Roca Mines Inc. (ROK:TSX.V) ("Roca") announces an Agreement has been signed with Homestake Canada Inc., a wholly owned subsidiary of Barrick Gold Corporation ("Barrick") to earn a 50% interest in the PBR (an acronym for Pillow Basalt Ridge) Property located approximately 20 km north of Barrick's Eskay Creek Mine in northwestern British Columbia.
The PBR was originally targeted and staked by Barrick in 1998 and comprises 16 claims (238 Units) covering approximately 60 sq.kms. The PBR is believed to host the same rock sequence (or stratigraphy) to that mapped overlying the Eskay Creek ore bodies.
Exploration work by Barrick indicated the Pillow Basalt Ridge drainages are geochemically anomalous for 'Eskay-suite' metals and in 2001 drilled the property targeting a buried Eskay type mudstone-rhyolite contact. A mineralized horizon was not encountered and drilling was terminated. The exploration program that Roca will complete will extend a previous hole and also test two other areas for the presence of the mudstone-rhyolite contact.
Subject to Regulatory approval, Roca will be operator and will pay Barrick 100,000 shares on signing, conduct a C$2 million work program over four years and pay Barrick a total of C$75,000 in cash or shares (at Roca's election) over four years to earn it's interest. Once Roca has vested, Barrick will have 120 days to elect to participate in a joint venture and become operator. In the event that Barrick elects not to participate, Roca may earn an additional 15% interest by spending an additional C$2.55 million. Barrick may then elect to participate at 35% or convert to a 3.5% Net Smelter Return.
The Eskay Creek Mine is one of North America's richest precious metal deposits and is a legend in the world mining and investment industry. Please visit www.rocamines.com for more information on the PBR and Roca's Foremore Property also located in the Iskut Camp, and www.barrick.com for information on the Eskay Creek Mine.
ROCA MINES INC.
Scott E. Broughton, P.Eng - President
For further information contact Scott Broughton or John Mirko at:
Tel: 604-684-5900 (Broughton Ext. 114 / Mirko Ext. 110)
Email: email@example.com / firstname.lastname@example.org
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