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Message: Rocmec Signs MOU to Operate and Option to Acquire Rocmec 3 in Peru
| May 21, 2009 | |
| Rocmec Signs MOU to Operate and Option to Acquire Rocmec 3 in Peru | |
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VAUDREUIL-DORION, QUEBEC--(Marketwire - May 21, 2009) - Subject to the approval of the TSX Venture Stock Exchange Rocmec Mining Inc. (TSX VENTURE:RMI)(FRANKFURT:D50), is pleased to announce the signing of a memorandum of understanding (MOU) with the owners of MINERA OFIR S.A. to operate a small-scale traditional mining operation covering 1100 hectares located in the province of Caraveli, Peru. Rocmec, being the operator will employ its exclusive thermal fragmentation mining method to extract the mineralised rocks from the mining property. The operating agreement also includes a process that will enable Rocmec to acquire 100% of the property, described as follows: - In order to acquire 100% of the property, Rocmec must pay the sum of USD$1,200,000 over the first 24 months from the signing of the legal documentation. The monies will be derived from the sale of gold extracted from the property. - Upon acquiring 100% ownership of the property, Rocmec will pay, to the current owners, royalties as per the table below. - Rocmec has the option to purchase the royalty at anytime by paying USD$1 million per percentage point. In such a case the rate will be fixed at 4% regardless of the price of gold at the time of purchase. -------------------------------------------------------------------------
PRICE Range (/US$ / Ounce) ROYALTY
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IP less or equal to 599 1.5%
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600 less than IP less or equal to 699 2.0%
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700 less than IP less or equal to 799 2.5%
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800 less than IP less or equal to 899 3.0%
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900 less than IP less or equal to 999 3.5%
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IP greater or equal to 1,000 4.0%
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Rocmec plans to commence drift development once the legal documentation is finalized. The permits for water, explosives and small miners (less than 300 tpd) are currently in force; this will help accelerate the preparatory work. "With its numerous high grade narrow veins, Peru is an ideal place for our thermal fragmentation mining method. The combination of our underground flotation treatment plant at Rocmec 1, the acquisition of 40% of Rocmec 2 (see press release dated April 28th, 2009) and this new operating agreement, now positions Rocmec to attain its objective of becoming a profitable gold producer from the exploitation of narrow vein ore bodies in early 2010" stated Mr. Donald Brisebois, president and CEO of Rocmec. About Rocmec Rocmec Mining Inc. is a Canadian junior exploration company actively involved in the acquisition, exploration and development of precious metal projects. The Company's exclusive thermal fragmentation process combined with its growth strategy place it as the partner of choice for the development of narrow high-grade precious metal vein properties. The Company is listed on the TSX Venture Exchange and trades under the symbol: RMI Rocmec's growth strategy is to focus on the development of quality assets that will significantly enhance shareholder value. Exploitation of narrow high-grade precious metal veins with its exclusive thermal fragmentation process coupled with conventional mining methods will lead the Company in becoming a mid-size gold producer. The acquisition, development and future exploitation activities at the recently acquired Rocmec I (Russian Kid) property are an excellent example of this strategy. Thermal fragmentation...mining ounces not TONNES! The Thermal Fragmentation Mining Method video can be viewed on Rocmec's website or by clicking the following link: http://www.rocmecmines.com/video_an.asp |
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