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Rockex Listing Under Review

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Rockex Listing Under Review

 

 

 

 

Rockex Mining Corporation (TSX:RXM) announces that it has received notice from the Toronto Stock Exchange that its listing is under review for a period of 120 days as a result of falling below the Exchange’s ‘public float’ requirements – namely, having publicly traded shares with a market value of at least $2,000,000 held by shareholders who are not officers, directors, insiders or their associates or affiliates. In the event that the Company is unable to regain compliance with the Exchange’s listing requirements within the Remedial Review Period a meeting will be held with the Exchange wherein the Company will be given the opportunity to present a case to maintain its listing. If the Exchange is not convinced with the Company’s case presented at the meeting, the Exchange will give the Company 30 days’ notice of the intention to de-list its shares from the Exchange. The Company is reviewing the situation with a view to rectifying the public float deficiency which is, in part, a consequence of the officers and directors holding approximately 62% of the issued and outstanding shares. The Company is confident that it should be able to regain compliance with the Exchange’s requirements during the Remedial Review Period.

 

About Rockex
 

Rockex’s Western Lake St. Joseph Project – which includes the Eagle Island Deposit, as well as additional potential deposits at Wolf Island and Fish Island – consists of a 100% interest in 23 contiguous mining claims and covers a nominal area of approximately 5,392 hectares located approximately 100 kilometres northeast of Sioux Lookout and 80 kilometres south-southwest of Pickle Lake. Rockex received a NI 43-101 mineral resources estimate for its Eagle Island Deposit concluding that, at an 18% Soluble Iron cut-off grade, there are Indicated Mineral Resources of 590,847,000 tonnes grading 28.84% Fe and Inferred Mineral Resources of 415,757,000 tonnes grading 29.47% Fe in the Eagle Island Deposit

 

Rockex holds a 100% interest in three other iron projects in relative close proximity to the Western Lake St. Joseph Project: (i) East Soules Bay, a property consisting of 9 contiguous mining claims (1,408 hectares) in and along the eastern end of Lake St. Joseph, approximately 40 kilometres east of Rockex’s Western Lake St. Joseph Iron Project, (ii) the Doran Lake Property consisting of 4 contiguous mining claims (832 hectares) in and along the north shore of Doran Lake, south of Lake St. Joseph, approximately midway between the Western Lake St. Joseph Iron Project and the East Soules Bay Project and (iii) the Root Lake Project, a property consisting of 4 contiguous claims (832 hectares), approximately 100 kilometres north of Sioux Lookout near the central part of Lake St. Joseph.
 

In addition, Rockex holds a 100% interest in another iron project, the North Spirit Lake Project, a property consisting of eight contiguous mining claims covering 1,536 ha 170 km northeast of Red Lake in Buckett Lake and Hewett Lake Townships.

Posted May 27, 2013

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