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| | Wed Mar 28, 2007
Roca Closes $2 million Exploration Financing
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| | Vancouver, British Columbia: Roca Mines Inc. (ROK: TSX-V) ("Roca") announces that it has now closed the private placement announced on March 14, 2007. Sprott Asset Management Inc. has been issued 1,212,121 units for gross proceeds of $2 million.
Each unit consists of one common share and one share purchase warrant, each warrant entitling the holder to acquire an additional common share until September 28, 2008 at a price of $2.25. All securities issued are subject to a hold period expiring on July 29, 2007. A finder's fee of $140,000 was paid in connection with this financing.
Proceeds from this financing will be used to fund an accelerated exploration program at Roca's MAX Molybdenum project, with the prime objective of expanding the known molybdenite resource at depth. Further details regarding the MAX exploration program and timing of the underground drill program will be announced once a diamond drill contract has been finalized.
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 tonnes 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$28-30 per pound.
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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