ROCA Reports Second Quarter Results

    VANCOUVER, April 29 /CNW/ - Roca Mines Inc. (ROK: TSX-V) ("Roca" or "the
Company") has released its unaudited financial results for the three and six
month periods ended February 28, 2009, including production and sales from the
MAX molybdenum mine located in British Columbia, Canada. All dollar amounts
are stated in Canadian dollars unless otherwise indicated.

    Q2-2009 Highlights:

    -  Revenues of $11.6 million for September 1 to February 28, 2009;
    -  Cash flows from operations of $5.35 million or $0.06 cents per share
       during the six months ended February 28, 2009;
    -  Cash costs of Cdn$8.01 (approx. US$6.80) per lb of molybdenum produced
       during the six months ended February 28, 2009.
    -  Q1 and Q2 average molybdenum recoveries of approximately 95%; and
    -  Q1 and Q2 molybdenum in concentrate production of 679,697 pounds
       and 451,130 lbs respectively.

    Production Results and Concentrate Sales

    The Company announced that it had achieved its commercial production
targets on April 12, 2008 at its MAX molybdenum mine located in BC, Canada.
The mine became BC's first new metal mine in a decade and the newest primary
molybdenum mine in Canada.
    Revenues of $11.6 million for the six months ended February 28, 2009
result from concentrate sales during September 2008 through February 2009 and
reflect final and/or estimated final pricing at February 28, 2009. The Company
sells its concentrates to a UK-based buyer with sales revenues based on
average prevailing molybdenum oxide prices subsequent to delivery. The Company
has no hedging program nor has it sold forward any of its production.
    The table below is a summary of the operating statistics for the three
months ended February 29, 2008:

    MAX Mine Statistics                              Q2-2009
                                    DEC '08    JAN '09    FEB '09      TOTAL
    Molybdenum Produced (lbs)(1)     40,498    162,557    248,075    451,130
    Average Head Grade (% Mo)          0.50       0.73       0.87
    Molybdenum Recovery (%)            96.3       94.9       94.0
    Mill Availability (%)                98         97         98
    Average Daily Throughput (tpd)      311        467        498
         Note 1: molybdenum contained in concentrate

    During December 2008, a rockfall occurred underground at the mine which
impacted the immediate availability of production ore. The rockfall was
localized to the stope development area of the 875 metre level. No workers
were present on the level at the time and no one was harmed. The rockfall
posed no threat to other working areas of the mine, but did impact the
production schedule for the second quarter ending February 28, 2009. A
maintenance break originally scheduled between December 12 and December 29,
2008, was extended to excavate the rockfall and adjacent ore in the stope. The
mine recommenced production on January 8, 2009.
    Cash costs of production during the second quarter were higher than the
first quarter as result of higher costs and lower production during December
and substantially lower operating efficiencies given the twenty-seven day
shutdown between December and January. Cash costs averaged approximately
Cdn$9.35 per lb (US$7.57) of molybdenum during the second quarter ended
February 28, 2009. For the six months ended February 28, 2009 cash costs
averaged of Cdn$8.01 (approx. US$6.80) per lb of molybdenum sold.

    Financial Results

    The information in this news release and the selected financial
information should be read in conjunction with the unaudited financial
statements, and management discussion and analysis, for the three and six
months ended February 28, 2009, which will be available at Roca's website at
    During the six months ended February 28, 2009, the Company recorded
production revenues of $11,577,854 and a net loss of $11,850,042. Cash flows
from operations totaled $5,349,824 during the period. The Company was in the
development stage, had no revenues and a loss of $1,951,575 during the six
months ended February 29, 2008. General and administrative expenses increased
by approximately 15% over 2008, reflecting the Company's transition from
exploration and development-company to producer.
    During the three months ended February 28, 2009, the Company recorded
production revenues of $3,267,337 and a net loss of $6,780,592. The Company
recorded negative operating cash flows of $939,893 during the period because
of lower grade ore processed in December of 2008 and the significant
maintenance costs incurred after a rockfall occurred at the Max molybdenum
mine. Cash flows from January-February sales and from an equity issuance
completed during the quarter were used to offset these operating losses and to
successfully restart the operation. The investments in mine development and
underground maintenance at the mine ultimately allowed the Company to return
to positive cash-flow in the latter part of quarter.

    Summary Consolidated Statements of Operations and Loss:

                                        Six months ended  Three months ended
                                       February 28, 2009   February 28, 2009
    Total Revenues                            11,577,854           3,267,337
    Operating expenses                        (8,483,613)         (3,770,865)
    Write-down of inventories                 (1,702,788)         (1,268,201)
    Depletion, amortization, accretion       (19,419,789)         (8,427,552)
    Mining Loss                              (18,028,336)        (10,199,281)
    G&A, Stock-based comp., write-offs          (937,218)           (442,064)
    Loss from Operations                     (18,965,554)        (10,641,345)
    Other income                                 726,307             276,427
    Income and mining tax provision
     (recovery)                               (6,389,205)         (3,584,326)
    Net Loss for the Period                  (11,850,042)         (6,780,592)
    Loss per Share - Basic and Diluted             (0.14)              (0.08)

    Scott E. Broughton, P.Eng, is the qualified person responsible for the
preparation of this news release under National Instrument 43-101.

                               ROCA MINES INC.

                              "Scott Broughton"

                 Scott E. Broughton, P.Eng. - President & CEO

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    %SEDAR: 00018660E

For further information:

For further information: Investor Relations, Tel: (604) 684-2900, Fax:
(604) 684-2902, Email:, Web:

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