- Ed Seguin & Sons Trucking and Paving Ltd. (“Seguin”) selected as Contract Quarry Operator for Snow White
- Strategic Partnership formed with SCR Mining and Tunneling L.P. (“SCR”) for collaboration on projects
- Seguin and SCR will invest $225K into Rogue, to fund project identification and future advancement
- Ministry of Natural Resources and Forests (“MNRF”) work permit received to reseat temporary bridge to be followed by Diamond drill program to define Snow White Quartz zone
TORONTO, March 08, 2018 (GLOBE NEWSWIRE) -- Rogue Resources Inc. (RRS.V) (“Rogue” or the “Company”) is pleased to announce it has selected Seguin as the contract operator for the Company’s Snow White Quartz Project ("Snow White" or the "Project"), located near Massey, Ontario, Canada, has formed a strategic partnership with SCR and both companies have agreed to subscribe for flow-through units of Rogue (“Units”) pursuant to a private placement.
In the event of a positive Advancement Decision by Rogue in Q2, Seguin will be responsible for quarry operations including the loading and hauling of material from the quarry to the crushing and screening plant and the operations of the crushing and screening plant on site.
“We are excited by the selection of Ed Seguin & Sons as our quarry operator,” said Sean Samson, President and CEO of Rogue Resources. “We believe the combination of a great team, new equipment and a practical and pragmatic approach will benefit Snow White.”
Under the Strategic Partnership, SCR and Rogue will jointly assess project opportunities identified by Rogue throughout North and South America.
In connection with the partnership agreement, Rogue has agreed to issue and sell 750,000 Units, to be split evenly between Seguin and SCR at a price of $0.30 per Unit for aggregate gross proceeds of $225,000 (the “Offering”). Each Unit will include one common share and one common share purchase warrant (“Warrant”) entitling the holder thereof to purchase one common share at an exercise price of $0.45 until May 31, 2018. The Offering is subject to regulatory approval, including approval of the TSX Venture Exchange (the “TSXV”). Closing of the Offering is expected to occur on or about March 20, 2018. The proceeds from the Offering will be used for Canadian Exploration Expenses, as defined in the Income Tax Act (Canada).
“Partnering with SCR is another step in both the plan for Snow White but also, to grow Rogue,” said Sean Samson. “We have known the Seguins for years, we work well together and have a similar approach in business, complimenting each other’s skills and experience. Together we will continue the search for additional high quality opportunities through our shared, targeted focus and analysis. We are excited about this creative approach of actively partnering with an operator.”
“SCR appreciates Rogue’s commitment to a thorough due diligence process, reviewing projects quickly and identifying opportunities within the resource sector,” states Claude Seguin, managing Partner and Co-Founder of SCR Mining and Tunneling. “The strategic partnership with Rogue will present new opportunities for SCR and we look forward to working with Rogue’s management team on new projects.”
Diamond drilling on the project upon completion of that work. " data-reactid="23">Rogue is also pleased to report that the Company has received a work permit from the MNRF to reseat the temporary bridge on the Snow White site. The Company will be completing that reseating work as soon as possible and will have a drill contractor mobilizing to the site to begin Diamond drilling on the project upon completion of that work.
The work completed on Snow White at this stage is preliminary in nature and the limited drill data and metallurgical analysis are too speculative geologically to have economic considerations applied to them that would enable them to be categorized even as Mineral Resources. Rogue does not intend to complete a Pre-feasibility or Feasibility Study of Mineral Reserves demonstrating economic and technical viability before an Advancement decision to proceed into Production. This potential decision would be based on a Resource Report, the results of negotiated cost estimates, ongoing engineering and geochemical test work (including the work referred to in this Release), the recent metallurgical test work, historic successful furnace tests as well as the securing of supply contracts for the Snow White quartz/silica products. Among the risks associated with any Advancement decision to proceed into Production is the possibility that the zone will not be economically or technically viable and/or that development timetables, cost estimates and production forecasts may not be realized.
Rogue’s 2018 Plan
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e2c2801f-143c-46b4-a46e-3d5dbc5e0711
About Rogue Resources Inc.
Rogue is a mining company focused on generating positive cash flow. Not tied to any commodity, it looks at rock value and good grade deposits that can withstand all stages of the commodity price cycle. The Company remains focused on advancing its silica/quartz business with the Snow White Project in Ontario and the Silicon Ridge Project in Québec, exploring its other assets, including the gold potential at Radio Hill, and identifying additional projects or mines that meet its criteria.
For more information visit www.rogueresources.ca.
Qualified Person
The Company’s Projects are under the direct technical supervision of Paul Davis, P.Geo., and Vice-President of the Company. Paul is a Qualified Person (“QP”) as defined by NI 43-101. He has reviewed and approved the technical information in this press release.
For additional information regarding this news release please contact:
Sean Samson
info@rogueresources.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains certain statements or disclosures relating to the Company that are based on the expectations of its management as well as assumptions made by and information currently available to the Company which may constitute forward-looking statements or information (“forward-looking statements”) under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that the Company anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words “will”, “expect”, “anticipate”, “plan” and similar expressions.
In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: investment by Seguin and SCR into Rogue and funding objectives; the receipt of a positive Advancement Decision in Q2; the strategic benefits of the partnership to Snow White and the Company; the private placement, and the approval of the TSXV therefor. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of the Company including, without limitation: business strategies and the environment in which the Company will operate in the future; commodity prices; exploration and development costs; mining operations, drilling plans and access to available goods and services and development parameters; regulatory restrictions; the ability of the Company to obtain applicable permits; activities of governmental authorities (including changes in taxation); currency fluctuations; the global economic climate; and competition.
The Company believes that the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: general economic, market and business conditions; the technical reports which may not be completed in the timelines anticipated, in the manner anticipated or at all; the Company’s properties may not have the results currently anticipated by the Company; the Company may be unable to resolve geological, mechanical, regulatory or operational issues in the timelines anticipated, in the manner anticipated or at all; increased costs and expenses; reliance on industry partners; risks related to operations, government and environmental regulation, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; risks in the marketability of minerals; fluctuations in the commodity prices; fluctuation in foreign exchange rates and interest rates; stock market volatility; and certain other risks detailed from time to time in the Company’s public disclosure documents including, without limitation, those risks identified in this news release, and in the Company’s most recent annual and interim management’s discussion and analysis, copies of which are available on the Company’s SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.