Roca Mines Inc.
TSX VENTURE : ROK

Roca Mines Inc.

January 05, 2007 19:11 ET

Roca Closes First Tranche of Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 5, 2007) - Roca Mines Inc. (TSX VENTURE:ROK) ("Roca") announces that, further to its press release of December 21, 2006, it has closed the first tranche of the private placement for gross proceeds of $2.56 million upon the issuance of 1,828,571 units.

Each unit issued consists of one common share and one share purchase warrant, each warrant entitling the holder to acquire an additional common share until July 4, 2008 at a price of $2.25. All securities are subject to a hold period expiring on May 5, 2007. A cash finder's fee in the amount of $150,000 was paid in connection with the first tranche.

It is expected that the balance of the offering will close on or about January 15, 2007. Proceeds from this financing will be used for the continuation of Roca's fast-track development plans of the Max Molybdenum Mine.

Roca plans to be the first new primary molybdenum producer in Canada, with production to commence in 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% MoS2 (refer to T.N. Macauley's 43-101 compliant technical report dated September 2004 available via SEDAR). Molybdenum currently trades in the US$25.00/lb range and is a key alloy in the manufacture of stainless and specialty steel, including pipelines and other energy-related steel infrastructure.

ROCA MINES INC.

David J. Skerlec - Chief Financial Officer

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information