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2007
2006
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| | April 06, 2006
Rochester Commences Aggressive Exploration and Development Work Program on its Mina Real Gold/Silver Property and Accelerates Expiry Date on 2,725,000 Warrants
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| | Vancouver, Canada - Rochester Resources Ltd. (TSXV: RCT and OTCBB: RCTFF): Mr. Douglas Good, President, is pleased to announce that the Company has closed on its option agreement on the Mina Real property concessions announced on January 14, 2006. Under the terms of this agreement, the Company has the right to earn up to a 51% interest in this gold/silver project comprising approximately 3,400 hectares of mineral properties located near the capital city of Tepic, in the state of Nayarit, Mexico (the "Mina Real Property").
An aggressive exploration and development work program is now underway including the extension of the existing road to obtain equipment access to the Tajos Cuates vein structure. The Phase 1 drill program at Tajos Cuates and continued drift development at the Florida mine site are expected to commence shortly.
Management believes it is in the Company's best interests to be in a position financially to move aggressively with the costing and pre-development infrastructure associated with the Company's Phase 2 development plan and commence construction of the processing plant once environmental approvals are obtained. Rather than raise additional equity capital and create further dilution for shareholders, the Company has today exercised its right to reduce the exercise period on 2,725,000 outstanding warrants, comprised of private placement warrants and agents warrants.
Pursuant to a private placement of units of the Company, the closing of which was announced on January 16, 2006, the Company issued common share purchase warrants, each of which entitles the warrantholder to purchase one common share of the Company at a price of $0.65 per share until January 16, 2008, subject to acceleration. If the volume-weighted average trading price of the Company's shares on the TSX Venture Exchange is $1.00 or more for a period of 10 consecutive trading days (the "Trading Target"), then the Company has the right to reduce the exercise period of the warrants by providing notice to the warrantholders.
As of the close of business on April 5, 2006, the Trading Target was achieved. Accordingly, the Company is today giving notice to the warrantholders that unless the warrantholders exercise their warrants before 4:30 pm on May 7, 2006, their warrants will expire and their warrant certificates will be void and of no effect. The proceeds from exercise of the warrants will be added to working capital and used to aggressively advance the development of the Mina Real gold silver property.
ON BEHALF OF THE BOARD
"Douglas Good"
Douglas Good, President & CEO
Investor information contact:
Douglas Good
Tel: (604) 484-6614
Forward Looking Statements
This Company Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. |
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| | You can view the Next News Releases item: Wed May 3, 2006, Rochester Closes Canaccord Financing and Proceeds Agressively with its 2006 Mine Development and Exploration Program
You can view the Previous News Releases item: Tue Feb 21, 2006, Rochester Arranges $720,000 Financing and Hires European Investor Relations Firm
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