Rockex Mining Corporation
TSX : RXM

Rockex Mining Corporation

June 10, 2013 07:35 ET

Rockex Mining Achieves Significant Milestone with Metallurgical Testing on Eagle Island Deposit

THUNDER BAY, ONTARIO--(Marketwired - June 10, 2013) - ROCKEX MINING CORPORATION ("Rockex" or the "Company") (TSX:RXM) is pleased to announce that positive metallurgical test results were obtained from representative samples from the Eagle Island Deposit in its 100%-owned Western Lake St. Joseph Iron Project in northwestern Ontario. The test work, which was overseen by Met-Chem Canada Inc. and undertaken by SGS Mineral Services from Lakefield, Ontario, yielded favourable iron ("Fe") recoveries of up to 80% and Fe concentrate grades of up to 65%. These results confirm the successful pilot plant study conducted by Algoma Steel Company Ltd. in 1974. The metallurgical testing phase has been the longest phase within the Company's planned preliminary economic assessment.

"With the completion of this phase, the hardest and longest section is now behind us, and we are confident that the PEA report will be completed in the third quarter of this year," said Edward (Ted) Yew, Rockex's President and Chief Executive Officer. "With the completion of metallurgical testing which achieved exceptional results of up to 80% Fe recoveries and up to 65% Fe concentrate grade, we are significantly closer to proving that we have a positive and economically viable project in Ontario that could supply iron to the steel market for generations."

The preliminary economic assessment is being designed to assess the capital and operating costs of starting up and carrying on mining operations at Rockex's Western Lake St. Joseph Iron Project, as well as helping to define the additional exploration and development drilling, testing and other studies that need to be completed to progress toward a bankable feasibility study. One aspect being considered is a proposal to transform the iron ore into Hot Briquetted Iron ("HBI"), a product having 92-95% iron content, to feed the North American Electric Arc Furnace industry and the 'grey foundry' industry concentrated in the industrial heartland of the United States immediately south of the Great Lakes, an area in close proximity to Rockex's properties in northwestern Ontario. HBI is considered to be a cleaner, higher quality metallic iron feedstock for the steel industry. With the Company's close proximity to natural gas and power transmission lines for upgrading the ore and to multiple railroads and transportation infrastructure for delivering the Company's products to the North American and Global markets, the Company believes that there are clear advantages that the Company can have over the current South American HBI and merchant pig iron suppliers.

About Rockex

Rockex's Western Lake St. Joseph Project -- which includes the Eagle Island Deposit, as well as additional potential deposits at Wolf Island and Fish Island -- consists of a 100% interest in 23 contiguous mining claims and covers a nominal area of approximately 5,392 hectares located approximately 100 kilometres northeast of Sioux Lookout and 80 kilometres south-southwest of Pickle Lake. Rockex received a NI 43-101 mineral resources estimate for its Eagle Island Deposit concluding that, at an 18% cut-off grade, there are Indicated Mineral Resources of 590,847,000 tonnes grading 28.84% Fe and Inferred Mineral Resources of 415,757,000 tonnes grading 29.47% Fe in the Eagle Island Deposit (see press release dated February 3, 2011 and the related Technical Report filed on SEDAR).

In addition, Rockex holds a 100% interest in four other iron projects in relatively close proximity to the Western Lake St. Joseph Project: (i) East Soules Bay, a property consisting of 9 contiguous mining claims (1,408 hectares) in and along the eastern end of Lake St. Joseph, approximately 40 kilometres east of Rockex's Western Lake St. Joseph Iron Project, (ii) the Doran Lake Property consisting of 4 contiguous mining claims (832 hectares) in and along the north shore of Doran Lake, south of Lake St. Joseph, approximately midway between the Western Lake St. Joseph Iron Project and the East Soules Bay Project, (iii) the Root Lake Project, a property consisting of 4 contiguous claims (832 hectares), approximately 100 kilometres north of Sioux Lookout near the central part of Lake St. Joseph and (iv) the North Spirit Lake Property in Buckett Lake and Hewett Lake Townships, Red Lake Mining Division, District of Kenora, consisting of eight contiguous mining claims covering 1,536 hectares.

For further information, please visit the Rockex's website at www.rockexmining.com or at www.sedar.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, including statements regarding the development of a preliminary economic assessment, a preliminary feasibility study and a bankable feasibility study. This forward-looking information is subject to a variety of risks and uncertainties beyond Rockex's ability to control or predict that may cause actual events or results to differ materially from those described in such forward-looking information. Any forward-looking information 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 information, whether as a result of new information, future events or results or otherwise. Although Rockex believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and, accordingly, undue reliance should not be placed on this forward-looking information due to the inherent uncertainty thereof.

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
    Edward (Ted) Yew
    President and Chief Executive Officer
    (647) 241-7202
    edward.yew@rockexmining.com

    Rockex Mining Corporation
    Stephen Stewart
    (416) 644-1571

    Rockex Mining Corporation
    Pierre Gagne
    Chairman of the Board
    (807) 623-2626
    www.rockexmining.com