Rodinia Minerals Inc.

Rodinia Minerals Inc.

November 04, 2005 09:30 ET

Rodinia Minerals Inc.: News Release

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 4, 2005) -

This release is not for distribution to U.S. newswire services or for dissemination in the United States.

Rodinia Minerals Inc. (the "Company")(TSX VENTURE:RM) announces that it has negotiated the terms of an option and joint venture agreement with Patriot Power Corp., a private Nevada corporation, ("Patriot") pursuant to which Patriot can acquire from the Company a 60% interest in 209 recently staked unpatented lode mining claims located in Arizona (the "209 Claims"). Patriot will acquire its 60% interest in the 209 Claims upon Patriot exercising an option (the "Patriot Option") it holds to acquire a 100% interest, subject to Yellowcake Royalties totalling 3%, in 21 unpatented lode mining claims (the "Lake Claims"). The 209 Claims surround the Lake Claims. Upon the exercise by Patriot of the Patriot Option, the terms of the option and joint venture agreement provide that the Company will then hold a 40% joint venture interest in all 230 claims, subject to the Yellowcake Royalties totalling 3%. To exercise the Patriot Option, Patriot must pay US$1,300,000, issue 2,500,000 shares and 1,000,000 share purchase warrants and expend not less than an aggregate US$3,500,000 on exploration over four years. Under the terms of the option and joint venture agreement with the Company, Patriot is obliged to maintain the 209 Claims in good standing and is granted the right to conduct exploration and development work on them.

Eighteen of the Lake Claims were previously owned by Southern Union Gas Co. In his Overview Report dated April 16, 2005, Dr. Joe Montgomery notes that, according to a report prepared by Paul Johnson, PhD in April 1971:

- 57 holes were drilled between 1968-1970 by Southern Union and another 11 holes were drilled in 1971;

- the bulk of the drilling was conducted on one claim and produced a reserve estimate of 3.2 million pounds of U308 at an average grade of 1.06%;

- one 35 foot intersection ran as high as 2.35%;

- pitchblende is the main uranium-bearing mineral on the claims.

Dr. Montgomery is the qualified person who verified the technical data disclosed in this news release and he advises that the reader should be cautioned that the reserve estimates do not comply with National Instrument 43-101.

Management of Patriot has informed Rodinia that the drill permitting process will soon be concluded for the Lake Claims and drilling is expected to commence shortly thereafter.

Management of the Company is of the view that the option and joint venture with Patriot will compliment the Company's significant holdings of interest in uranium claims in Arizona, which include the Workman Creek Deposit in Gila County.


Donald Morrison, President

Shares Issued: 16,070,074

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

Contact Information