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Rua Gold Incorporated has completed all requirements to list on the Canadian Securities Exchange. Share trading opened from [date].

The company amalgamates Reefton Goldfields Incorporated and First Uranium Resources Limited via a reverse takeover. This provides Rua Gold with [x shares] trading at [y cents per share], and a cash injection of C$7.5 million. The company’s CSE symbol is RUA.

“Rua Gold combines people at board level with the proven experience and track record in gold exploration to make a major discovery in New Zealand’s Reefton Goldfield,” board chair Oliver Lennox-King said today.

“The CSE listing positions us well for the coming summer season of exploration drilling, soil and rock sampling, geochemical assaying and other work to further define areas of focus.”

Change of control of Reefton Gold Ltd

On [date] the New Zealand Minister of Energy and Resources granted approval for the “change of control” of gold exploration company Reefton Gold Limited from Reefton Goldfields to Rua Gold.

This allows Rua Gold’s board and management to drive an intensive exploration program in the Reefton Goldfield building on earlier results, Lennox-King said.

Reefton Gold has spent the last 3 years diamond drilling and collecting soil and rock samples for assay, and has also been analyzing data from more than 40 years of exploration in the Reefton Goldfield.

“The work done to date gives Rua Gold ample encouragement to continue identifying several near-mine, and greenfield targets aligned roughly north to south along xx kilometers of the gold province.”

Reefton Goldfield highlights

Between 1872 and 1951 the Reefton Goldfield produced 2.28 Moz of gold from Ordovician greenschist facies metamorphic rocks of the Greenland Group.

OceanaGold Corporation produced around 418,000 oz of gold from its open pit operation Globe Progress between 2006 and 2015, immediately to the south of Rua Gold’s exploration targets.

Federation Mining Ltd is currently developing an underground mine into the historic Blackwater underground mine near Reefton, having reported an inferred resource of 695,000 oz of gold.  

Miners have located ore typically in or near structurally controlled quartz veins in tightly folded strata of alternating greywacke and argillite of the Greenland Group.

The geology and mineralization in the Reefton area is analogous to the Ordovician Lachlan fold belt in Victoria State, Australia, which hosts the Bendigo-Ballarat goldfield. The New Zealand geology has been separated physically from its Australian counterpart via plate tectonics since the end of the Cretaceous.

The Reefton Goldfield also has an analogy in the Fosterville mine east of Bendigo, which has produced more than 4 Moz of gold since modern mining started in 2003.

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