 |  |   Mon Dec 16, 2002
Roca Mines Inc. Completes Initial Public Offering
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| | Vancouver, British Columbia, December 16, 2002: Roca Mines Inc. is pleased to announce the completion of its initial public offering, raising the maximum gross proceeds of $1,500,000. It is anticipated that the common shares of Roca will begin trading on the TSX Venture Exchange on Tuesday, December 17, 2002 under the trading symbol "ROK".
Through its agent, Union Securities Ltd., Roca issued 2,220,000 regular shares at $0.25 per share and 2,700,000 flow-through shares at $0.35 per share under a prospectus filed in British Columbia, Alberta, Saskatchewan, Ontario and Nova Scotia. Net proceeds of the offering will be used to complete the first phase of a two-phase exploration program on Roca's Foremore Property located in the Iskut River area, approximately 45 kilometres north of Barrick Gold Corporation's Eskay Creek Mine and 300 kilometres northwest of Smithers, B.C.
In 1987, helicopter reconnaissance by Cominco Ltd. discovered a gold-rich boulder at the Westmore Gold Zone on the Foremore Property. Further prospecting in 1988 lead to the discovery of numerous volcanic hosted massive sulphide ("VHMS") mineralized boulders at the two terminal moraines of More Glacier.
The early exploration programs on the Foremore Property were designed to determine the source of the mineralized boulders. These efforts were unsuccessful and the claims were allowed to lapse in 1999.
After optioning the property early in 2002, Roca initiated detailed research on the area geology, data compilation and air-photo interpretation. This work led to the definition of new target areas and theories that were previously untested. Roca contracted Equity Engineering Ltd., a Vancouver-based independent geological consulting firm to carry out a program of mapping, prospecting and geochemical sampling. Equity prepared a detailed report on the Foremore Property summarizing all the available information and exploration conducted during the 2002 field season.
During the 2002 work program, Roca discovered an extensively outcropping VHMS source at the Side Glacier (SG) Zone of the Foremore Property. This is the first time that source rocks have been found in outcrop in the history of the property. Exploration also significantly advanced the property's potential to host economic VHMS mineralization on the North Zone and the SG East Zone. Roca's 2003 exploration program will focus on these priority targets in detail to define initial sites for drill testing.
ROCA MINES INC.
"Scott E. Broughton"
Scott E. Broughton, P.Eng - President
For further information contact Scott Broughton or John Mirko at:
Roca Mines Inc.
Tel: 604-684-5900 (Broughton Ext. 114 / Mirko Ext. 110)
Email: [email protected]
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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