Rogue Resources Inc.

Rogue Resources Inc.

December 15, 2010 10:10 ET

Rogue Resources Purchases Exploration Complex for Ontario Operations

- Five year lease signed with tenant, HydroOne Networks Inc., formerly known as Ontario Hydro, who together with other tenants will cover mortgage costs and contribute to positive cash flow

- No cash expended in acquisition

- Facilities originally used by Falconbridge for regional exploration programs

- Extensive core cutting/logging facilities, core storage, equipment storage, office space

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 15, 2010) - Rogue Resources Inc. (TSX VENTURE:RRS) (the "Company") is pleased to announce it has purchased exploration facilities in Timmins, Ontario from which it will base its Eastern Ontario operations. Hydro One Networks Inc., formerly known as Ontario Hydro, has signed a five year lease for over 12,000 square feet of office, shop and storage space within the office complex and an adjacent building on the property as well as for 40,000 square feet of yard space. This lease covers the majority of overhead costs associated with the Company's Ontario operations. The lease, when combined with rent collected from other exploration companies using the facilities, contributes to a positive cash-flow allowing the Company to continue to position itself financially and operationally to achieve both its near term and long term exploration and project development goals.

"Management will continue to look for every opportunity to realize value, control its operating/overhead costs and structure the Company's finances to ensure the maximum amount of funds go towards exploration. The purchase of the Timmins complex allows the Company to run its Ontario operations out of a first class facility while, through its various tenants, generating a positive cash flow which can be applied to other administration costs," comments Company President, Steve de Jong. "The Board of Directors and management have worked tirelessly to create an aggressive plan for the Company as it emerges from the recent share consolidation, and the purchase of these facilities is a perfect fit as we continue to build a strong foundation from which to move the Company forward."

The Company also announces it is conducting an evaluation of its Uke/Aphro gold project and expects to provide an update next week. The project was acquired in 2004/2005 and has seen little exploration work since, in spite of gold prices continuing to appreciate. Drilling has been completed by Newmont in the past, with numerous mineralized trends identified which were not believed to be economic when gold prices were at much lower levels.

The Company announces an amendment to its private placement news release of November 9, 2010. The Company intends to raise between $1.6 million and $1.8 million in a non-brokered private placement through the issuance of up to 4.0 million units at a price of $0.40 per non-flow through unit and $0.45 per flow through unit. Each of the non-flow through units will consist of one non-flow through common share and one half of one non-flow through share purchase warrant. Each of the flow through units will consist of one flow through common share and one half of one non-flow through share purchase warrant. Each full purchase warrant entitles the holder to purchase one additional common share for two years at a price of $0.75 per share in the first year and $1.00 per share in the second year.

To view the latest Company PowerPoint presentation, please click on the following link:


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. 

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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