| ||Vancouver, British Columbia, July 27, 2004: Roca Mines Inc. ("Roca" or the "Company") announces it has engaged Mr. Terry Macauley, P.Eng., an independent qualified person as defined by National Instrument 43-101 ("NI 43-101") to prepare a NI 43-101 defined resource estimate for its MAX Molybdenum Project (formerly the Trout Lake Deposit), located approximately 50 km south of Revelstoke, British Columbia. |
Mr. Macauley is very familiar with the history, geology and setting of the MAX Project, having previously supervised an extensive exploration program at the property while he was Western Exploration Manager for Newmont Exploration Canada Ltd. ("Newmont"). Newmont and joint venture partner Esso Minerals Canada Ltd. conducted underground adit and cross-cut development and sampling, and approximately 38,000 m (125,000 ft) of surface and underground diamond drilling between 1976 and 1982. Mr. Macauley's new resource estimate and technical report is expected to be delivered to the Company in approximately four weeks time.
Roca has a right to earn a 100% interest in the MAX Project by paying a total of $200,000 and issuing 400,000 shares to the vendor in stages ending on January 16, 2007. The property is subject to a 2.5% Net Smelter Return held by the vendor that is reducible to 1% upon payment of $2 million, and a further 200,000 shares must be issued to the vendor upon commencement of commercial production, as described in the Company's news release dated January 28, 2004.
Roca is also planning to contract independent scoping studies to highlight the value of various potential production scenarios for the MAX Molybdenum Project. The new resource estimates and scoping studies will provide the basis for the next phase of exploration, to include reopening and refurbishing of the existing underground adit for access to the deposit.
ROCA MINES INC.
Scott E. Broughton, P.Eng -- President and CEO
For further information contact Scott Broughton, John Mirko or David Skerlec at:
Tel: 604-684-5900 (Broughton Ext. 114 / Mirko Ext. 110 / Skerlec Ext. 147)
Email: [email protected] / [email protected] / [email protected]
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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