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| | Wed May 10, 2006
ROCA Closes $2 Million Private Placement
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| | Vancouver, British Columbia: Roca Mines Inc. ("Roca" or the "Company") announces that the non-brokered private placement announced on May 1, 2006 with Sprott Asset Management Inc., has now closed. A total of 2,857,143 common shares have been issued at a price of $0.70 per share for gross proceeds of $2 million. A finder's fee of $140,000 was paid in connection with this private placement. All common shares issued pursuant to the private placement are subject to a 4 month hold period.
Proceeds of the private placement will be used for general working capital and to finance further development of the Company's MAX Molybdenum project, located 60 kilometres (36 miles) southeast of Revelstoke, British Columbia. Initial mine plans focus on the deposit's high-grade zone containing 280,000 measured and indicated tonnes grading 1.95% MoS2 within a larger measured and indicated resource of 42.9 million tonnes grading 0.20% MoS2 (a complete NI 43-101 compliant resource estimate was reported by the Company in September of 2004). The MAX project was awarded a mining permit by British Columbia Ministry of Energy, Mines and Petroleum Resources in late 2005.
The Company also announces that it has completed the purchase (for total consideration of US$325,000) of the Van Stone Mill, located 380 highway kilometres (230 miles) south of the project site. Crews have commenced dismantling the buildings and equipment for transport, and reconstruction at the MAX site during the summer.
ROCA MINES INC.
"David Skerlec"
David J. Skerlec -- Chief Financial Officer
For further information contact:
Doug Fosbrooke
Investor Relations
Tel: 604-684-2900
Fax: 604-684-2902
Email: [email protected]
Web: www.rocamines.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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