Rogue completes six holes at Langmuir

2011-02-25 09:08 ET - News Release

Mr. Steve de Jong reports

ROGUE RESOURCES-CORPORATE UPDATE

Rogue Resources Inc. has provided an update on recent exploration and corporate activities.

Exploration.

The company has completed metallurgical and exploration drilling on itsLangmuir project. Six HQ holes have been logged and are now beingprepared by SRK for metallurgical testing. The company is now loggingthe seven NQ size exploration holes. These holes were drilled to testthe down dip extension to the east of the W4 deposit as well as forstratigraphy and mineralization between the W4 deposit and the W3target zone.

.

The company announces it has extended the payment terms on itsRadio Hill property such that the final $100,000 payment is not payableuntil Feb. 28, 2011. In exchange for this extension and subject toregulatory approval, the company will issue 100,000 shares to theoptionors.

The company has reviewed its financial and explorationcommitment to its Nevada Uke and Aphro properties, and has decided notto continue with these option agreements.

Private placement

The company has also closed the private placement announced inStockwatch on Nov. 9, 2010, for a total of 2,022,945 units at 40 centsper non-flow-through unit and 45 cents per flow-through unit, for totalproceeds of $879,678. Each of the units consisted of one flow-throughor non-flow-through common share and one non-flow-throughnon-transferable share purchase warrant entitling the holder topurchase one additional common share for 75 cents per share in thefirst year and $1 per share in the second year. Any shares issuedpursuant to the private placement are subject to a four-month holdperiod (1,870,445: April 18, 2011, and 152,500: May 26, 2011). Inconnection with the transaction, a cash commission totalling $46,800was paid to Strand Securities Corp., $10,240 to Redplug Capital and$4,920 to MacQuarrie Private Wealth Inc. The proceeds of the privateplacement will be used for exploration expenditures on the company'sOntario mineral properties as well as for general working capital.