|Fri Dec 1, 2006|
Roca Options Properties Near MAX Mine
| ||Vancouver, British Columbia: Roca Mines Inc. (ROK: TSX-V) ("Roca" or the "Company") announces that it has signed option agreements with a group of prospectors to acquire a 100% interest in four separate properties in the Revelstoke Mining Division of British Columbia, Canada.|
The development of Roca's MAX Molybdenum mine provides a good base for regional exploration of the historically important Lardeau Mining Camp. The Company conducted a regional due diligence exploration program in September, 2006. In addition to exploration of surface tungsten targets on the MAX property itself, that program also reviewed potential targets within a 100km radius of the MAX operations, resulting in the selection of the following important projects now under option;
1. The Farside Property is a road accessible bulk tonnage porphyry prospect consisting of a 500 x 900m area containing outcrop of biotite quartz monzonite and skarn. These rocks host intensive veining and hornfels assaying in gold, bismuth, tungsten and molybdenum.
2. The Bonanza-Butte Property consists of four high grade silver-gold vein targets and one stockwork quartz-carbonate zone covering a 2,000m x 900m zone hosted in schistose rocks.
3. The Ellsmere-Horne Property includes massive sulphide contact zones containing copper, lead, zinc silver and gold exposed intermittently over a 4,000m strike length.
4. The Tin City Property is a road accessible bulk tonnage tungsten and base metal target. Previous work by Newmont Exploration of Canada (1984/85) reported assays up to 1.12% WO3 over 2m from a 2,700m long mineralized amphibolite unit.
Roca has paid $7,500 on signing and will issue 60,000 common shares to the vendors upon TSX Venture Exchange approval of the agreements. To earn a 100% interest in all four properties, Roca would be required to pay an additional $148,500 and issue 255,000 common shares to the vendors in staged payments ending April 1, 2010. At the Company's option, it may substitute any of the scheduled share issuances with an equivalent cash value, calculated by the average closing price over the last ten trading days preceding the issuance. Each property is subject to a 2.0% Net Smelter Return held by the vendors which may be purchased by the Company for $2 million.
ROCA MINES INC.
Scott Broughton, P.Eng.
For further information contact:
Email: [email protected]
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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