- Silicon Ridge Project (Québec) 2017 progress - optimized PEA, Agreements with Contract Operators and Processors plus Supply Agent Agreements with Buyers. The Project remains delayed in permitting.
- Additional developments in 2017 - created Advisory Group, secured drill permits to explore for gold potential at Radio Hill and acquired Snow White, an Ontario project permitted for production
- Snow White Project 2018 Plan - Resource and Development decision in Q2, Production potential in Q3
- Additional in 2018 - navigate Silicon Ridge through permits, identify additional assets that fit Rogue’s criteria
- A Corporate Update conference call will be held with investors on Wednesday, January 10th at 12:00 pm EST
TORONTO, Jan. 09, 2018 (GLOBE NEWSWIRE) -- Rogue Resources Inc. (TSX-V:RRS) (“Rogue” or the “Company”) is pleased to update investors regarding the Company’s progress in 2017 across its portfolio and to introduce the Company’s 2018 Plan.
“Last year was a very busy one for Rogue, as the Company continued to advance the Silicon Ridge Project until the permit delay in August. In Q4, the Company acquired the Snow White Project in Ontario, which already has an aggregate permit for unlimited production and we will now advance Snow White to a Development decision in Q2," said Sean Samson, President and CEO of Rogue Resources. “Consistent with the last two years, Rogue has a clear Plan for the upcoming year which outlines our intended activities and allows investors to understand the path forward for their Company.”
The work completed on Snow White at this stage is preliminary in nature and the limited drill data and metallurgical analysis are too speculative geologically to have economic considerations applied to them that would enable them to be categorized even as Mineral Resources. Rogue does not intend to complete a Pre-feasibility or Feasibility Study of Mineral Reserves demonstrating economic and technical viability before a Development decision to proceed into Production. This potential decision would be based on a Resource Report, the results of negotiated cost estimates, ongoing engineering and geochemical test work, the recent metallurgical test work, historic successful furnace tests as well as the securing of supply contracts for the Snow White quartz/silica products. Among the risks associated with any Development decision to proceed into Production is 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.
Highlights of Rogue’s 2017 Progress
On the Silicon Ridge Project in Québec:
- Completed the Public Consultation process, including a Public Meeting held in St-Urbain (March)
- Optimized PEA with 75% less Capex, Payback in less than One Year and an after-tax NPV(10%) of $23.8M (June)
- Partnered with Lintech, a Contract Processor and Leading Distributor of Specialty Minerals (June)
- Partnered with EJD, a local Contract Operator for initial work on the Project (July)
- Informed by the MFFP that the initial permit will be delayed until at least Spring 2018 (August)
- Completed surface trenching and mapping of the quartzite (August)
- Finalized Agreement to become Canadian Quartz Supply Agent for two silicon metal companies (September)
Additional:
- Created an Advisory Group with deep mining, project and commercial knowledge (January)
- Secured three-year exploration permits to drill prospective gold areas on the Radio Hill Project (November)
- Finalized acquisition of the Snow White Project in Ontario, an asset that meets Rogue’s prioritization criteria and has an existing Silica/Quartz Pit-Quarry Aggregate Permit (December)
Other than the Permitting setback in August, the Company completed the 2017 Plan as initially presented last February.
Rogue’s 2018 Plan
Rogue is pleased to outline the major events anticipated for 2018, as the Company drives forward towards a Development decision on its Snow White Project in Ontario, awaits permitting feedback on the Silicon Ridge Project in Québec and continues to try and identify and secure additional assets which meet the Company’s prioritization criteria.
Corporate Update Conference Call
This 2018 Plan will be discussed in detail on a conference call with management tomorrow at noon Eastern (9am Pacific, 6pm in Western Europe). Rogue CEO Sean Samson and VP, Technical Paul Davis will give a brief presentation followed by a question and answer period. Interested investors should forward questions in advance to questions@rogueresources.ca. Dial-in numbers to access the conference call as well as a new corporate presentation are now available through our webpage, www.rogueresources.ca. As with past calls, a playback of the call will be available online soon afterwards.
About Rogue Resources Inc.
Rogue is a mining company focused on generating positive cash flow. Not tied to any metal, it looks at rock value and good grade deposits that can withstand all stages of the metal 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.
Qualified Person
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.
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. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that the Company anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words “will”, “expect”, “anticipate”, “plan” and similar expressions.
In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the NI 43-101 technical report in respect of the Snow White Project; the ability of the Company to generate cash flow from any of the Company’s projects; the infrastructure and logistical features of the area surrounding the Company’s projects; and the timing of an investor conference call. 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.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/dfb98abd-a838-4385-a4a9-9baad769245e
For additional information regarding this news release please contact:
Sean Samson
info@rogueresources.ca
