ROK: TSX.V
VANCOUVER, Nov. 25 /PRNewswire-FirstCall/ - Roca Mines Inc. (ROK: TSX-V) ("Roca" or "the Company") announces that it intends to add to the mine life and long-term value of the MAX Molybdenum Mine through graduated expansion of the operation and systematic exploration to test newly developed drill targets.
The Company continues to move toward its planned 1,000 tonnes per day (tpd) production expansion to extend the mine life significantly. An exploration program has been developed to test high-grade priority targets that were recently identified close to existing mine development and for larger-scale porphyry targets below MAX, evidence for which continues to be evaluated and tested.
The Company remains highly leveraged to the price of molybdenum. Continuous operations have been maintained at MAX such that the Company can readily benefit from anticipated near-term improvement in price. Operating cash flows have been used to improve infrastructure in the mine, mill and tailings facilities, while the Company has remained debt-free. Cash costs of production for the nine months ended May 31, 2009 were US$5.87 per pound of molybdenum. Financial results for the year ended August 31, 2009 are being prepared and will be reported on shortly.
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