|
 |
|
|
|
 |
 |
|
|
2007
2006
2005 |
  |
| | May 03, 2006
Rochester Closes Canaccord Financing and Proceeds Agressively with its 2006 Mine Development and Exploration Program
|
| | Vancouver, Canada - Rochester Resources Ltd. (TSXV: RCT and OTCBB: RCTFF):
The Company is pleased to announce that it has closed the short form offering financing of $720,000 with Canaccord Capital Corporation ("Canaccord") acting as agent as previously announced on February 21, 2006. The offering consisted of 1,000,000 units ("Units") with each Unit consisting of one common share and one Warrant. Each Warrant entitles the holder to acquire one additional common share at an exercise price of $0.80 per share until May 3, 2008. Cash commissions, agent warrants and corporate finance fees as set out in the February News Release were paid to Canaccord. The net proceeds received by the Company from this offering, along with the proceeds from the exercise of any of the up to 2,725,000 warrants at $0.65 expiring on May 7, 2006, will be used to fund on-going work programs on the Company's Mina Real Property, to fund new property investigations and acquisitions, and for general working capital purposes.
An aggressive exploration and development work program is now underway and management expects that the road extension to the Tajos Cuates vein structure should be completed and the Phase 1 drill program on the Mina Real Property commenced by mid-May 2006. Drift development at the Florida mine site of the Mina Real Property has commenced and is progressing at the rate of approximately 5 meters per day in each of two adits.
Management expects to complete the executive planning and approval process for the construction of up to a 300 ton/day conventional milling operation by the end of May 2006 and to commence construction of the mill and related infrastructure shortly thereafter, subject to receipt of final environmental approvals and equipment availability.
Negotiations are also underway to acquire additional advanced mineral properties in the area.
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. |
| |
| | You can view the Next News Releases item: Thu May 11, 2006, Rochester Commences Trading on Frankfurt Exchange and Raises an Additional $1.7 Million from Exercise of Warrants
You can view the Previous News Releases item: Thu Apr 6, 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
You can return to the main News Releases page, or press the Back button on your browser.
|
|
|
|
|
|
|
