TORONTO, ON–(Marketwired – July 07, 2017) –
- Files Preliminary Economic Assessment for the Silicon Ridge Project
- Chooses Baie-Saint-Paul based Enterprise Jacques Dufour et Fils as Contract Operator
- To start initial stripping on the Project in late July, for permitted surveying of the deposit
- Remains on-track for Production this year, but requires Permits this summer, complicated by a recent work stoppage by Engineers inside the Québec Government
Rogue Resources Inc. (TSX VENTURE: RRS) (“Rogue” or the “Company”) is pleased report the filing on SEDAR of a Preliminary Economic Assessment report (“PEA”) prepared in accordance with National Instrument 43-101 — Standards of Disclosure for Mineral Projects for its 100% owned Silicon Ridge Project (“Project”), located approximately 42 kilometres (“km”) north of Baie-Saint Paul, Québec, and 4 km northeast of Sitec’s operating silica mine.
Preliminary Economic Assessment
The PEA entitled “Preliminary Economic Assessment Update: NI 43-101 Technical Report — Silicon Ridge, Québec, Canada” has an effective date of May 23, 2017 and supports the disclosure made by the Company in its May 23, 2017 news release (the “PEA News Release”) announcing the results of an optimized PEA for it Silicon Ridge Project. There is no material difference in the PEA from the information disclosed in the PEA News Release. The PEA is available for review under the Company’s profile on SEDAR (www.sedar.com) and on the Company’s website (www.rogueresources.ca).
The PEA is preliminary in nature and includes inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Contract Operator Selection
After a competitive process, Rogue is pleased to announce the selection of Enterprise Jacques Dufour et Fils (“EJD”) as Contract Operator for the initial work on the Project. Rogue chose EJD for this initial stage because of its reputation for quality with over 50 years of experience and their focus on respect for stakeholders, clients, employees, budgets, timelines and the environment.
“We are excited to partner with Rogue and initiate stripping at Silicon Ridge,” said Gilles Dufour, President of EJD. “This is an important project for our community and we wanted to be involved.”
“EJD is a great fit with Rogue and we were impressed by their proposal, especially our shared focus on respect for the environment,” said Sean Samson, President and CEO of Rogue.
Summer stripping program
Working with EJD, starting in late July, the Company will initiate its approved, fully funded exploration work program on the Silicon Ridge Project (see April 27, 2017 news release). This work includes the stripping of overburden from approximately 4,500 square metres of area to expose the bedrock for detailed mapping and sampling and to confirm the depth of the overburden in the area. Once permitted and if a positive development decision is made, this information will benefit the Company by providing important data regarding the continuity of quartzite quality and to improve the estimate of overburden volumes to be removed from the potential first area to be quarried. The Company will meet all required conditions as provided by the Ministère des Forêts, de la Faune et des Parcs (“MFFP”) to complete the proposed exploration work.
Corporate Update
The 1,400 engineers of the Association professionnelle des ingénieurs du gouvernement du Québec (APIGQ) were on strike from May 24 until the union suspended the strike on June 13. According to media reports, this “paralyzed 250 work sites across the province” and, Rogue assumes this three week period has added to our expected timeline for permitting. Rogue has not been formally updated by any of the three ministries about a delay resulting from the APIQC strike and still anticipates being fully permitted this summer.
2017 – moving into Production:
http://www.marketwire.com/library/MwGo/2017/7/7/11G142364/Images/RogueChart-b134d9cb6f1fb74bb93d1e118266277c.jpg
“Rogue remains on-track with its 2017 Plan,” said Sean Samson, President and CEO of Rogue. “If we secure Permits this summer, we hope to have buyer(s) in place and financing arranged, allowing us to remain on track with the 2017 project schedule. Everything has been advancing well and we hope that the APIGQ strike does not delay or derail us.”
About Enterprise Jacques Dufour et Fils
Enterprise Jacques Dufour et Fils is a leading civil engineering, road construction and quarry operations / crushing company, based in Baie-Saint-Paul, Québec. Founded in 1962 and now employing more than 200 people, EJD is a leader in the Charlevoix community. For more information visit www.entreprisesjacquesdufour.com
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 current focus is Québec ‘s Silicon Ridge Project. For more information visit www.rogueresources.ca
Qualified Person
The Silicon Ridge Project is under the direct supervision of Paul Davis, P.Geo., VP, Technical and Director of the Company and a QP as defined by National Instrument 43-101. The QP has approved the scientific and technical content of this release.
On Behalf of Rogue Resources Inc.
Sean Samson
President & CEO, Director
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: Certain disclosures in this release may constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company’s current beliefs as well as assumptions made by and information currently available to the Company, and that actual results are consistent with management’s expectations. These statements include, among others, statements with respect to development activities and their timing, resource estimates and potential mineralization, the PEA, including estimates of capital costs, anticipated internal rates of return, mine production, processing recoveries, mine life, estimated payback periods and net present values, plans to decide if the project and resources to be quarried. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, those matters identified in its continuous disclosure filings, including its most recently filed MD&A, changes in regulatory environments, environmental compliance, operating and capital cost escalation, ability to raise project financing and silica pricing. Additional factors include delays in obtaining or inability to obtain required regulatory approvals, permits or financing, risk of unexpected variation in mineral resources, grade or recovery rates, processing plant failure, equipment or processes to operate as anticipated, of accidents, labour disputes, the risk that estimated costs will be higher than anticipated, the risk that the proposed mine plan and recoveries will not be achieved, equipment breakdowns, bad weather timing and success of development activities, mineral resources are not as estimated, title matters, third party consents, operating hazards, product prices, political and economic factors, competitive factors and general economic conditions. Should any of such assumptions prove to be incorrect or such risks become actual events, than the value of the Company’s securities may decline. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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For additional information regarding this news release please contact:
Sean Samson
[email protected]
