 |  |   Wed Jan 28, 2004
Molybdenum Target Acquisition: MAX Property
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Vancouver, British Columbia, January 28, 2004: Roca Mines Inc. ("Roca", the "Company") announces that it has signed an option agreement to acquire a 100% interest in the MAX Property, formerly the Trout Lake Property (the "Property"), located in the Revelstoke Mining Division of British Columbia.
In order to vest its interest, Roca must pay $200,000 and issue 400,000 shares to the vendor in stages ending on January 16, 2007. The MAX Property is subject to a 2.5% Net Smelter Return held by the vendor reducible to 1% upon payment of $2 million, and a further 200,000 shares must be issued to the vendor upon commencement of commercial production. This property acquisition remains subject to TSX Venture Exchange approval.
The MAX Property was initially explored for molybdenum in 1969 by Scurry Rainbow Oil Ltd., in 1975 by Newmont Mining Corp. and by a Newmont/Esso Minerals Canada Ltd. joint venture from 1976 to 1982. The Esso/Newmont JV defined a compelling molybdenum mineralized system by surface and underground diamond drilling (total of 42,000 metres) and underground bulk sampling. Existing underground development includes approximately 2,000 metres of access to the mineralized system. To date, the 300m long x 200m wide pipe-like stockwork deposit has only been tested to a depth of approximately 1,000 metres.
Roca is planning an exploration program that will focus on confirming the potential of the known higher grade (in excess of 1% MoS2) zones that are up to 20 metres wide by 200 metres long and hosted within the main deposit.
ROCA MINES INC.
"Scott Broughton"
Scott E. Broughton, P.Eng -- President and CEO
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]
Web: www.rocamines.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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