Rogue Iron Ore Corp.
TSX VENTURE : RRS

Rogue Iron Ore Corp.

March 05, 2012 07:30 ET

Rogue Iron Ore Intersects 354 Meters of 40% Total Iron at Radio Hill

- LONGEST INTERSECTION REPORTED TO DATE WAS 171 METERS OF 42% TOTAL IRON (RH-11-10, ANNOUNCED FEB 13, 2012)

- OTHER HIGHLIGHTS INCLUDE 93 METERS OF 38% TOTAL IRON AND 50 METERS OF 47% TOTAL IRON

- 10,000 METER DRILL PROGRAM UNDERWAY- NO SEASONAL DRILLING CONSTRAINTS

- METALLUGICAL TESTING INITIATED FEBRUARY 29, 2012 - TO PROVIDE CONCENTRATION CHARACTERISTICS, ENERGY REQUIREMENTS FOR BENEFICIATION, FLOWSHEET DEVELOPMENT

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2012) - Rogue Iron Ore Corp. (TSX VENTURE:RRS) (the "Company") is pleased to announce results from drilling at its Radio Hill Iron Ore Project, located 80 km southwest of Timmins, Ontario. Results announced today are significantly wider intersections than those previously announced by the Company. The current 10,000 meter drill program began in August 2011 with the objective of outlining a NI 43-101 complaint resource estimate. Approximately 6500 meters have been completed to date.

"These are the best intersections we've ever reported and we look forward to receiving additional results from current drilling at the central portion of the iron formation," commented Company President and CEO, Stephen de Jong. "Radio Hill's infrastructure advantages make it unlike other iron ore projects in Canada and we will continue to aggressively explore its production potential."

Table 1: Radio Hill Drill Highlights
Hole # From (m) To (m) Core interval (m) Total Iron % DTWR %
RH-10-01 71.0 425.0 354 40.2 30.5
RH-11-09 20.8 113.5 92.7 37.5 28.3
RH-11-18 19.4 68.9 49.5 47.3 37.8
RH-10-01 Davis Tube Weight Recovery % (DTWR%) was calculated using the Davis Tube technique, whereas for holes RH-11-09 and RH-11-18 the DTWR% was calculated: DTWR=1.546(Satmagan) - 0.858. Core intervals lengths are between 60 to 80% true width.

To view a diagram outlining geophysical targets as well as highlights from recent drilling please click on the following link:

http://www.brmstatpack.com/lt/1001/1242/rh-drill-highlights

As of March 1, 2012, the Company has completed 30 holes at Radio Hill. The first phase of drilling tested the geological constraints along the southern boundary whereas recent drilling has focused on the center of the deposit where the iron formation is thickened by isoclinal folding. Drill Hole RH-10-01 was drilled in October 2010 but was not sampled until Rogue's 2011 drill program. These results were received by the Company for the first time with other holes from the current program. Two additional holes were received with batch of assays; holes RH-11-19 and RH-11-23, but returned short intervals (<30m) of magnetite iron and are not reported in Table 1.

The outcome of the current drill program will be a NI 43-101 compliant resource estimate. Results to date appear to correlate with historical work. The Company is now attempting to incorporate the historical data into the preliminary resource model now underway. Historical analysis reported iron content as acid soluble which is different from today's XRF whole rock analysis. It appears the Davis Tube technique results are the more accurate measurement of recoverable iron. Davis Tube values will be correlated with the historic soluble iron results and a conversion calculation determined, if possible.

ABOUT RADIO HILL:

The Radio Hill property is transected by a heavy gauge portion of the CN Rail mainline at the active Kukatush rail siding. There is power and water in the immediate vicinity, and Highway 101 to Timmins is located only 8 km by road to the north of the present drilling. In addition to the strike length of the Radio Hill formation, the property contains a 12 km long geologic, feature known as the Nat River Iron Formation, which is easily identified in both Company geophysical magnetic and Government geological maps. The Nat River Iron Formation has not been explored aside from 6 diamond drill holes in a concentrated area in 1960.

* The historical estimates and feasibility values mentioned in this document are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101 ("NI 43-101"). Accordingly, the Company is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves. The term "ore" in this document is being used in a descriptive sense for historical accuracy, and is not to be misconstrued as representing current economic viability.

HISTORICAL WORK AT RADIO HILL

The Radio Hill project was first developed in the late 1950s and early 1960s by Kukatush Mining Corp. who spent an estimated $10 million in 2011 dollars on exploration and metallurgical work, including 140 drill holes and a number of metallurgical studies. Following resource definition, a study to determine the feasibility of a mine being put into production was conducted. The historical feasibility study conducted by FENCO Ltd. indicated a 3.5 concentration ratio (3.5 tons of iron ore produced 1 ton of concentrate) which would produce a high-grade concentrate of between 66% and 68.5%. At that time recovery and pelletizing tests were also conducted which included both laboratory and pilot testing of grinding, concentrating and pelletizing practices (Neal and Ridell, 1965). Historical metallurgical work indicated material from Radio Hill could be concentrated to a high-grade, high quality concentrate with minimal residual deleterious elements. (As background information for the reader, iron's benchmark price is commonly set using a 62% Fe concentrate with recent premiums for higher grade concentrations approximately $4 for every 1% higher than 62%, and even higher increases above the 65% level.) Although the rail bed was laid the 3.5km from the railway to Radio Hill, the project never advanced through to production due to weak iron prices. To help guide exploration strategies at Radio Hill formation the Company has used the historic resource of 427 million tons of 27.3% acid-soluble iron (Gerson, 1961) as a potential target.

QUALITY CONTROL AND ASSURANCE

All drill core samples have been split and shipped by the Company to SGS Lakefield, where the samples are prepared and analyzed by fusion with lithium tetraborate-XRF for SiO2, Al2O3, CaO, Fe2O3, K2O, MgO, TiO2, P, Mn and Cr2O3 and retained moisture (LOI) by multi-temperature. Satmagan readings are done on each sample. A magnetite concentrate is produced using Davis Tube concentrator (DT) giving a weight recovery percentage (DTWR). The concentrate is then analysed by fusion with lithium tetraborate-XRF for SiO2, Al2O3, CaO, Fe2O3, K2O, MgO, TiO2, P, Mn and Cr2O3 and retained moisture (LOI) by multi-temperature. The company inserts systematic duplicates, blanks and standard samples every 30 samples to verify and assure acceptable consistency of analysis. SGS labs are an internationally recognized leader in iron ore analysis. Kevin Montgomery, P.Geo. is the qualified person for the purposes of National Instrument 43-101 and has reviewed the technical contents of this press release.

X-ray fluorescence (XRF) spectroscopy is commonly used to determine the iron grade of a deposit, reported as 'total iron'. In the case of taconite iron formations where the mineral of interest is magnetite, a strongly magnetic mineral, a direct physical measurement is conducted using the Davis Tube test technique. In the instance of Radio Hill the Davis Tube results are the most important parameter, since it is this parameter that is used to calculate mineral resource estimates.

ABOUT ROGUE IRON ORE CORP.

Rogue Iron Ore is an iron exploration and development company with offices in Vancouver BC, and Timmins, ON. The Company's primary asset is its Radio Hill Iron Project located 85km southwest of Timmins, Ontario.

Key Company milestones expected in the near term are:

  • Ongoing results from drilling at Radio Hill Iron Project
  • Completion of Radio Hill resource estimate
  • Announcement of JVs or other partnerships on non-core assets
  • Appointment of key personnel to technical and management teams

ON BEHALF OF THE BOARD OF DIRECTORS

Stephen de Jong, President & CEO

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Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration activities, that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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