| March 14, 2011 Rockex Appoints Armando Plastino as a director. | |
| TORONTO, ONTARIO--(Marketwire - 03/14/11) - Rockex Mining Corporation ("Rockex" or the "Corporation") (TSX:RXM - News) is pleased to announce the appointment of Armando Plastino as a director of Rockex, subject to regulatory approval. Armando Plastino recently retired as the Chief Executive Officer of Essar Global's Canadian subsidiary, Essar Steel Algoma Inc. in Sault Ste Marie, Ontario, after a career spanning nearly 39 years. Mr. Plastino was Chief Executive Officer of Essar Steel Algoma Inc. from April 2009 until his retirement in December 2010. Previously, he was Chief Operating Officer (from April 2008 until April 2009) and Vice President Operations (from March 2001 until April 2008). He will be continuing as a director of Essar Steel Algoma Inc. He is a 1972 graduate of Ryerson University in Toronto, Ontario. "We are pleased to have Armando join our team at Rockex," said Pierre Gagne, Chairman of Rockex. "His extensive experience in the steel industry, especially as a consumer of large quantities of iron ore, will significantly enhance the depth of our board in those areas. His understanding of the complexities of long-term iron ore and pellet contracts, as well as the spot market, will prove to be an invaluable asset to Rockex. He also has insights into mining operations and mine development, as Algoma has previously owned and operated iron ore mines in Northern Ontario to supply its integrated steel mill in Sault Ste. Marie. We are delighted to welcome him to the Board." The Corporation also announced that today the board of directors approved the grant of options, pursuant to its stock option plan, to the directors, officers and certain consultants of the Corporation to purchase a total of 3,410,000 common shares of the Corporation at an exercise price of $1.00 per share. (The market price of the common shares of the Corporation calculated in accordance with the rules of the Toronto Stock Exchange is $0.92 per share on the date hereof, being the volume weighted average trading price of the Corporation's shares on the exchange for the past five trading days.) The options have a term of five years subject to earlier termination in accordance with the Corporation's stock option plan. About Rockex Mining Corporation Rockex Mining Corporation, through its wholly-owned subsidiary, Rockex Limited, is a mineral exploration company based in Thunder Bay, Ontario focused on discovering and developing significant iron resources in Northwestern Ontario, Canada. Rockex Limited has a 100% direct interest in the Western Lake St. Joseph Iron Project, consisting of 23 contiguous mining claims covering a nominal area of approximately 5,392 hectares located approximately 100 kilometres northeast of Sioux Lookout and 80 kilometres south-southwest of Pickle Lake. In December 2010, Rockex Limited received a National Instrument ("NI") 43-101 Mineral Resources Estimate (the "Mineral Resources") for its Eagle Island deposit (the "Eagle Island Deposit") in its 100%-owned Western Lake St. Joseph Iron Ore Project 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 (see press release dated December 17, 2010). In addition, Rockex Limited holds a 100% interest in three other iron projects in relative close proximity to Rockex Limited's Western Lake St. Joseph Project: (i) East Soules Bay, a property consisting of 3 contiguous mining claims (768 hectares) in and along the eastern end of Lake St. Joseph, approximately 40 kilometres east of Rockex' 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. Rockex Limited also holds an option to acquire a 100% interest in 5 claims covering 1,024 hectares in close proximity to the central part of Lake St. Joseph - the Root Bay Project. Please visit the Corporation's website at www.rockexmining.com. Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release. Contacts: Rockex Mining Corporation Pierre Gagne Chairman of the Board 807 623-0661 pierre.gagne@rockexmining.com Rockex Mining Corporation 580 New Vickers Street Thunder Bay, Ontario P7E 6P1 www.rockexmining.com | |
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