| ||Wed Mar 14, 2007|
Roca Funds Max Molybdenum Exploration Program
| ||Vancouver, British Columbia: Roca Mines Inc. (ROK: TSX-V) ("Roca") announces that it has arranged a non-brokered private placement with Sprott Asset Management Inc. for proceeds of $2 million through the issuance of 1,212,121 units at a price of $1.65 per unit.|
Each unit will consist of one common share of Roca and one warrant, each warrant entitling the holder to purchase an additional common share at a price of $2.25 for 18 months following closing. All securities issued pursuant to the private placement will be subject to a four-month hold period. This financing remains subject to regulatory approval.
Proceeds from the private placement will be used to fund an accelerated exploration program at the MAX Molybdenum project, with the objective of expanding the known molybdenite resource at depth. Diamond drilling will initially concentrate on areas below the existing resource and will test exploration models evaluated by the Company's exploration advisory board and supported by mineralized zones discovered in drill holes completed in the 1980's by previous operators.
Roca also plans to advance its tungsten exploration on the property as soon as practicable; both underground and surface tungsten targets will be evaluated. The surface strike length of known tungsten mineralization on the property now totals 1,450 metres in length and extends over a vertical range of 600 metres (see press release ROK#19-06 dated December 12, 2006).
The Company's accelerated exploration program will not impact mine development or planned production.
Roca plans to be the first new primary molybdenum producer in Canada, with production to commence in mid-2007. The permitted Phase I mine plan for Max will focus on the deposit's high-grade zone containing 280,000 measured and indicated tons grading 1.95 per cent molybdenite (MoS2) (refer to T.N. Macauley's 43-101-compliant technical report dated September, 2004, available on SEDAR). Molybdenum currently trades in the range of US$28 per pound.
ROCA MINES INC.
David J. Skerlec -- Chief Financial Officer
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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