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Re: News Releases - Tuesday, February 27, 2007
Roca Arranges MAX Molybdenum Project Expansion Financing
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Vancouver, British Columbia: Roca Mines Inc. (ROK: TSX-V) ("Roca" or
the "Company") announces that it has arranged a non-brokered private
placement for proceeds of $10 million through the issuance of 7,142,857
units at a price of $1.40 per unit.
Each unit will consist of one common share of Roca and one share
purchase warrant. Each warrant will entitle the holder to purchase one
additional common share at a price of $2.25 for 18 months from the
closing date. All shares and warrants issued under this private
placement will be subject to a four month hold period. Finders' fees
payable in cash and/or securities will be paid on closing in connection
with this financing, which is subject to regulatory approval.
Proceeds from this financing will be used to accelerate the Company's
PHASE II plans at the MAX Molybdenum project including; additional
underground development work, further mill upgrades and other
infrastructure. The additional underground work, which is estimated to
take 9 months, will be coordinated with current project activities and
will not further delay development of the PHASE I mine. The completed
development of an all-new second adit (tunnel) to the deposit will
enhance mine production, lower operating costs and improve ventilation
of the underground mine.
This decision to expedite PHASE II development work at MAX reflects
management's opinion that present and near-term opportunities exist to
sell molybdenum concentrates at strong commodity prices.
Roca plans to be the first new primary molybdenum producer in Canada,
with production to commence in 2007. The permitted PHASE I mine plan
for MAX will focus on the deposit's high-grade zone containing 280,000
measured and indicated tonnes grading 1.95% MoS2 (refer to T.N.
Macauley's 43-101 compliant technical report dated September 2004
available via SEDAR). Molybdenum currently trades in the US$26-27/lb
range and is a key alloy in the manufacture of stainless and specialty
steel, including pipelines and other energy-related steel
infrastructure.
ROCA MINES INC.
"Scott Broughton"
Scott E. Broughton, P.Eng. -- President & CEO
For further information contact:
Doug Fosbrooke
Investor Relations
Tel: 604-684-2900
Fax: 604-684-2902
Email: info@rocamines.com
Web: www.rocamines.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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Copyright (c) 2007 ROCA MINES INC. (ROK) All rights reserved. For
more information visit our website at http://www.rocamines.com/ or send
mailto:info@rocamines.com
Message sent on Tue Feb 27, 2007 at 4:57:35 PM Pacific Time
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