Rogue Resources Inc.

Rogue Resources Inc.

November 23, 2010 09:02 ET

Rogue Resources Intersects 354.0 Meters of Iron Mineralization at Radio Hill, Estimated 73% True Width

- First Drill Program Since 1965 to Test Iron Potential at Radio Hill

- Historical 90 Million Tonne Resource Estimate Only Took Into Consideration Mineralization 150 Meters Below Surface

- Mineralization Confirmed to 320 Meters Vertically, Iron Formation Remains Open at Depth

- 4 Million Share Financing Underway, $0.40 NFT/ $0.50 FT

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2010) - Rogue Resources Inc. (TSX VENTURE:RRS) (the "Company") is pleased to announce preliminary visual results from the first hole drilled on the Radio Hill iron-ore project. Micon International Limited was contracted by the Company to assist with the drill program and logging core. 

To view the latest Company PowerPoint presentation updated with maps and pictures of Radio Hill drill core please click on the following links:

RH10-01 Cross-section:

Rogue Corporate Presentation:

"The historical90 million tonne resource estimate described in the recent Radio-Hill 43-101 Property of Merit report only took into consideration mineralization for the first 150 meters below surface. Drilling has confirmed mineralization is consistent to at least 320 meters and is still open at depth. Numerous historical estimates have been completed on the project, ranging from 90 to 427 million tonnes of 25 to 27% iron," comments Company President, Steve de Jong. "Given current iron-ore prices and the newly confirmed size potential of the iron formation we are expediting exploration. The Company's primary focus is to upgrade existing resources to NI 43-101 standards to ensure the true value of the project is realized.. The Company is currently weighing its options as to the most efficient value-adding approach to fund the upgrade of the project, be it through a share issuance or JV partner. We are expecting to close the current financing in the near future and will provide a planning update at that time. I encourage investors to visit the Company's interim website and view our latest corporate presentation."

A feasibility study was completed in 1965 by FENCO which included significant metallurgical work. In this study a 3.5 concentration ratio (3.5 tonnes of ore produce one tonne of 67% iron concentrate) ratio was used, showing the projects potential ability to produce a 67% concentrate. Upon completion of the study a railroad siding was built on the CN mainline specifically for Radio Hill, approximately 5 km from the project. It is believed production on the project was never realized due to falling iron prices at the time and the developer's inability to secure financing.

Radio Hill Diamond Drill Hole RH10-01:

The Radio Hill iron formation has never been adequately tested at depth. Drill hole RH10-01 confirmed the continuity of the iron formation down to a vertical depth of approximately 320 meters, similar to the depth of the existing historic resource estimate of 327 million tonnes of 27.3% iron. Although these are historic, non-NI 43-101 resource estimates and cannot be relied upon the Company feels they provide valuable insight into the potential of the project.

Radio Hill diamond drill hole RH10-01 was 446 meters long and intersected iron formation from 71 to 425 meters for a total length of 354 meters, before terminating in footwall volcanics. The hole was drilled from north to south at a dip of -50 deg., representing an approximate, estimated true width of 260 meters, or 73% of the intersection. The thickened portion of the iron formation remains open down-dip to the north and down plunge to the northwest, indicating further drilling is required to test the potential at depth as well as determine if the higher grade iron section indicated in historic drill sections continues to expand.

The iron formation intersected by hole RH10-01 consists of magnetite interbedded with variable thicknesses of chert and chert-silicates. No siderite and only very limited sulphide iron formation was intersected.

The drill hole has been logged and samples have been selected for analysis. The samples are now cut and/or split and will be sent shortly to an independent commercial lab for Davis Tube iron analyses.

The Company also announces it has launched an interim webpage with information and reports regarding its various projects, financing information and an updated corporate presentation. The new site can be viewed at

Kevin Montgomery, P.Geo., is the qualified person for the purposes of National Instrument 43-101 for the Company's Radio Hill Project. The contents of this press release have been reviewed and approved by Mr. Montgomery.


Rogue Resources is an advanced stage exploration company, with offices in Vancouver, British Columbia and Timmins, Ontario. In addition to its Radio Hill iron-ore project it is currently exploring the Langmuir nickel deposit in Ontario, Carlin type gold occurrences in Nevada, volcanogenic massive sulphide deposits in the Bathurst camp in New Brunswick and several gold targets in northern and western Ontario.

* The historical estimates contained in this news release 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 release is being used in a descriptive sense for historical accuracy, and is not to be misconstrued as representing current economic viability.

This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release, including statements regarding the possible completion of a private placement and use of the proceeds from the proposed private placement, constitute 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 will obtain required regulatory approvals of, and investor participation in, the proposed private placement and that 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 the Company will be unable to obtain required regulatory approvals and investor participation in the proposed private placement on a timely basis or at all, 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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