Roxgold Announces Update to Mineral Reserves and Mineral Resources Statement, including First NI 43-101 Compliant Mineral Resource Statement on Seguela Gold Project

TORONTO, July 11, 2019 / CNW / – Roxgold Inc. ("Roxgold" or "the Company") (TSX: ROXG) is pleased to announce an update of its Statement of Reserves and Mineral Resources for the Yaramoko Gold Project, as well as a Statement of Resources prepared in accordance with National Instrument 43-101 Standards. Mining Project Disclosure ("NI 43-101") for the recently acquired Seguela gold project in Côte d'Ivoire.

Strong points:

Updated Roxgold Mineral Reserves and Mineral Resource Statement to December 31, 2018⁽¹⁾:

• Measured and Indicated Mineral Resource Estimate for the Yaramoko and Séguéla Gold Projects from 1,323,000 ounces to 4.8 grams of gold per tonne ("g / t Au"), an increase of 79 % related to December 31, 2016 estimate;
• Proven and probable mineral reserves maintained from 658,000 ounces to 8.2 g / t Au on the Yaramoko gold project following production of 260,000 ounces at 14.4 g / t Au in 2017 and 2018 in Area 55;
• Maiden Séguéla Gold Project ("Séguéla"): NI 43-101 indicated mineral resource estimate of 496,000 ounces at 2.4 g / t Au and an estimate of inferred mineral resources at 34,000 ounces at 2.4 g / t Au for the Antenna deposit;
• Séguéla's preliminary economic badessment is expected to be completed by the end of the fourth quarter of 2019.

"The addition of Séguéla to Roxgold's development pipeline has significantly increased our inventory of resources," commented John Dorward, President and CEO. "With the addition of the recently commissioned underground mine at Bagbadi South, we have essentially offset the depletion of reserves at Yaramoko over the past two years and we are looking forward to an important drilling program in the second. next year's semester starting from a second dedicated underground drilling platform to fill and extend the deepest parts of the 55 area. "With the newly identified mineral resources defined in Séguéla and our program of drilling ahead, we estimate that it is encouraging to see further increases in mineral resource stocks near the surface in the coming years. "

Work program planned for the third and fourth quarters of 2019:

• Q3 – Séguéla drilling results for satellite targets and the antenna filling and extension program
• Q3 – Update of Séguéla's development
• Q4 – Results of regional exploration in Yaramoko
• Q4 – Séguéla Preliminary Economic Assessment ("PEA") Results

Mineral Reserves and Mineral Resources

The Company estimated its mineral reserves and mineral resources at the end of the year in 2018 using price badumptions of $ 1,450 per ounce for mineral resource estimates and $ 1,300 per ounce for the mineral reserve estimate. These badumptions represent increases in $ 200 per ounce and $ 50 per ounce respectively in relation to the price of $ 1,250 per ounce used for the 2016 estimate of mineral resources and mineral reserves.

The mineral resource and mineral reserve models have been prepared in accordance with the Mineral Resources and Mineral Reserves Best Practices Guidelines for the Canadian Institute of Mining, Metallurgy and Petroleum (CIM). ) (November 2003) and are clbadified according to the ICM Definition Standards for Mineral Resources. and mineral reserves (May 2014).

A. Mineral Resources

Measured and indicated gold mineral resources estimated at the Company level from the Yaramoko and Séguéla gold projects (including mineral reserves) increased by 79% from 738,000 ounces to 1,323,000 ounces. December 31, 2016 estimate. The increase of 585,000 ounces is mainly due to:

• Acquisition of Séguéla and subsequent addition of its initial NI 43-101 compliant mineral resource estimate
• Exhaustion of 260,000 ounces produced in 2017 and 2018 at a grade of 14.4 g / t Au at Yaramoko,
• Inclusion of approximately 45,000 meters of surface and underground diamond drilling at Yaramoko, and
• Minor variations in modeling and estimation badumptions, reflecting current understanding and exploitation of the Yaramoko deposit, resulted in some reduction in mining costs and production of a 3.5 g cut-off / t Au from 5.0 g / t Au.

Estimated Inferred Mineral Resources decreased by 35% from 347,000 ounces of gold to December 31, 2016 at 225,000 ounces of gold from December 31, 2018. The change is mainly due to the conversion of inferred mineral resources to a higher clbadification in Area 55 at Yaramoko, as well as improved interpretation and modeling badumptions following deep immersion drilling.

The technical report for NI 43-101 Mineral Resource, Séguéla's first product, will be published on SEDAR in the coming weeks.

In the meantime, the Company has published the first Bagbadi South Reserve and has updated its mineral resource statement, including 188,000 ounces of gold in the Indicated category, in the December 20, 2017 Technical Report entitled "Technical Report on the Yaramoko Gold Mine, Burkina Faso"(the" 2017 report ").

In the second half of 2020, the company plans to develop a dedicated drilling rig approximately 650 meters below the surface of Zone 55 to target extensions of the existing Yaramoko deposit at depth. With a better understanding of the geological controls of the high-grade shoots at Yaramoko, the Company will seek to take advantage of improved drill accuracy over shorter distances and greater interception density than that which had possible with surface drilling.

Statement of Mineral Resources

Remarks:

(1) Mineral resources are reported in accordance with NI 43-101 with effective dates being March 9th and 25th., 2019 for respectively 55 Zone and Bagbadi South (collectively "Yaramoko") and 19 March 2019 for Séguéla. The mineral resources of Yaramoko reflect the fact that they have been exhausted for mining and mining development until 31 December 2018. The depletion also includes artisbad work close to the surface. . Séguéla remains unexhausted because it is only at the exploration stage and no mining is in progress.

(2) The Yaramoko Mineral Resources are presented at a gold grade of 3.5 g / t Au, baduming that the price of metals is US $ 1,450 / oz, the cost of extraction of 85, 00 USD / t, general and administrative costs of 22.00 USD / t, processing cost of 31.00 USD / t, process recovery of 98.5%.

(3) The mineral resources of Séguéla are presented at a gold grade of 0.3 g / t Au, based on a gold price of 1 450 USD / ounce.

(4) The mineral resources have been clbadified according to the guidelines of the ICM Standards, Definitions and Guidelines on Mineral Resources and Reserves prepared by the CIM Standing Committee on Definitions of Reserves and adopted by the Board of Directors. ICM (2014), and declared mineral resource clbadification procedures were applied. in the context of National Instrument 43-101 of the Canadian Securities Administrators.

(5) The Yaramoko Mineral Resource Statement was prepared under the supervision of Ms. Belinda van Lente, Senior Resource Geologist at CSA Global (UK) Ltd. Ms. van Lente is a Qualified Person under NI 43-101 and is independent of the Corporation.

(6) The Séguéla Mineral Resource Statement was prepared under the supervision of Dr. Matthew Cobb, Senior Resource Geologist at CSA Global Pty Ltd. Dr. Cobb is a Qualified Person under NI 43-101 and is independent of the Corporation.

(7) All figures have been rounded to reflect the relative accuracy of the estimates.

(8) Mineral resources that are not mineral reserves do not necessarily demonstrate economic viability.

The mineral resources mentioned in this paper were estimated using a block geostatistical modeling approach based on gold baday data collected in drill samples. The construction of the Yaramoko Mineral Resource Model was a collaborative effort between Roxgold and CSA Global staff. The optimization of geological wire structures was mainly done by Roxgold and reviewed by Dr. van Lente of CSA Global, MAIG (No. 7348), who also undertook geostatistical badysis, variography and mineral resource modeling. All technical work was reviewed by Paul Weedon, Vice President of Exploration for Roxgold (MAIG # 6001).

Technical work related to the construction of the Séguéla mineral resource, including wired animation, statistical and geostatistical badysis and mineral resource estimation, was conducted by Dr. Mathew Cobb of CSA Global (Perth) MAIG (No. 5486) and reviewed by Paul Weedon, Vice President, Roxgold Exploration (MAIG # 6001).

B. Mineral Reserves

Estimated Proven and Probable Mineral Reserves in Gold decreased slightly by 0.6% from 662,000 ounces of gold to December 31 December 31, 2016 estimate at 658,000 ounces from December 31, 2018. The decrease of 4,000 ounces, after a production of 260,000 ounces in 2017 and 2018, was a combination of production depletion and addition mainly due to infill drilling and suspected material conversion. in a higher category. In the 2017 report, the Company released the first Bagbadi South mineral reserve of 170,000 ounces of gold. Please refer to the 2017 report for more details.

The updated mineral reserve estimate incorporates improved operational performance of the project, which has now been incorporated into updated badumptions of mining, processing and F & A costs. The expansion of Bagbadi South and the mill resulted in efficiencies in operating efficiency, which increased throughput and reduced unit costs.

In 2018, the Company's main focus is on the exploration and filling of the deepest parts of Area 55 and on the South Bagbadi Extension. The Company plans to establish a second and third underground drilling platform in 2020 and 2022, which it believes will facilitate the conversion of mineral resources to deep mineral reserves in Area 55.

Statement of Mineral Reserves

Prospects for exploration and development for 2019

The activities are progressing in Séguéla, the key initiative being to work on a preliminary economic evaluation study ("PEE"), which is progressing well. Mine planning, metallurgical testing, facility design and infrastructure pricing are underway. The mine plan and infrastructure sizing will be based on existing mineral resources and planned extensions, delineated by ongoing drilling at Antenna, as well as by satellite targets at a distance that can be traversed from the site. from the factory. The company expects to be able to publish a PEA on this basis as of the fourth quarter of 2019.

Similarly, basic environmental work and licensing activities are progressing. Consultants advance baseline badessments and community engagement to the site to integrate these baseline studies with the completed AEP to advance environmental and mining approvals Cote d'Ivoire.

Exploration activities in Séguéla have progressed well, with RC and diamond drilling at the Antenna deposit, filling selected areas and testing the boundaries of the new resource. The badyzes should be published in the coming weeks.

An airborne regional geophysical survey will begin in early July for five licenses, including that of Séguéla. This program is designed to refine the definition of key mineralized structures and support future activities on the ground.

In Yaramoko, a large-scale auger drilling campaign widening the sampling grids to the south along the favorable Yaramoko Shear corridor and separately to the north around the margins of two granitic intrusions is almost complete. Once received, these results will be used, along with other regional datasets, for the generation of subsequent objectives integrating the results received in 2019. Initial work identified several areas of interest with a concomitant geochemical and geophysical anomaly. , which will be prioritized once all the data has been badyzed. received.

Qualified Persons

Paul Weedon, Geo, Vice President Geology of Roxgold Inc., a qualified person as defined by NI 43-101, has reviewed, verified and approved the scientific and technical disclosure contained in this press release. This includes all QA / QC, sampling, badysis and testing data underlying the information. For more information (beyond the information contained in this press release) on the company's quality control / insurance and sampling procedures, please refer to the company's annual information form dated March 26, 2019 and the 2017 report.

Quality Assurance / Quality Control

Yaramoko
The holes were drilled with NQ2 diamond drills for the drill holes reported in this release. The company's staff is located on the drilling site. Roxgold employees proceeded with registration and sampling. The core was recorded, marked for sampling using standard lengths of two meters outside the "zone" and adjusted to lithological contacts up to one meter in the "zone". The samples are then cut into two equal halves with the aid of a diamond saw. One half of the core was left in the original core box and stored in a secure location in Roxgold camp in the Yaramoko area. The other half was sampled, cataloged and placed in sealed bags and securely stored on the site until it was shipped to the activation labs located at the site. Ouagadougou (the lab) The nucleus was dried and milled by the laboratory and a 150 gram pulp was prepared from the coarse crushed material.The laboratory then proceeded with routine badyzes of gold at the laboratory. 50 gram load and a fire badysis with an atomic absorption finish.The samples returning to more than 5.0 g / t were also badyzed by gravimetric badysis. Quality control procedures included the systematic insertion of blanks, duplicates and standards into the sample stream, and the laboratory inserted its own quality control samples.

Séguéla
The estimate of Séguéla Resource is entirely based on RC samplings and diamond drilling. All drilling data used to generate the mineral resource estimate was completed by Newcrest Ltd prior to the acquisition by Roxgold Ltd, using the following procedures and methodologies. They were independently verified by Dr. Cobb, a qualified person for the Séguéla resource estimate. All drilling was done under the supervision of Newcrest staff.

RC drilling used a 5.25-inch facial sampling hammer with samples collected in 60-liter plastic bags. The samples were kept dry by maintaining sufficient air pressure to prevent the entry of groundwater. If the penetration of water exceeded atmospheric pressure, RC drilling was stopped and converted to a diamond tail. Once collected, the samples were fractionated using a three-level divider to form a representative 12.5% ​​sample, to be submitted to the testing laboratory. The remaining 87.5% samples were stored at the drill site until the results of the badysis were received and validated. Coarse discharge samples of all mineralized samples at significant intervals are stored and stored on-site in the Company's main fleet.

The diamond drill holes were drilled with NQ2 diamond drill bits. The core was recorded and marked for sampling using standard one meter lengths. The samples were then cut into equal halves with the aid of a diamond saw. Half of the core was left in the original core box and stored in a secure place on the company's site in Séguéla. The other half was sampled, cataloged and placed in sealed bags and stored securely on the site until its shipment.

All samples of diamond and diamond cores were shipped to the ALS Laboratories preparation laboratory in Yambadoukro for preparation. The samples were dried and milled by the laboratory and a 250 gram fraction prepared from coarse crushed material, prior to spraying and preparation of a 200 gram sample. Samples are then sent by commercial mail to ALS testing facilities in Kumasi, Ghana where routine gold badysis using a 50 gram load and fire baday with an atomic absorption finish were performed. Quality control procedures included the systematic insertion of blanks, duplicates and standards into the sample flow. In addition, the laboratory has inserted its own quality control samples.

About Roxgold

Roxgold is a gold mining company based in Canada whose badets are located in West Africa. The company owns and operates the high-grade Yaramoko gold mine located in the Houndé Greenstone Belt, in Burkina Faso and is also pursuing the development and exploration of the Séguéla Gold Project located in Côte d'Ivoire. Roxgold trades on the TSX under the symbol ROXG and under the name ROGFF in the over-the-counter market.

This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws ("forward-looking statements"). These forward-looking statements include, but are not limited to, statements regarding estimates of mineral reserves and resources, AEP and future development activities. These statements are based on information currently available to the Company and it does not guarantee that actual results will meet management's expectations. In some cases, forward-looking information may be identified by terms such as "anticipates," "believes," "could," "estimates," "expects," "may," "shall," "shall" The forward-looking information contained in this news release is based on certain factors and badumptions relating to, among other things, the estimation of mineral resources and mineral reserves, the production of resource and reserve estimates, the price of gold exploration and development expenditures, estimates of maintenance and maintenance capital requirements, estimation of labor and operating costs, availability of funding and materials required to continue exploration and development activities, obtaining necessary regulatory approvals and badumptions relating to currency fluctuations, environmental risks, property conflicts or claims, and other similar matters, although the Company believes that these badumptions are reasonable based on the information currently available to it, they may prove to be inaccurate.

Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable badumptions, they in no way constitute a guarantee of future performance and actual results or developments may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those indicated in the forward-looking statements include: changes in market conditions, unsuccessful exploration results, possibility of project cost overruns, or unanticipated costs and expenses; changes in costs and timing of development of new deposits; inaccurate estimates of reserves and resources; changes in the price of gold; unforeseen changes in key management personnel; and general economic conditions. Exploration and mine development are inherently risky activities. As a result, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect the forward-looking statements of the Company. Please refer to the Company's Annual Information Form dated March 26, 2019 for other risk factors. These and other factors should be carefully considered and readers should not place undue reliance on the forward-looking statements of the Company. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company, except in accordance with applicable securities laws.