Press Release
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RMI: TSX-V
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D5O: FSE
ROCMEC UPDATES PROGRESS AT THE ROCMEC 1 GOLD PROPERTY
Pointe-Claire, Quebec, November 26th, 2007
– Rocmec Mining inc. (the �Company�, TSX-V Symbol: RMI - FSE Symbol: D5O)
is pleased to update its shareholders on progress at the
Rocmec 1 gold property, located in Rouyn-Noranda,
Quebec.
Drifts were driven over
hundred’s of metres to prepare blocks of mineralised ore amenable to
thermal fragmentation. In addition to the blocks mentioned below, 5 more blocks with tonnages
varying between 2000 and 5000 tonnes each will be ready for extraction by
the beginning of January 2008. These blocks are located on different levels in
the eastern section of the mine and are comprised of both the Talus and
McDowell structures. Mining on section Block C between levels 90 – 70
– 50 nears completion, over 2000 tonnes of ore have been extracted so far
and are expected be milled by the end of 2007. Preparatory work on section
Block A (40m in length) between levels 130 – 110 – 90 in progress, which will
allow access to more than 2000 tonnes of mineralised ore. �
Considering the
high-grade results obtained in sampling the western section of the mine in
addition to the potential of the Boucher structure, Rocmec will, in 2008,
concentrate its efforts on developing the western portion of Rocmec 1.
Operators from other
mining companies, interested in the thermal fragmentation process for the own
operations who have visited Rocmec 1 were impressed by the exceptional dilution
control the process offers, leaving both the hangingwall and footwall intact.
Milling of Rocmec’s
ore remains a priority for management; different scenarios are currently under
review in addition to the Xstrata solution where adequate sampling of our
shipments is an important risk factor. Management is confident that a long term solution will be in
place in 2008.
“Rocmec is entering
into a very exciting phase in its development; the thermal fragmentation
process is exceeding our expectations, the �significant potential of the newly
found Boucher structure and we’ve seen very encouraging results from the
Puma property in Peru.
We can all look forward to very prospective developments for Rocmec and I would
like to take this opportunity to thank our shareholders for their support and
patience that I believe will be rewarded handsomely”, stated Mr. Donald Brisebois,
President and CEO.
About the Rocmec 1 Property
The Rocmec 1 property is located in the Dasserat Township,
some 36 km
west of Rouyn-Noranda (Quebec) in the Abitibi
region of Quebec, in close proximity to two
World-Class Mining Camps, the Rouyn-Noranda Copper Gold Camp to the SE in Quebec, and the Kirkland
Lake / Larder Lake Gold Camp to the SW
in Ontario.
�A technical report
(dated March 19, 2007), compliant with National Instrument (NI) 43-101
standards of disclosure, was prepared by Syst�mes G�ostat International Inc. of
Blainville (Quebec) identified mineral resources of 521,800 tonnes @ 5.15 g/t
gold (86,550 ounces
of gold) in the Measured and Indicated Resources category. There is an
additional 2,250,000 tonnes @ 6.32 g/t gold (456,900 ounces of
gold) in the Inferred Resources category.
Subject to the approval
of the TSX Venture stock exchange, furthermore, Rocmec is pleased to announce
that it has closed a fourth and FINAL TRANCHE of a private placement with the
MineralFields Group consisting of 2,675,194 flow-through units
(“FT Units”) at a
price of $0.18 per FT Unit for gross proceeds of $481,535. Each FT Unit is comprised
of one flow-through common share of the Company and one transferable
non-flow-through share purchase warrant. Each share purchase warrant entitles
its holder thereof to purchase one additional common share of the Company at a price of $0.25 for a period of
12 months from the closing date and thereafter at a price of $0.30 for an
additional period of twelve months.
Limited
Market Dealer Inc. will obtain a cash finder’s fee from the Company equal
to 2% of the aggregate gross proceeds along with finder’s shares equal to
2% of the FT Units subscribed for and finder's options equal to 10% of the
number of FT Units subscribed for. The options are issued under the same terms
as the share purchase warrants issued to the subscribers.
All the securities issued
in virtue of this placement are subject to certain resale restrictions imposed
under the applicable securities laws, which require that the securities not be
traded before March 23, 2008.
The
proceeds from the sale of the FT units will be used by the Company for
underground development of its Rocmec1 (Russian Kid) project located in
Rouyn-Noranda, Qu�bec.
About MineralFields, Pathway and First Canadian Securities �
MineralFields Group (a division of Pathway
Asset Management) is a Toronto-based mining fund with significant assets under
administration that offers its tax-advantaged super flow-through limited
partnerships to investors throughout Canada during most of the calendar
year, as well as hard-dollar resource limited partnerships to investors
throughout the world. Pathway Asset Management also specializes in the
manufacturing and distribution of structured products and mutual funds.
Information about the MineralFields Group is available at www.mineralfields.com.
First Canadian Securities � is active in leading resource financings (both
flow-through and hard dollar) on competitive, effective and service-friendly
terms, with investors both within, and outside of, MoneralFields Group.
About Rocmec Mining
Rocmec
Mining Inc. is a Canadian junior exploration company actively involved in the
acquisition, exploration and development of precious metal projects. The
Company's exclusive thermal fragmentation process combined with its growth
strategy places it as the partner of choice for the development of narrow
high-grade precious metal quartz vein projects. The Company’s shares are
listed on the TSX-Venture (RMI) and the FSE (D5O) exchange. The company's
growth strategy is to focus on the development of quality assets that will
significantly enhance shareholder value.
� Thermal fragmentation - the way of the future for mining narrow
high-grade veins �
The
development and mining of narrow high-grade vein deposits with its exclusive
thermal fragmentation process should enable the Company to demonstrate the
economic plus-value of this technology. The acquisition, exploration and mining
development at the recently acquired Rocmec 1 (Russian Kid) property subscribe to this objective.
Please visit us on
the web at www.rocmecmines.com
For further information, please contact
John Stella, Manager Investor Relations
(514)428-4185
Cell
(514)718-7976
FAX
(514)630-6989
jstella@rocmecmines.com
Statements in this release that are not
historical facts are � forward-looking statements � within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned
that any such statements are not guarantees of future performance, and that
actual developments or results may vary materially from those in these �
forward-looking statements �. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.