| | Published : July 27th, 2009 | Options Precious Metals Project in Mexico |
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Re: News Release - Monday, July 27, 2009 Title: ROCA Options Precious Metals Project in Mexico
Vancouver, British Columbia: Roca Mines Inc. (ROK: TSX-V) ("Roca" or "the Company") announces that it has entered into an option agreement with Cream Minerals Ltd. ("CMA"), to acquire up to a 70% interest in CMA's Nuevo Milenio Project (the "Property").
Roca has assessed many advanced stage project opportunities over the past months that could provide the following benefits to the Company;
1. Revenue growth through the potential near-term development of new mining operations;
2. Broadening exposure to alternative mining-friendly jurisdictions; and,
3. Diversified metals production that could provide a natural hedge to global economic and financial conditions.
CMA's 100% owned Nuevo Milenio Project encompasses 2,560 Hectares (Ha) and is located 27 kilometres (km) by road from Tepic, the capital city of Nayarit State, Mexico. Tepic is an important commercial centre with a population of over 300,000 people located 150 km northeast of Puerto Vallarta. Access to railway, airport, power lines and water are within reasonable distance of the Nuevo Milenio Project providing cost effective access to infrastructure.
The Property contains low sulphidation, epithermal gold-silver resources comprised of mineralization in quartz veins and stockwork zones in Miocene volcanics within a collapsed caldera structure. Work by CMA has outlined four mineralized zones consisting of sub-parallel vein-stockwork systems: the Veta Tomas, Dos Hornos 1, Dos Hornos 2, ("Dos Hornos Zone") Once Bocas and Chacuaco Zones. A recent resource estimate comprising only the Veta Tomas, Dos Hornos Zone and Once Bocas Zones represents multiple mineralized systems and includes Spanish-era workings highlighting excellent ground conditions. The ancient workings were clearly exploratory only and had limited production.
A revised National Instrument 43-101 Inferred Mineral Resource report was prepared by F. Holcapek, P.Eng. and filed on December 24, 2008, based on exploration and drilling programs conducted between 2000 and 2007. This report estimated an Inferred Mineral Resource of 54.6 million ounces silver equivalent contained within 5.09 million tonnes. The average grade was estimated at 1.6 g/t Gold and 251 g/t Silver. The resource estimate is based on relatively limited drilling to date, highlighting the potential to add to the resource through additional drilling.
Particular attention was given to defining mineable widths of the veins and continuity of grade. It is important to note however that the estimate is based on low recoveries of core observed in the mineralized zones and is therefore very likely to represent a lower estimate of actual tonnes and grade. This may be particularly true of many of the gold values in the assays as the loss of free-gold during the drilling process may have negatively impacted the assay results.
NUEVO MILENIO REVISED NI 43-101 INFERRED MINERAL RESOURCES December 24, 2008
Dos Hornos (U/G) |
Width (m) |
Tonnes |
Au (g/t) |
Ag (g/t) |
Au (oz) |
Ag (oz) |
Dos Hornos Segment 1 |
4.70 |
1,173,901.56 |
1.500 |
165.34 |
59,400.00 |
6,552,238.85 |
Dos Hornos Segment 2 |
4.06 |
746,528.32 |
1.770 |
201.95 |
42,390.25 |
4,847,215.70 |
Veta Tomas |
5.09 |
1,246,162.50 |
1.280 |
351.19 |
51,344.17 |
14,070,467.48 |
Once Bocas |
2.42 |
1,921,162.50 |
1.920 |
252.59 |
118,347.79 |
15,602,012.74 |
Total |
|
5,087,754.88 |
1.660 |
251.09 |
271,482.21 |
41,071,934.77 | Tonnes: 5,088,000 Au: 1.660 g/t, Ag 251.09 g/t Au: 271,500 oz, Ag: 41,072,000 oz Silver Equivalent (Gold -- Silver price Ratio = 50:1): 54,647,000 oz
Roca intends to rapidly follow-up and expand on CMA's excellent work to date by aggressively pursuing several clear opportunities at the Nuevo Milenio Project;
- More accurately assess the gold and silver grade of the four principal zones identified to date by new drilling and underground bulk sampling;
- Expand the resource related to known zones vertically and laterally through new drilling;
- Follow-up on many other geologically anomalous and untested zones on the property including a gold zone (19.3 g/t Au over 2 metres in DDH 02-06) in core unrelated to known structures;
- Upgrade and expand the resource from "inferred" through new drilling; and
- Advance mine development plans for potential near-term operations.
In order to acquire a 50% legal and beneficial interest in the Property, Roca must spend US$1,000,000 in the first year and a total of US$12,000,000 in exploration work on the Property by July 24, 2013, in accordance with the following schedule of cumulative work commitments:
- US$1,000,000 by July 24, 2010;
- US$3,500,000 by July 24, 2011;
- US$7,000,000 by July 24, 2012; and
- US$12,000,000 by July 24, 2013.
If Roca meets these requirements within four years, Roca will vest at 50% and will have the option to earn a further 20% interest in the Property, for a total interest of 70%, by completing, at its own expense, a positive feasibility study within 3 years by an independent mutually acceptable qualified party. Once the Company vests at 50% or 70% as applicable; CMA and Roca will form a joint venture for further exploration and/or mine development work to be carried out on the Property, with all further costs to be shared on a pro rata basis.
Roca continues to operate the MAX Molybdenum Mine located 60 kilometres southeast of Revelstoke, British Columbia. The Phase I mine plan for MAX is focused 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). Plans to recommence Phase II expansion work at the mine are currently being reviewed with molybdenum oxide currently trading in the US$15.00/lb range.
Scott E. Broughton, P.Eng, is the qualified person responsible for the technical content of this news release under National Instrument 43-101.
ROCA MINES INC. "David Skerlec"
David J. Skerlec -- Chief Financial Officer
For further information contact: Investor Relations Tel: 604-684-2900 Fax: 604-684-2902 Email: info@rocamines.com Web: www.rocamines.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Copyright � 2009 ROCA MINES INC. (ROK) All rights reserved. For more information visit our website at http://www.rocamines.com/ or send email to info@rocamines.com ..
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Roca Mines Inc.
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Roca Mines is a gold and molybdenum exploration company based in Canada. Roca Mines holds various exploration projects in Canada. Its main asset in development is MAX in Canada and its main exploration properties are FOREMORE and SEAGOLD in Canada. Roca Mines is listed in Canada and in United States of America. Its market capitalisation is CA$ 37.0 millions as of today (US$ 27.0 millions, € 25.2 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 3.98, and its lowest recent point on August 24, 2012 at CA$ 0.02. Roca Mines has 123 250 000 shares outstanding. |
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