|Wed Mar 16, 2005|
MAX Molybdenum Project: Permit Received for Underground Rehabilitation and Infill Drilling
| ||ROK: #2-05|
Vancouver, British Columbia: Roca Mines Inc. ("the Company") announces that it has received a Mines Act Permit from the British Columbia Ministry of Energy and Mines for underground rehabilitation and an infill diamond drilling program at the MAX Molybdenum Project, located 60 kilometres (36 miles) southeast of Revelstoke, British Columbia.
An initial assessment of conditions at the main portal has been completed and Roca crews will now begin work to rehabilitate the production-sized adit and conduct a 3,000 m (9,840 ft), 23-hole, underground drilling program. The infill program is intended to bring sampling in the upper High Grade Zone ("HG Zone") hosted within the MAX deposit to about 20 m spacing to permit development of a mining plan using ramp access from the existing adit. This important phase of work will also provide composite samples for additional metallurgical testing and mill-process optimization. The program will be completed over the next two months at a cost of approximately $975,000, described in more detail in a 43-101 technical report by Mr. Terry Macauley, P.Eng., available at www.rocamines.com or at www.sedar.com.
A Preliminary Economic Assessment for the Max Molybdenum Project is currently being prepared by the Company's independent consultants. Delivery of the report has been delayed until early April 2005, due to the Company's request for refinements aimed at maximizing grade in the initial years of mine production, and an overall high demand on mining engineering services today. With molybdenum-oxide recently trading at over US$35/lb, Roca's consultants are now focusing initial production plans on the highest grade measured resource of 260,000 tonnes grading 1.95% MoS2 (at a 1.00% MoS2 cutoff) within the greater HG Zone (706,000 tonnes averaging 1.07% MoS2), as previously reported in ROK #16-04. The Company looks forward to the delivery of the Preliminary Economic Assessment for the MAX Molybdenum Project and will issue a press release and make the study available via SEDAR when it is received. Mr. Scott Broughton, P.Eng. is the NI 43-101 qualified person responsible for the preparation of this press release.
ROCA MINES INC.
Scott E. Broughton, P.Eng. - President & CEO
For further information contact the Company at:
Email: [email protected]
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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