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Re: News Releases - Monday, October 29, 2007
Rochester Provides Update on Exploration and Development
Activites
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Vancouver, Canada - October 29, 2007, Rochester Resources Ltd. (TSXV:
RCT; OTCBB: RCTFF and Frankfurt: R5I): Dr. Alfredo Parra, President, is
pleased to report on a successful year to date and to provide a preview
of Rochester's work plans for the remainder of this year and 2008.
Rochester has assembled an attractive portfolio of high grade
gold-silver properties located in the state of Nayarit, Mexico, in the
Sierra Madre Occidental range. This is the largest epithermal precious
metal region in the world, hosting a majority of Mexico's large tonnage
gold and silver deposits.
This has been a very exciting year to date for Rochester with several
major milestones achieved. In January, we commenced milling operations
at the Florida triple vein system; followed by drift development
commencing at the Tajos Cuates vein system; in March, Rochester
acquired the Santa Fe exploration property; and currently are
initiating a very aggressive exploration and development program at all
three areas, Florida, Tajos Cuates, and Santa Fe.
We feel we can create significant shareholder value by simultaneously
executing on, and developing the following three concurrent activities:
1. Mill production - This will generate significant cash flow and help
fund our ongoing exploration and development with minimum share
dilution;
2. Drift development - This will provide bulk sample-like information
and assist in generating a NI43-101 compliant reserve report while at
the same time providing feed for the mill; and,
3. Exploration - 7000 metre Phase 1
Diamond drill program to be
initiated immediately.
The recently completed $4 million financing will enable the Company to
accelerate all three stories. On the production front, studies are
underway to investigate the feasibility of a mill expansion to 300
tonnes/day. We will also be able to complete another 2000 meters of
drift development spread over all three projects - Florida, Tajos
Cuates, and Santa Fe. In addition, we are going to implement an
aggressive drill program of 7000 metres that will determine the next
steps for mine development and production levels.
Florida Vein System
We will be implementing a 2000 metre
Diamond drill program and a 600
metre drift development program at our Florida North project to
identify the continuation of the Florida triple vein system. The
mineralization at Florida North has been traced at surface for
approximately 1.5km to the N-NW of the Florida mine. We feel this will
supplement the current mill with feed and increase the mine life of
Florida significantly.
Tajos Cuates Vein System
Over the past six months we have been conducting drift development at
our Tajos Cuates vein system 800 meters southwest of Florida. We have
discovered an additional two off-shoot veins at this system and like
Florida North, the vein system has been traced at surface for
approximately 1.5 kilometers. There are significantly higher reported
grades of silver at Tajos Cuates versus Florida. We will be
implementing a 2000 metre
Diamond drill program and a 600 metre drift
development program over the coming months.
Santa Fe Property
Earlier this year our Phase 1 exploration program combined with road
development successfully unveiled a very large vein system at surface
called "Clavellinos". Santa Fe is our highest priority exploration
target; we will be implementing a 3000 metre
Diamond drill program and
an 800 metre drift development program at Clavellinos and several other
parallel vein systems. We believe there is significant potential to
discover a stand-alone deposit capable of supporting its own mill. In
addition, we have identified 26 other vein systems across the Santa Fe
property with several vein systems striking greater than 4 kilometers
traced along surface. Of note, the "Clavellinos" vein system, at its
north end, has a 40 meter wide mineralized alteration zone with 3
sub-parallel high-grade epithermal veins emplaced within, including a
horizon potentially up to 700 meters (twice the horizon found at the
Florida Mine). 4+ kilometers away at the south end, the Clavellinos
vein system has variable widths between 5 meters and 8 meters traced at
surface.
Mill Production
We are currently in production, processing 200 tonnes/day, and as of
the end of August 2007, we are generating positive cash flow from
operations. Studies are underway to investigate increasing production
up to 300 tonnes/day by early 2008. We began the year with 140
employees and currently have over 200 full-time employees. It is
important to note that the anticipated positive cash flow generated
from milling activities will allow the Company to fund ongoing
exploration and development activities significantly beyond those
stated above without further share dilution.
The Company will have a very good idea in the next 12 months as to what
the size and scope of the project will look like and where we'll be
headed due to the aggressive program that we are initiating now.
Moving forward, we will provide you, the shareholders', with regular
updates from our Production, Development, and Exploration activities.
Rochester Resources Ltd.
Rochester represents a pure-play high grade gold and silver exploration
and development company with properties in Nayarit, Mexico. The state
of Nayarit is located in the Sierra Madre Occidental range which is the
largest epithermal precious metal region in the world and hosts a
majority of Mexico's gold and silver deposits.
Rochester commenced milling operations at its 7,381 hectare high-grade
Mina Real property in January 2007. In March of 2007 Rochester entered
into an agreement to acquire a 70-per-cent interest in the promising
3,800 hectare Santa Fe gold-silver property contiguous to the Mina Real
property.
ON BEHALF OF THE BOARD
"Dr. Alfredo Parra"
Dr. Alfredo Parra, President and CEO
Investor information contact:
Empire Communications Inc.
Tel: 1-866-841-0068
Email: info@rochesterresourcesltd.com
Website: www.rochesterresourcesltd.com
Forward Looking Statements
This Company Press Release contains certain "forward-looking"
statements and information relating to the Company that are based on
the beliefs of the Company's management as well as assumptions made by
and information currently available to the Company's management. Such
statements reflect the current risks, uncertainties and assumptions
related to certain factors including, without limitations, competitive
factors, general economic conditions, customer relations, relationships
with vendors and strategic partners, the interest rate environment,
governmental regulation and supervision, seasonality, technological
change, changes in industry practices, and one-time events. In
addition, the Company has not conducted an independent feasibility
study on the Mina Real project which may increase the risk that the
planned operations are not economically viable. Should any one or more
of these risks or uncertainties materialize, or should any underlying
assumptions prove incorrect, actual results may vary materially from
those described herein. The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or the accuracy of this
release..
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Copyright (c) 2007 ROCHESTER RESOURCES LTD. (RCT) All rights reserved.
For more information visit our website at
http://www.rochesterresourcesltd.com/ or send
mailto:info@rochesterresourcesltd.com
Message sent on Mon Oct 29, 2007 at 7:16:43 AM Pacific Time
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