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Ruby Creek Resources, Inc

By Edited Jan 30, 2016 0 0

Ruby Creek Resources, Inc., an exploration and mining company, announced on August 13, 2010 that it has achieved its milestone of setting up the first of several test-mining plants to the Mkuvia Gold Project. The property it owns is 380 sq km located in Tanzania, a country in the eastern part of Africa. [1]

Robert Slavik, CEO and President of Ruby Creek was quoted as stating that the company achieved its goal of forming the first mining plant back in July. This was done about a year since new management assumed control of the company. Also, it is less than a year since the company acquired the property rights and the joint venture agreement to develop the Mkuvia. [2]

Robert Slavik will share more information whenever there's news to share. He wants the shareholders to continue be current with the latest ongoing of the Mkuvia gold test mining operations and permitting process during the upcoming months. [2]

Hiring of Toby Hansen

Robert Slavik hired Toby Hansen in July to have dual duties as Corporate Communications for Ruby Creek Resources and Process Engineer for the company's operating subsidiary Ruby Creek Resources (Tanzania) Limited. Toby has more than 20 year of experience as an engineer, and has been, at the Mkuvia mining site since July 31, and has plans to stay there in August. [3]

Before the hiring of Toby Hansen, Ruby Creek (Tanzania) Limited started the process of hiring local staff for the first of the Mkuvia Mining Camps. They first began doing it in June 2009 or 2010. The positions that were filled were Camp Accountant, Security Chief, Logistics and Camp contractor, Mining contractor, Geologist, and external Security Advisor, and a Civil Engineer advisor for Camp and shop layout and construction. On July 28, the subsidiary began shipping Camp Equipment and Test Mining Equipment to the site. [3]

During August, it is presumed that several types of test mining processes will be in place and operating in the month of August. The main goal for the test phase is to find out the optimal mining equipment to be utilized at specific sites. When that happens, the idea is to have full commercial mining operations. [3]

Mkuvia will continue to see developments as the first camp construction is expanding to provide 50 staff members. There are plans for the existing access roads to undergo improvements. There also will be installations for a satellite dish for direct voice and data communication and an on-site laboratory for fast analysis. In addition, more security personnel will be hired. [3]

David Bukzin joins the Board of Directors

It was announced on September 15, 2010 that David Bukzin joined Ruby Creek Resources, Inc.'s Board of Directors. He already has a significant amount of shares of Ruby Creek. He returned to the United States after recently visited Mkuvia Gold Project. He was impressed with the progress being made for the Mkuvia Gold Project to someday be in full operation. [4]

David Buzkin is the Partner-in-Charge of Marcum, LLP's SEC Practice Group, which is one of United States' largest independent public accounting and advisory services firms. He founded and led several of the Marcum's practice areas. His duties as the Partner-In-Charge of the SEC Practice, Broken-Dealer Services and Transaction Services groups includes assisting clients with regulatory compliance issues, raising capital, complex deal structures, and formulating strategic plans and alliances. Not only David is a Certified Public Accountant, he is a specialist in the area of business valuation, especially as it applies to mergers and acquisitions, and corporate finance transactions. In 1988, he received his B.B.A. from Baruch College. Lastly, he maintains memberships with the American Institute of Certified Public
Accountants and the New York State Society of Certified Public Accountants. [4]

Purchase Agreement

Ruby Creek Resources, Inc. signed a Purchase Agreement to acquire the exclusive mineral and mining rights to one of Tanzania's largest alluvial goldfields that is right next to and south of Mkuvia. It cost the company $500,000 for 340 sq km of a property called Kapinga. Robert Slavik said the purchase will have his company be aggressive with their exploration plan over the next six months on the Kapinga. They now have rights to mine to a total of 720 sq km. He and others think there are strong signs that gold mineralization extends from Mkuvia towards southwards into the Kapinga property. [5 - 6]

The contract gives Ruby Creek an exclusive option for access to and exploration of the Kapinga property for due diligence. If the option is exercised in the six-month period, the new property will be transferred to Ruby Creek Gold (Tanzania) Limited. It enables Ruby Creek to increase its stake in it to 85% of the joint venture company. Meanwhile, Mr. Kapinga will have 10% and other parties 5%. [2]

The terms of the Purchase Agreement between Ruby Creek Resources and Ruby Creek Gold (Tanzania) Limited states that $250,000 will be paid at the time of the exclusive option being exercised. The final $250,000 payment will be made when the first mining license is issued. The payments may be made in Ruby Creek equity, in cash, or a combination of both. More detailed terms of the contract can be found in Ruby Creek Resources' Form 8-K filing. [7]

Private Placement

Ruby Creek Resources has filed a final Form D with the SEC closing a $1,339,000 Private Placement. That amount was for more than originally set to raise $350,000. The executives didn't expect interest in the company's Mkuvia Gold Project to initiate many more claims than foresee. [7]

More Information about the Private Placement

It was in the form of units at $0.25 per units.
It was heavily oversubscribed for a total of 5,356,000 units.
It was made available only to individuals in the United States who qualified as accredited investors.
Each unit composed of one common share of Ruby Creek Resources and one common share purchase warrant.
Two unit warrants will be exercisable to purchase one common share for a period of two years at a price of $0.50 per share.

Robert Slavik said the encouragement his company received from its investors made him more confident to advance the gold project more effectively and quickly. The objective for Ruby Creek Resources is to become a gold producer in 2010. [7]

Final Information

Ruby Creek Resources, Inc. has the location of its headquarters at:
750 Third Avenue, Eleventh Floor
New York, NY 10017
United States

website www.rubycreekresources.com/

The address of its joint venture company:
Sixth Floor, Amani Place, Ohio Street
Dar es Salaam, Tanzania

If you have any interest or questions regarding investing in Ruby Creek Resources, Inc. or Ruby Creek Resources (Tanzania) Limited, notify
Investor Relations Contact:
Porter, LeVay & Rose, Inc.
Michael Porter, President


[1] http://www.stockguru.com/2010/08/ruby-creek-resources-inc-is-in-the-stockguru-spotlight-for-august-13-2010
[2] http://www.ibtimes.com/articles/61773/20100913/ruby-creek-resources-inc-rbyc-ob-signs-purchase-agreement-for-kapinga-property.htm
[3] http://www.marketwire.com/press-release/Ruby-Creek-Attains-Milestones-Commences-Camp-Construction-Delivery-First-Test-Mining-1303784.htm
[4] http://www.marketwire.com/press-release/Ruby-Creek-Resources-Announces-New-Board-Member-1319314.htm
[5] http://www.marketwire.com/press-release/Ruby-Creek-Signs-Purchase-Agreement-Kapinga-Property-Adjacent-Its-Mkuvia-Gold-Project-1317172.htm
[6] http://blog.qualitystocks.net/?p=26102
[7] http://www.marketwire.com/press-release/Ruby-Creek-Signs-Purchase-Agreement-Kapinga-Property-Adjacent-Its-Mkuvia-Gold-Project-1317172.htm



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