Rockex Mining Corporation
TSX : RXM

Rockex Mining Corporation

November 30, 2011 09:56 ET

Rockex Drills 524.3 Metres at 29.93% Iron Underneath Currently Defined 43-101 Compliant Resource Outline

THUNDER BAY, ONTARIO--(Marketwire - Nov. 30, 2011) - Rockex Mining Corporation (TSX:RXM) ("Rockex" or the "Company") is pleased to announce assay results from the current 2011 fall drilling program on its 100% owned Western Lake St. Joseph project in north-western Ontario, Canada.

Drill Hole EI-106

Hole EI-106, with a direction of 320º and a dip of -70º, was drilled to intersect at depth the Main Zone North (or 'MZN') of the Eagle Island Deposit in the Company's Western Lake St Joseph project; the drill hole was ended at 987.8 metres. The bulk of the Iron formation was intersected from 337.7 metres in-hole (265 metres vertical depth) to 862 metres in-hole (564 metres vertical depth). The true width of the mineralized intersection is estimated at 495 metres. The assay results are:

Drill Hole From
(metres
) To
(metres
) Length
(metres
) Total Iron
(%
)
EI-106 337.7 862 524.3 29.93

Donald A. Sheldon, Chief Executive Officer of Rockex, commented on these results, saying "It is exciting to see the large width and consistent grade of the iron mineralization at depth, up to 190 metres directly below the outlined resources. Follow-up drilling and additional results will be used to update and upgrade the current resource estimate."

As of today, a total of nine (9) drill holes totalling 4,720.2 metres have been completed out of 8,000 metres planned for the current drilling campaign. The drilling program started at the Eagle Island Deposit with a view to upgrading the classification of various parts from Inferred Resources to Measured and Indicated Resources and adding to the estimated size of the deposit. The program will test both the anomalies identified in the Company's recent airborne survey (including Fish Island) and the mineralized zone at Eagle Island at depths below 300 metres. Two drills are currently active on the property.

Samples were prepared on-site from sawn NQ2 gauge drill core. Blanks and duplicate assays are included at regular intervals in each sample batch submitted to SGS Mineral Services in Lakefield, Ontario. Assay protocol includes major element oxides by X-Ray Fluorescence, Total Sulfur and Carbon by LECO induction furnace with Infrared finish, titration of Fe2+ reported as FeO and Satmagan saturation magnetic assay to report magnetic iron content. As of today, the Company has only received a complete set of XRF assays for one drill hole, EI-106. Further detailed reporting of the results will be issued as the Company receives additional assay results from the laboratory.

Qualified Person

Follow-up of the drilling operations, DGPS surveying, directional testing, core logging, core cutting and sampling are performed under the supervision of David H. Albert, P.Geo. David H. Albert, P.Geo., is a qualified person under National Instrument 43-101, has reviewed and is responsible for the technical content of this news release.

About the project

The Company's Western Lake St. Joseph project is located approximately 100km northeast of Sioux Lookout and 80km southwest of Pickle Lake in north-western Ontario. The project is composed of 27 contiguous mining claims covering an area of 6,864 hectares. The Western Lake St. Joseph project hosts a NI 43-101 resource estimate with Indicated Resources of 590,847,000 Tonnes at 28.84% Soluble iron (%SFe) and Inferred Resources of 415,757,000 Tonnes at 29.47% SFe using a cut-off grade of 18% SFe. These resources currently reach a vertical depth of 374m.

Additional Information

Additional information about the Western Lake St. Joseph project can be found in the January 2011 technical report filed on Sedar (www.sedar.com) titled: Technical report and mineral resources estimate on the Western Lake St. Joseph Iron Ore project, Ontario, Canada for Rockex Limited and Rockex Mining Corporation (the WGM-2011 report) by Watts, Griffis and McOuat.

For further information about Rockex, please visit the Rockex website at www.rockexmining.com.

Forward Looking Information: This news release may contain or refer to forward-looking information. All information other than statements of historical fact that address activities, events or developments that Rockex believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Rockex disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Rockex believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty therein. Historical data mentioned in this press release have not been verified.

Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Rockex Mining Corporation
    Pierre Gagne
    Chairman of the Board
    (807) 623-2626

    Rockex Mining Corporation
    Donald A. Sheldon
    Chief Executive Officer
    (416) 595-0147

    Rockex Mining Corporation
    Michael Borovec
    Vice President, Investor Relations
    (905) 244-4201
    michael.borovec@rockexmining.com
    www.rockexmining.com