|Mon Aug 9, 2004|
MAX Project: Additional Property and Data Acquired
| ||News Release #13-04|
Vancouver, British Columbia, August 9, 2004: Roca Mines Inc. ("Roca" or the "Company") announces that it has acquired, from Newmont Mines Limited, a subsidiary of Newmont Mining Corporation (NYSE & ASX: NEM; TSX: NMC) ("Newmont"), a 100% interest in certain crown grants, mining leases and mineral claims (the "Newmont Property") contiguous to Roca's MAX Project mineral claims located 60 kilometres south of Revelstoke, British Columbia.
Under the terms of the acquisition agreement (the "Agreement"), Roca will pay Cdn$100,000 to Newmont for the Newmont Property and data containing Newmont's previous exploration information. Newmont has been granted a 2.5% Net Smelter Return on the Newmont Property which is reducible to 1% upon payment of Cdn$2 million, and Roca has agreed to issue 200,000 shares upon commencement of commercial production from the Newmont Property. The Company is also required to provide a $5,000 reclamation bond to the British Columbia Ministry of Energy and Mines and assume all obligations under Newmont's existing permit in order to release Newmont from those obligations, and Roca has further agreed to indemnify Newmont against any environmental liability associated with past and future work at the MAX mineral claims. The MAX property was reclaimed by Newmont in 2003.
This important land acquisition includes property covering the existing underground adit and other areas for possible infrastructure development at the MAX Project. Most importantly, the acquisition of a complete and original data set for approximately 38,000 metres (125,000 feet) of previous diamond drilling on the MAX property will expedite Roca's completion of an updated National Instrument 43-101 compliant resource calculation.
ROCA MINES INC.
David J. Skerlec - Chief Financial Officer
For further information contact Scott Broughton, John Mirko or David Skerlec at:
Tel: 604-684-5900 (Broughton Ext. 114 / Mirko Ext. 110 / Skerlec Ext. 147)
Email: [email protected] / [email protected] / [email protected]
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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