NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES
- Partnered with Option Holders to shift certain payments to a capped royalty per tonne
- Snow White Resource Report is progressing and the planned Resource Report is now expected in late July
TORONTO, June 18, 2018 (GLOBE NEWSWIRE) — Rogue Resources Inc. (TSX-V:RRS) (“Rogue” or the “Company”) is pleased to report that it has entered into an agreement to amend the payment terms (the “Amendments”) for the Company’s previously announced acquisition of the Snow White quartz project, located near Massey, Ontario, Canada (“Snow White” or the “Project”). Rogue acquired the Project in December 2017 from a Sudbury-based prospector (see press releases dated October 20, 2017 and December 14, 2017).
To date, Rogue has made cash payments totalling CAD$50,000. Under the terms of the Agreement, Rogue has agreed to deliver additional cash payments of up to an aggregate of CAD$470,000 upon the earlier of achievement of certain production milestones and the end of 2023 (the “Payment Period”). Rogue has also agreed to make payments equal to a maximum of CAD$355,000 in the aggregate on the basis of $1.00 per tonne of production of silica removed from the Project.
The Rogue common shares to be issued over the Payment Period and the 2% net return royalty remain unchanged from the original acquisition agreement.
M.Plan International Limited (“M.Plan”) continues their preparation of an initial mineral resource estimate for the Main Zone at the Snow White Silica Project and a technical report (the “Resource Report”) that complies with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) will be filed by Rogue in compliance with NI 43-101. M.Plan is a joint venture between Dorfner ANZAPLAN GmbH (“ANZAPLAN”) and Micon International Limited formed specifically to provide consulting services in the specialty minerals sector.
The previously announced drill program (the “Drill Program”) is now complete and the final samples will be submitted for analysis to ALS Canada in Sudbury. Samples have also been delivered to ANZAPLAN’s metallurgical lab in Germany for analysis including further optical sorting and grade analysis. Rogue has used ANZAPLAN for testing quartz since 2016. The optical sorting test work has been completed and ANZAPLAN is nearing completion of the grade analysis which will be incorporated into the Resource Report.
The Company now expects the Resource Report to be completed and filed in late July, varying from the planned announcement in Q2 as presented in Rogue’s 2018 Plan (see press release dated January 9, 2018). Accordingly, an advancement decision in respect of development of the Project (the “Advancement Decision”) will not be made this quarter. The Company continues to push towards an Advancement Decision, both in making all arrangements at the Project to be able to quickly transition into production and in finalizing arrangements with buyers.
“We worked closely with our counterparties and believe that these Amendments are positive for the Company, positioning Snow White for success by deferring some of our payment obligations. Marketing continues in earnest with ongoing meetings with quartz buyers, who are very interested to see the results of the Resource Report, which we now expect to be announced in July”, said Sean Samson, President and CEO of Rogue Resources.
The work completed on Snow White at this stage is preliminary in nature. The risks associated with the Advancement Decision include, without limitation, the possibility that the zone will not be economically or technically viable and/or that development timetables, cost estimates and production forecasts may not be realized. Further, the Advancement Decision is not contingent on any demonstrated economic or technical viability of the Project, whether based on completion of a pre-feasibility study, feasibility study, the Drill Program, the Resource Report or otherwise.
About Rogue Resources Inc.
Rogue is a mining company focused on generating positive cash flow. Not tied to any commodity, it looks at rock value and good grade deposits that can withstand all stages of the commodity price cycle. The Company remains focused on advancing its silica/quartz business with the Snow White Project in Ontario and the Silicon Ridge Project in Québec, exploring its other assets, including the gold potential at Radio Hill, and identifying additional projects or mines that meet its criteria.
For more information visit www.rogueresources.ca.
The Company’s Projects are under the direct technical supervision of Paul Davis, P.Geo., and Vice-President of the Company. Paul is a Qualified Person (“QP”) as defined by NI 43-101. He has reviewed and approved the technical information in this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains certain statements or disclosures relating to the Company that are based on the expectations of its management as well as assumptions made by and information currently available to the Company which may constitute forward-looking statements or information (“forward-looking statements”) under applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “continue”, “potential” and similar expressions, or are events or conditions that “will”, “would”, “may”, “could” or “should” occur or be achieved.
In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the Drill Program and the timing and results thereof; preparation and filing of the Resource Report and the timing thereof; the Advancement Decision, the factors and contingencies contributing thereto and the timing thereof.
The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of the Company including, without limitation: business strategies and the environment in which the Company will operate in the future; commodity prices; exploration and development costs; mining operations, drilling plans and access to available goods and services and development parameters; regulatory restrictions; the ability of the Company to obtain applicable permits; activities of governmental authorities (including changes in taxation); currency fluctuations; the global economic climate; and competition.
The Company believes that the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: general economic, market and business conditions; the technical reports which may not be completed in the timelines anticipated, in the manner anticipated or at all; the Company’s properties may not have the results currently anticipated by the Company; the Company may be unable to resolve geological, mechanical, regulatory or operational issues in the timelines anticipated, in the manner anticipated or at all; increased costs and expenses; reliance on industry partners; risks related to operations, government and environmental regulation, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; risks in the marketability of minerals; fluctuations in the commodity prices; fluctuation in foreign exchange rates and interest rates; stock market volatility; and certain other risks detailed from time to time in the Company’s public disclosure documents including, without limitation, those risks identified in this news release, and in the Company’s most recent annual and interim management’s discussion and analysis, copies of which are available on the Company’s SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
CONTACT: For additional information regarding this news release please contact: Sean Samson firstname.lastname@example.org