 |  |   Thu Apr 1, 2004
Moly Prices increased US$4.75/lb in the last six trading days.
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| | Roca Mines Inc. (ROK.TSXv)
Moly Prices increased US$4.75/lb in the last six trading days.
Following recent commentary regarding molybdenum:
March 30, 2004 - Moly Oxide hits US$15.25/lb.
"Moly Oxide prices are hot. Prices have increased US$4.75/lb in the last six trading days. The strong demand and tight supply scenario is expected to continue. Currently there are shortages of concentrates, transportation problems, power shortages, and increased Chinese supply demand. North American demand is also increasing partly because of forward purchases being made to protect against escalating prices. Supplies of material from China continue to remain restricted. Traders have very little spot material in inventory." (From Metalprices.com)
Feb 19, 2004 - Japan to release molybdenum in tender
"It has been reported that Japan will release 380.9 tonnes of molybdenum from strategic inventories through a tender on February 27 because of high prices. Molybdenum is often mixed with nickel and chrome to strengthen quality, and is used mostly in car parts and consumers electronic products. The tender will be conducted by the Metal Mining Agency of Japan." (From World Mining News - Item [56248]: News Release)
Roca's MAX Molybdenum Project:
- Option to earn 100% interest in the Property in January 2004
- Property includes defined Molybdenite deposit, a small portion of the eastern edge is owned Newmont Mining Corporation
- Project is road accessible and located 60 km south of Revelstoke, BC
- large-scale molybdenum porphyry system explored by Newmont/Esso Minerals in late 1970's and early 1980's -- inactive since 1982
- 42,000 m of diamond drilling - defined resource estimates (all calculated prior to NI43-101):
i. 49 million tonnes grading 0.19% MoS2 at a 0.1% cutoff (Linnen et al, 1995)
ii. 50 million tons grading 0.23% MoS2 at a 0.1% cutoff (Boyle and Leitch, 1983)
iii. "the pipe-like stockwork deposit extends from surface to a depth greater than 1000 metres and contains estimated reserves of 49 million tones grading 0.19% MoS2 (Linnen et al, 1995)." BC Government Minfile data, Trout Lake Minefile#082KNW087
- deposit is open at depth and known mineralization extends below 1000m in depth
- past workers focused on maximizing size of resource - little work on higher-grade potential known to exist and demonstrated by a 1978 drill hole with 1,145 feet grading 0.44% MoS2 (=US$134/ton at US$15.25/lb) including 76 feet of 3.08% MoS2 (=US$939/ton at US$15.25/lb)
- existing underground access for new exploration, sampling and potentially mining
- contained metal value of 49 million tones grading 0.19% is US$3 billion at US$15.25/lb Molybdenum is a strategic metal with primary uses in making stainless steel and other alloys
- will commence initial drill program in May 2004 to test high grade zones since previous drill program focused on larger system
- planning to update resource estimate as historical and new drill data is available, followed by project scoping study later in 2004
http://www.rocamines.com |
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