Ruby Creek has completed its initial payments of $250,000 to Douglas Lake Minerals and is up-to-date with all of its required commitments. With the Notice of Satisfactory Due Diligence, a payment of $100,000 will be remitted to Douglas Lake.
Douglas Lake established a joint venture on the Mkuvia in July 2008, having spent more than $2,100,000 in the preceding 18 months in exploration and in developing an understanding of the mineralization on a portion of the property. Douglas Lake is completing their mining license application as detailed in their Technical & Resource Report on the Mkuvia Alluvial Gold Project prepared in accordance with JORC and NI 43-101.
The Mkuvia Alluvial Gold Project is located in the Liwale and Nachingwea Districts, Lindi Region of the United Republic of Tanzania. The Project is the subject of a report titled the "Technical & Resource Report on the Mkuvia Gold Project," prepared by Laurence Stephenson, P.Eng. of British Columbia, Canada and Ross McMaster, MAusIMM of Queensland, Australia. Mr. Stephenson and Mr. McMaster are independent and Qualified Persons ("Q.P.s") in accordance with JORC and NI 43-101.
Ruby Creek Closes Private Placement On March 10, 2010, Ruby Creek filed a Form D disclosing the completion of a simultaneous Regulation D and Regulation S Private Placement of unregistered securities under Rule 506 of the Securities Act of 1933. The Company sold 1,600,000 Units at a price of $0.125 per Unit for a total of $200,000 to 20 investors. Each Unit consists of one restricted common share and one warrant. Two warrants are required to buy one restricted common share at a price of $0.25 per share for a period of up to two years. The total amount raised was $200,000.
Infrastructure Meetings held in Tanzania Ruby Creek President Robert Slavik, in a series of meetings held in Tanzania in late February 2010 with Ruby Creek's joint venture partners and other potential operating personnel, began the process of establishing infrastructure in support of the full development and commencement of operations on the Mkuvia Alluvial Gold Project. This includes test mining with the aim of selecting the appropriate processing plant, continuing evaluation for the engagement of alluvial geologists and geo-techs and the support structure for those production and exploration teams, consulting and contracting work by the Geological Survey of Tanzania, identifying staff for logistics, support and accounting as well as camp support and office and housing in Dar es Salaam.
Mr. Slavik remarked on the cooperation the Company has received from its joint venture partners and Tanzanian officials, "From the outset, we have been encouraged by the manner in which the Tanzanian mining authorities and our joint venture team have worked together to move our Mkuvia Gold Project forward. I am excited for all of our stakeholders in achieving these milestones and with the startup of actual operations in sight."
For further information please contact Robert Slavik at firstname.lastname@example.org