VANCOUVER, BC--(Marketwired - July 20, 2016) -
- Files NI 43-101 Technical Report for Silicon Ridge Resource Estimate
- Continues to advance PEA Study with Met-Chem Canada
- Radio Hill Option Agreement Amended to Maintain Iron Ore Rights without annual cash fee requirement
Rogue Resources Inc. (TSX VENTURE: RRS) ("Rogue" or the "Company") is pleased to report that today it filed a technical report ("Technical Report") prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects for its 100% owned Silicon Ridge Project ("Project"), located approximately 42 kilometres ("km") north of Baie-Saint Paul, Québec, and 4 km northeast of Sitec's operating silica mine.
The Technical Report entitled "NI 43-101 Technical Report on the Silicon Ridge Mineral Resources - Quebec, Canada" has an effective date of June 7, 2016 and supports the disclosure made by the Company in its June 7, 2016 news release (the "News Release") announcing the results of a preliminary mineral resource estimate for it Silicon Ridge Project. There is no material difference in the Technical Report from the information disclosed in the News Release.
The Technical Report is available for review under the Company's profile on SEDAR (www.sedar.com) and on the Company's website (www.rogueresources.ca).
With the filing of the Technical Report on SEDAR, the Company is focusing on the Preliminary Economic Assessment ("PEA"), scheduled for completion by Met-Chem Canada ("Met-Chem"), a division of DRA Americas, in September. As part of this focus, Rogue completed a Request for Proposals process with four (4) groups for the conceptual development and operating components of the project. The proposals will form the basis for the operating and capital estimates that will be incorporated into the PEA study.
Timmins-Radio Hill Property
As part of an ongoing review of non-core assets, the Company and the Radio Hill Optionors have executed an amendment (dated June 16, 2016) to the Radio Hill Option Agreement originally entered into on November 16, 2007, whereby the Company maintains its option on the iron ore mineralization, and now at the sole discretion of the Company, can either issue 100,000 shares of the Company or pay $50,000 to the Optionors on an annual basis. This amendment provides the Company greater flexibility in managing its cash reserves while continuing to maintain the option on the iron ore potential of the property. The TSX has provided regulatory approval to the amendment.
"Completing and filing this resource is another step forward for the Silicon Ridge project," said Sean Samson, President and CEO of Rogue Resources. "Work continues towards the PEA and I'm pleased with the detail and cost information we received from the contractors, all with direct quarry experience. Met-Chem's September PEA will now draw from quoted values for the major cost areas of the up-front capital expense (examples- road upgrading, site preparation) and ongoing operating expenses (examples- drill/blast, load/haul, crushing, sorting, road transfer). Discussions also continue with potential buyers of our material, as samples are being sent out this month for their analysis."
About Rogue Resources Inc.
Rogue is a mining company focused on generating positive cash flow. Not tied to any metal, it looks at rock value and good grade deposits that can withstand all stages of the metal price cycle. The current focus is Quebec's Silicon Ridge Project. For more information visit www.rogueresources.ca.
The Silicon Ridge Exploration Project is under the direct supervision of Eddy Canova, P.Geo. (OGQ), and Senior Vice-President of the Company, a Qualified Person ("QP") as defined by National Instrument 43-101, assisted by Paul Davis, P.Geo., Technical Consultant to the Company and also a QP as defined by National Instrument 43-101. Both QPs have approved the scientific and technical content of this release.
On Behalf of Rogue Resources Inc.
President & CEO, Director
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.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this release constitute forward-looking statements, including timing of completion of the PEA Report. 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 that the Company's capable of raising additional capital, that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results 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, those matters identified in its continuous disclosure filings, including its most recently filed MD&A. Should any of such assumptions prove to be incorrect or such risks become actual events, than the value of the Company's securities may decline. 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.