November 29, 2006 17:29 ET

RosCan Moves Ahead With its Silver Project in Sweden

TORONTO, ONTARIO--(CCNMatthews - Nov. 29, 2006) - ROSCAN MINERALS CORPORATION ("RosCan")(TSX VENTURE:ROS) is pleased to announce that the option agreement to acquire an undivided 80% interest in the Jokkmokk Silver Project (the "Jokkmokk Project") in north-central Sweden, in conjunction with Intrepid Mines Ltd., has been concluded (please refer to Roscan's April 27, 2006 news release for further information).

The Jokkmokk Project is located in Norrbotten County, a semi-remote, under-explored area, having good road and power access and within close proximity to the regional populated centre of Jokkmokk. The Jokkmokk Project is comprised of properties totalling approximately 10,435 hectares (25,800 acres) and is defined by four exploration permits, two of which, the Sakevare and Tjerkis, exhibit alteration with silver and base metal mineralization. Both are rated high drill target areas. The town of Lulea, with a population of 70,000, is within a driving distance of 3 1/2 hours from the Sakevare property and 1 1/2 hours from the Tjerkis property. Lulea is also the home of GeoVista AB, a Swedish geological consulting group previously affiliated with BHP Billiton. GeoVista AB has been contracted to provide claim management and logistical support to the Jokkmokk Project.

In the intervening months since April 2006, transfer of the operating licences from BHP Billiton was completed as was the receipt of key exploration data, including geophysical, geochemical and drilling information. A technical NI 43-101 compliant report is being prepared.

David Jamieson, BSc. (Jamieson Exploration Services) has been retained as project manager. In September, Mr. Jamieson completed a one week visit to the Jokkmokk Project properties, examined relevant historical exploration and government data and held discussions with Hans Lindburg, a consulting geologist with GeoVista, and others previously involved with the Jokkmokk Project properties. Following this evaluation, it was determined that some of the property was deemed to be of little value and were subsequently dropped.

During the 2003-2004 winter season, BHP Billiton completed a geophysical and geochemical survey over the properties, that identified several 2 to 5 kilometre geophysical features with favourable geology and chemistry. These were drilled the following year with 3 widely spaced reconnaissance holes some 500 metres apart which encountered anomalous silver-lead-zinc values in intercepts up to 23 metres. The intercepts exposed narrow zones of 1 to 3 metres with up to 66 g/t silver and up to 8% lead-zinc values. In one of the holes, base metal suphide mineralization occurred within 10 metres of the surface.

Work completed by BHP Billiton, prior to April 2006, confirmed that mineralization on the properties bore the characteristics of a silver-rich, lead-zinc deposit similar to world class deposits found at Broken Hill and Cannington, both located in Australia. Cannington's 2005 production of 43 million ounces of silver, grading twenty ounces silver per tonne with 10% zinc and 4% lead made it the world's largest single producer of silver. The best known silver-lead-zinc producer of this kind in Sweden is the Zingruven Mine which commenced production in 1997.

The Jokkmokk Project has the potential to host a world-class silver-lead-zinc deposit. The limited scope of the program completed by BHP Billiton, since 2003, demonstrated that the property contains silver-lead-zinc mineralization associated with conductors over an impressive five kilometre strike length.

In addition to the Jokkmokk Project, RosCan continues to evaluate opportunities to acquire advanced mineral projects in Russia, Mongolia and adjacent countries.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This press release is not for distribution to any U.S. news wire services or for dissemination in the United States of America.

This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements. Such forward-looking statements include comments regarding acquisitions, mineral resource statements and exploration program performance.

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Contact Information

  • RosCan Minerals Corporation
    William Chymyck
    (416) 293-8437
    (416) 293-3957 (FAX)
    Cobblestone Communications Inc.
    William Chymyck
    (519) 851-2242
    (519) 642-0839 (FAX)