Rokmaster Resources Corp. (TSX-V:RKR) (LMA:RKR) is pleased to announce that it has entered into an arms’ length letter agreement dated May 4, 2015 pursuant to which it has agreed, subject to completion of due diligence and the receipt of regulatory approval, to purchase 80% of the issued and outstanding shares of Cream Minerals de Mexico, S.A. de C.V. from CCM’s two individual shareholders. Rokmaster also has the option to acquire the remaining 20% of the CCM Shares.
CCM is a private Mexican corporation that owns 100% of certain mining concessions making up the 2,560 hectare Nuevo Milenio silver-gold property located in the Tepic-Guachinango area in the State of Nayarit, Mexico.
The acquisition of the Milenio Project would represent a significant new land position for Rokmaster. The Milenio Project contains significant underexplored silver-gold mineralization with excellent strike, width and vertical dimension. The Company believes the Milenio Project has the potential to host Barqueno – El Rayo style gold-silver mineralization, both located about 100 kilometres to the southeast.
Terms of Acquisition
The aggregate purchase price payable to the Vendors for 80% of the CCM Shares is Cdn$600,000, or, in the alternative, 12,000,000 common shares of Rokmaster, and additionally Cdn$50,000 as reimbursement of certain expenses incurred by the Vendors. The Vendors have also granted Rokmaster the option to acquire an additional 10% in the shares of CCM on or before one year from Closing for 2,000,000 common shares of Rokmaster or Cdn$100,000, and a final option to acquire the remaining 10% of the common shares of CCM for 3,000,000 shares of Rokmaster or Cdn$150,000. Additionally, Rokmaster shall pay the Vendors the sum of $50 per lineal metre for trenching and $10 per metre of drilling carried out on the Milenio Project, up to a maximum of $1,000,000. If the Milenio Project is placed into commercial production, the Vendors shall choose to receive a bonus payment of $1,000,000 or a 3% Net Smelter Return (“NSR”), which NSR can be reduced by paying the Vendors $1,000,000 to 2% and be further reduced to 1% by paying to the Vendors an additional $1,000,000 and further reduced to 0% on payment of a final additional $1,000,000.
The Milenio Project
The concessions have a history of exploration and artisanal mining dating back to the 1500s, and contain numerous widespread silver-gold zones within a large volcanic hosted low sulphidation epithermal caldera system that includes lineal bonanza grade (example: 1,886.0 grams per tonne silver and 6.18 grams per tonne gold over a drill intercept of 3.11 metres starting 82.35 metres down hole (see Roca Mines Inc. news release dated March 15, 2010)) veins and broad lower grade intensely argillic altered stockwork zones (example: 90.9 grams per tonne silver and 0.49 grams per ton gold over a drill interval of 12.19 metres from 18.3 metres down hole)
Milenio Project Highlights:
The Company intends to explore for and develop large scale epithermal style silver gold mineralization that could have potential as a combination of underground/open pit(s) with both mill and heap leach processing methods.
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