Rocmec Reaches $26 Million Agreement With Shamrock One Capital For Rocmec 1

Wednesday, October 24, 2012 2:06 PM

Rocmec Mining Inc. (TSXV: RMI) reached an agreement Wednesday with Shamrock One Capital, LLC, a company focused on commercial mortgage loans and enterprising financing, regarding Shamrock One receiving 49% interest in Rocmec’s Rocmec 1 project, located in the Dasserat Township, Quebec. Rocmec says Shamrock One will pay $2 million Nov. 15, $14 million Dec. 15 and $10 million Jan. 15 for a total of $26 million. Rocmec 1 has measured and indicated resources of 119,500 ounces of gold and inferred resources of 359,600 ounces gold from a NI 43-101 released on SEDAR June 1 , the company says. Rocmec is a Canadian-based development company using a patented “thermal fragmentation” process to explore narrow high-grade precious metal veins. The company currently has projects in Canada and Peru.