Roca Mines Inc. - News Releases - Max Molybdenum Project-Infill Drilling Results

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	Tue Jul 26, 2005 Max Molybdenum Project-Infill Drilling Results
ï¿½	TSX VENTURE SYMBOL: ROK July 26, 2005 Roca Mines Inc.: Max Molybdenum Project-Infill Drilling Results VANCOUVER, BRITISH COLUMBIA-- Roca Mines Inc. (TSX VENTURE:ROK) ("Roca" or the "Company") announces that it has received all final assays from a 21 hole, 3,101 m (10,174 feet) infill diamond drilling program carried out in May and June 2005. The work focused on the HG (High-Grade) Zone within the MAX Molybdenum deposit and confirms the zone's overall size and grade for mine planning. The underground drill program was conducted from the existing production-sized adit and crosscuts at the project. Highlights of the program include the following selected assay results over estimated true-widths; - Hole MU-05-3 returned 5.4m (17.7 feet) of 2.55% MoS2 - Hole MU-05-8 returned 2.2m (7.2 feet) of 9.93% MoS2 and returned 8.6m (28.2 feet) of 2.26% MoS2 including 3.9m (12.8 feet) of 3.14% MoS2 - Hole MU-05-13 returned 3.3m (10.8 feet) of 2.18% MoS2 - Hole MU-05-14 returned 14.8m (48.6 feet) of 2.25% MoS2 including 0.9m (3.0 feet) of 7.33% MoS2 including 1.9m (6.2 feet) of 2.44% MoS2 including 1.9m (6.2 feet) of 4.99% MoS2 - Hole MU-05-15 returned 5.5 m (18.0 feet) of 3.75% MoS2 including 1.3m (4.3 feet) of 6.47% MoS2 and returned 5.7m (18.7 feet) of 2.27% MoS2 and returned 1.3m (4.3 feet) of 4.76% MoS2 - Hole MU-05-17 returned 1.9m (6.2 feet) of 2.18% MoS2 - Hole MU-05-21 returned 1.5m (4.9 feet) of 2.42% MoS2 A comprehensive drill hole and assay summary is provided in Table 1. Estimated true-widths of all drill hole intervals were calculated based on horizontal projection to mine sections and vertical projection to plan view. The infill drill program brings sampling in a portion of the measured resource area of 260,000 tonnes grading 1.95% MoS2 (at a 1.00% MoS2 cutoff grade) to approximately 20 metre spacing. That estimate is summarized in a NI 43-101 compliant resource estimate previously completed by Mr. T.N. Macauley, P.Eng. (see press release ROK#16-04 dated September 21, 2004) which also summarizes the larger resource estimate at lower cutoff grades. The infill drill program provides the basis for detailed design of a decline ramp and stopes and for a final production decision, to be made upon receipt of a B.C. Small Mines Permit. An updated resource estimate will be completed using these new results shortly. The MAX Molybdenum project is located approximately 65 km (39 miles) south of Revelstoke, British Columbia and Roca has an option to earn a 100% interest in the project subject to a 2.5% net smelter return (NSR) that is reducible to 1% upon payment of $2 million. Historic and recent diamond drilling at the MAX Project clearly demonstrates that it hosts zones of continuous molybdenite mineralization with grades that are an order of magnitude greater than many operating molybdenite mines. Roca's proposal for rapid production at MAX utilizes the provisions of a B.C. Small Mines permit application and reviews fast-tracked development of an underground mine, concentrator and tailings storage. The proposed development provides an opportunity for the Company to generate cash flow during the current period of cyclically high commodity prices. Future expansion of the proposed initial small mine will be determined based on the prevailing commodity price at that time. The price for molybdenum oxide, a product used in making specialty and stainless steels, has exceeded US$15/lb for the past 15 consecutive months and currently trades in the US$30/lb range. The average price for molybdenum oxide in 2004 was in the US$16.50 range and its average price for 2005 (year-to-date) is US$32.60/lb. As an example only, the reader should note that 1% molybdenite (MoS2) contains approximately 0.59% molybdenum (Mo) and that the contained value therefore for each 1% MoS2 is approximately US$354/ton (US$389/tonne) at a price of US$30/lb. Table 1. MAX Molybdenum Project - Infill Drilling Program, Selected Results -------------------------------------------------------------------- Offset from Est. Sample Interval Hole Mine Sec- True Assay Drill ------------------- Dip Sec- tion Thick- Result Hole From To Length (deg- tion (deg- ness (% (m) (m) (m) rees) # rees) (m)(1) MoS2) -------------------------------------------------------------------- MU-05-1 70 80 10 15 7 20 9.1 0.74 including 70 76 6 20 5.4 0.89 -------------------------------------------------------------------- MU-05-2 66 82 16 -15 7 20 14.6 0.87 including 72 82 10 20 9.1 1.17 -------------------------------------------------------------------- MU-05-3 94 118 26 -45 7 20 17.3 1.45 including 108 116 8 20 5.4 2.55 118 144 26 20 17.3 0.4 -------------------------------------------------------------------- MU-05-4 118 136 18 -60 7 20 8.5 0.52 including 124 126 1.95 20 0.9 1.07 136 146 10 20 4.7 0.69 146 158 12 20 5.6 0.82 including 146 148 2 20 0.9 1.22 including 154 156 2 20 0.9 1.07 158 168 10 20 4.7 0.66 168 176 8 20 3.8 0.27 176 196 20 20 9.4 0.54 196 200 4 20 1.9 1.2 200 214 14 20 6.6 0.45 -------------------------------------------------------------------- MU-05-5 36 50 14 -20 9 10 12.9 0.58 including 38 40 2 10 1.9 0.82 including 46 50 4 10 3.7 0.7 -------------------------------------------------------------------- MU-05-6 58 78 20 -47 9 10 13.4 0.34 including 58 66 8 10 5.4 0.42 -------------------------------------------------------------------- MU-05-7 46.25 62 15.75 -41 9 10 11.7 0.6 including 56 62 6 10 4.4 0.73 -------------------------------------------------------------------- MU-05-8 75.75 82.8 7.05 -10 7 0 6.9 0.54 82.8 90.1 7.3 0 7.2 0.32 90.1 92.35 2.25 0 2.2 9.93 92.35 93.75 1.4 0 1.4 1.88 93.75 103.5 9.75 0 9.6 0.35 103.5 112.25 8.75 0 8.6 2.26 including 106.25 110.25 4 0 3.9 3.14 -------------------------------------------------------------------- MU-05-9 28 34 6 -40 7 20 4.3 0.41 94 99 5 20 3.6 0.36 120 130 10 20 7.2 0.36 -------------------------------------------------------------------- MU-05-10 2 12 10 -60 7 20 4.7 0.43 40 46 6 20 2.8 0.82 50 56 6 20 2.8 0.4 112 118 6 20 2.8 0.42 162 166 4 20 1.9 0.72 166 180 14 20 6.6 0.47 180 188 8 20 3.8 0.95 Including 180 182 2 20 0.9 2.17 -------------------------------------------------------------------- MU-05-11 88 98 10 -10 7 20 9.0 0.82 including 90 96 6 20 5.5 0.98 -------------------------------------------------------------------- MU-05-12 62 66 4 -60 8 20 1.9 0.66 82 104 22 20 10.3 0.39 Including 82 88 6 20 2.8 0.62 104 202 98 20 46.0 0.54 Including 116 122 6 20 2.8 0.65 Including 124 136 12 20 5.6 0.7 Including 138 142 4 20 1.9 0.91 Including 148 152 4 20 1.9 0.76 Including 174 184 10 20 4.7 0.81 Including 176 180 4 20 1.9 1.21 Including 198 200 2 20 0.9 1.48 -------------------------------------------------------------------- MU-05-13 42 70 28 -30 8 20 22.7 0.34 70 96 26 20 21.1 1.41 Including 70 82 12 20 9.8 1.5 Including 86 90 4 20 3.3 2.18 Including 90 94 4 20 3.3 1.56 -------------------------------------------------------------------- MU-05-14 58 74 16 -10 8 20 14.8 2.25 Including 67 68 1 20 0.9 7.33 Including 68 70 2 20 1.9 2.44 Including 72 74 2 20 1.9 4.99 74 92 18 20 16.6 0.4 -------------------------------------------------------------------- MU-05-15 0.2 6 5.8 -47 8 20 3.8 0.78 64 78 14 20 8.9 0.57 78 91.35 13.35 20 8.5 1.07 91.35 100 8.65 20 5.5 3.75 Including 98 100 2 20 1.3 6.47 102 111 9 20 5.7 2.27 Including 105 107 2 20 1.3 4.76 136 146 10 20 6.4 0.46 -------------------------------------------------------------------- MU-05-16 100 115.36 9.36 -40 7 0 7.2 1.4 including 108 115.36 7.36 5.6 1.57 -------------------------------------------------------------------- MU-05-17 76 94 18 -20 7 0 16.9 0.86 including 84 92 8 7.5 1.38 including 82 84 2 1.9 2.18 -------------------------------------------------------------------- MU-05-18 86 102 16 -30 6 10 13.6 0.33 -------------------------------------------------------------------- MU-05-19 51.15 62 10.85 -20 8 10 10.0 0.63 Including 58 62 4 10 3.7 0.83 78 86 8 10 7.4 0.42 -------------------------------------------------------------------- MU-05-20 65 74 9 -45 8 10 6.3 0.46 Including 65 68 3 10 2.1 0.69 74 94 20 10 13.9 0.6 -------------------------------------------------------------------- MU-05-21 43 52 9 -60 8 10 4.4 0.59 Including 43 44 3 10 1.5 2.42 88 108 20 10 9.9 0.41 120 145.69 25.69 10 12.7 0.45 Including 122 128 6 10 3.0 0.7 Including 138 145.69 7.69 10 3.7 0.5 -------------------------------------------------------------------- Note (1): Estimated true-widths of all drill hole intervals were calculated based on horizontal projection to mine sections and vertical projection to plan view. Mr. David Taylor, P.Eng. is the NI 43-101 Qualified Person supervising the infill drilling and sampling program. The sampling program included quality control procedures, including the use of blanks and duplicates in addition to internal quality control at the assay laboratory, ACME Analytical of Vancouver, BC, an ISO 9001:2000 accredited laboratory. Mr. Scott Broughton, P.Eng. is the NI 43-101 Qualified Person responsible for the preparation of this news release. ROCA MINES INC. Scott E. Broughton, P.Eng. - President and CEO - 30 - FOR FURTHER INFORMATION PLEASE CONTACT: Roca Mines Inc. Scott E. Broughton, P.Eng. President and CEO (604) 684-2900 Fax: (604) 684-2902 [email protected] www.rocamines.com The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. INDUSTRY: MNG - Mining SUBJECT: MEX - MINING EXPLORATION UPDATE FOR: Roca Mines Inc. TSX VENTURE SYMBOL: ROK
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