VANCOUVER, April 4 /CNW/ - Roca Mines Inc. (TSXV: ROK) ("Roca" or "the Company") announces that it has advanced its
geotechnical work and development/operating plans for the MAX
Molybdenum Mine and is targeting June 2011 to restart production.
In addition to rehabilitation and general maintenance at the site, a
geotechnical program to survey the existing stope and mapping of other
workings has been completed. The preparation of a monitoring program
based on this work is nearing completion and will enhance existing
geotechnical monitoring. Data collected to date shows no changes to the
stability of the workings or mine access. The monitoring program and
amended mine plan will be submitted to BC's Chief Mines Inspector
shortly for a final review.
In parallel with the activities described above, the Company has been
working with its various contractors to establish mobilization dates
for critical path work in April. These tasks include stope development
and long-hole production drilling prior to restarting production. In
addition, various contractors are reorganizing staffing and management
for the mill and other operations at site. The mining industry is
currently extremely competitive for services and personnel and the
Company is pleased that its contractors and staff are able to deliver
in a timely fashion.
The Company is also currently reviewing its alternatives to fund the
current working capital requirement to restart the mine and an update
on this plan will be provided shortly.
Management's goal to restart production at the MAX molybdenum mine and
to advance its permitted 1,000-tonne-per-day expansion plans will
reduce unit costs and preserve the opportunity to produce concentrates
in an appreciating price environment. Molybdenum oxide currently trades
at approximately US$17 per pound.
ROCA MINES INC.
Scott E. Broughton, P.Eng. - President and CEO
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 release.
SOURCE Roca Mines Inc.
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