated Mineral Resources
	tonnes	Grade	ounces	tonnes	grade	ounces	tonnes	grade	ounces	tonnes	grade	ounces
	(000)	g/t Au	(000)	(000)	g/t Au	(000)	(000)	g/t Au	(000)	(000)	g/t Au	(000)
Zone 55	265	26.88	229	1,076	14.73	509	1,341	17.13	738	1,600	15.80	810
Bagassi South	0	0.00	0	0	0.00	0	0	0.00	0	0	0.00	0
Total	265	26.88	229	1,076	14.73	509	1,341	17.13	738	1,600	15.80	810

Dec 31, 2016 Inferred Mineral Resources

Dec 31, 2015 Inferred Mineral Resources

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