|February 23, 2015|
Rockex Mining Corporation Striking While the Iron is Hot
|TORONTO, CANADA – February 23, 2015 – Rockex Mining Corporation ("Rockex" or the "Corporation") (CSE: RXM) announces that it proposes to capitalize on low iron-ore prices to seek out acquisition and strategic growth partners to advance the company's 100% held Western Lake St. Joseph Project ("Lake St. Joseph") located approximately 100 kilometres northeast of Sioux Lookout, ON. Pierre Gagné, Rockex Mining Corporation's Chairman declared, "We see this as an opportunity to strike while the Iron is hot. The current market conditions promote increased M&A activity, and we are actively seeking a partner to advance the project."|
In Q3 of 2013, the Corporation released a National Instrument 43-101 compliant Preliminary Economic Assessment (PEA) which defined Lake St. Joseph as a world class iron ore deposit. Since the release of the PEA, Rockex has been working diligently to move the project into the Feasibility stage. These efforts include closely examining methods that will optimize iron ore recovery. The main objective is to design and develop the project with a view to enhancing shareholder value. Specifically, the Corporation is actively exploring the Hot Briquetted Iron ("HBI") method for producing premium iron units for steel making. Rockex has commenced preliminary discussions with leading HBI experts, and is optimistic that this dialogue will contribute to future project success.
Pierre Gagné commented, "The project has been in a "low spend" period as a result of the current state of the capital markets. Rockex requires additional support to undertake the Feasibility process and we are pleased to be receiving support from the Municipality of Sioux Lookout. Their approach is progressive and has led to Rockex gaining significant momentum."
Vicki Blanchard, Sioux Lookout's Economic Development Manager said, "After reviewing Rockex's PEA Sioux Lookout knew it needed to throw their full support behind them. This is not a small iron ore deposit; it contains more than a billion tones of iron resources as outlined in the Corporation's recent PEA and has the potential to create hundreds of jobs for the Sioux Lookout region. It could help to pave the way to opening the Ring of Fire east-west corridor."
Rockex is pleased to announce its participation at the Prospectors and Developers Association of Canada Convention (PDAC) being held from March 1st to 4th at the Metro Toronto Convention Centre. Current and future shareholders are encouraged to visit the Rockex Management team at booth 3048 in the Trade Show & Investors Exchange on Sunday March 1st to Wednesday March 4th.
Rockex's Western Lake St. Joseph Project - which includes the Eagle Island Deposit, as well as additional potential deposits at Wolf Island and Fish Island - consists of a 100% interest in 13 contiguous mining claims and covers a nominal area of approximately 2,592 hectares located approximately 100 kilometres northeast of Sioux Lookout and 80 kilometres south-southwest of Pickle Lake. Rockex received a NI 43-101 mineral resources estimate for its Eagle Island Deposit which defined 1,287 million tonnes of Indicated Resources at a grade of 28.39% Fe and 108 million tonnes of Inferred Resources at a grade of 31.03Fe (see National Instrument 43-101 compliant report filed on Sedar on October 11,2013).
On October 13, 2013, Rockex publicly released a positive National Instrument 43-101 report (the "Report") summarizing the results of a formal Preliminary Economic Assessment (the "PEA") prepared by Met-Chem Canada Inc. for the Corporation's 100% owned Eagle Island Project in northwestern Ontario. The Report and the comprehensive initial news release dated August 27, 2013 announcing the results of the PEA can be viewed on the Corporation's SEDAR site at www.sedar.com and on Rockex's own website at www.rockexmining.com.
In addition, Rockex holds a 100% interest in four other iron projects in relatively close proximity to the Western Lake St. Joseph Project: (i) East Soules Bay, a property consisting of 3 contiguous mining claims (160 hectares) and 20 non-contiguous mining claims (800 hectares) in and along the eastern end of Lake St. Joseph, approximately 40 kilometres east of Rockex's Western Lake St. Joseph Iron Project, (ii) the Doran Lake Property consisting of 1 contiguous mining claims (192 hectares) in and along the north shore of Doran Lake, south of Lake St. Joseph, approximately midway between the Western Lake St. Joseph Iron Project and the East Soules Bay Project, (iii) the Root Lake Project, a property consisting of 5 contiguous claims (1.152 hectares), approximately 100 kilometres north of Sioux Lookout near the central part of Lake St. Joseph and (iv) the North Spirit Lake Property in Buckett Lake and Hewett Lake Townships, Red Lake Mining Division, District of Kenora, consisting of eight contiguous mining claims covering 1,536 hectares.
Please visit the Corporation's website at www.rockexmining.com
This news release may contain or refer to forward-looking information. All information, other than statements of historical fact, that address activities, events or developments that Rockex believes, expects or anticipates will or may occur in the future are forward-looking statements, including statements regarding the production of HBI, estimated resources, grades, recovery rates, production rates, rates of return, capital costs, operating costs, sales prices and other aspects of the PEA. Such forward-looking information is subject to a variety of risks and uncertainties beyond Rockex's ability to control or predict that may cause actual events or results to differ materially from those described in such forward-looking information. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Rockex disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although Rockex believes that the assumptions inherent in the forward- looking information are reasonable, forward-looking information is not a guarantee of future performance and, accordingly, undue reliance should not be placed on this forward-looking information due to the inherent uncertainty thereof.
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Rockex Mining Corporation
Chief Executive Officer
Rockex Mining Corporation
Chairman of the Board
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