Rogue Resources Inc. is pleased to report that today it filed a technical report prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects for its 100% owned Silicon Ridge Project, located approximately 42 kilometres ("km") north of Baie-Saint Paul, Québec, and 4 km northeast of Sitec's operating silica mine.
The Technical Report entitled "NI 43-101 Technical Report on the Silicon Ridge Mineral Resources - Quebec, Canada" has an effective date of June 7, 2016 and supports the disclosure made by the Company in its June 7, 2016 news release (the "News Release") announcing the results of a preliminary mineral resource estimate for it Silicon Ridge Project. There is no material difference in the Technical Report from the information disclosed in the News Release.
With the filing of the Technical Report on SEDAR, the Company is focusing on the Preliminary Economic Assessment ("PEA"), scheduled for completion by Met-Chem Canada ("Met-Chem"), a division of DRA Americas, in September. As part of this focus, Rogue completed a Request for Proposals process with four (4) groups for the conceptual development and operating components of the project. The proposals will form the basis for the operating and capital estimates that will be incorporated into the PEA study.
Timmins-Radio Hill Property
As part of an ongoing review of non-core assets, the Company and the Radio Hill Optionors have executed an amendment (dated June 16, 2016) to the Radio Hill Option Agreement originally entered into on November 16, 2007, whereby the Company maintains its option on the iron ore mineralization, and now at the sole discretion of the Company, can either issue 100,000 shares of the Company or pay $50,000 to the Optionors on an annual basis. This amendment provides the Company greater flexibility in managing its cash reserves while continuing to maintain the option on the iron ore potential of the property. The TSX has provided regulatory approval to the amendment.
"Completing and filing this resource is another step forward for the Silicon Ridge project," said Sean Samson, President and CEO of Rogue Resources. "Work continues towards the PEA and I'm pleased with the detail and cost information we received from the contractors, all with direct quarry experience. Met-Chem's September PEA will now draw from quoted values for the major cost areas of the up-front capital expense (examples- road upgrading, site preparation) and ongoing operating expenses (examples- drill/blast, load/haul, crushing, sorting, road transfer). Discussions also continue with potential buyers of our material, as samples are being sent out this month for their analysis."