|March 21, 2016|
Rosita Mining Advancing Copper and Gold Recovery Studies for its Stockpile Resources in Nicaragua
Preliminary process design is being evaluated in advance of a PEA Study
Toronto, Ontario - March 21 2016: Rosita Mining Corporation (RST: TSX-V) ("Rosita" or the "Company") is pleased to provide the following update on the progress of metallurgical test work and engineering on the Santa Rita stockpile and tailings project, near Rosita, Nicaragua.
DENM Engineering Ltd., a Burlington-Ontario based metallurgical consulting company, has been engaged to provide a preliminary engineering design for a gold and copper recovery plant utilizing SART technology (sulphidization, acidification, recycling and thickening). SART is industry standard technology that has been utilized in gold mining plants around the world and allows for the efficient recovery of gold from ores that have high concentrations of cyanide leachable copper.
John Cook, President and CEO of the Company adds "We are excited about this next stage in the development of the Santa Rita gold-copper stockpiles project, especially in light of the renewed investor interest in gold. Our focus remains on near-term production and this phase of test work is a critical step towards achieving this goal. "
A preliminary metallurgical flow sheet has been developed and is being used as the basis for further engineering work. DENM Engineering, which has experience in the design of SART plants, will also be providing capital cost estimates in their design work. The initial process flow sheet for the recovery plant has been reviewed by SGS Lakefield, a leader in SART technology, which conducted the first SART test work for Rosita. Rosita has also undertaken preliminary leaching testwork for gold and copper leaching.
This preliminary study will be followed by additional metallurgical test work, leading to the completion of a Preliminary Economic Assessment (PEA) and the commencement of environmental permitting. The goal would be to complete this work in the next 9 months.
The Rosita project is located 275 air kilometres northeast of the capital city of Managua and 120 kilometres west of the port town of Puerto Cabezas.
Santa Rita Project
The stockpiles at the project were generated over a 17-year operating life from 1959 to 1975 at the Santa Rita open pit mine. A total of 5.4 million tonnes averaging 2.06% copper, 0.93 grams gold and 15.08 grams silver per tonne were mined. Mill recoveries reportedly varied from 60% to 80%, depending on the type of material processed as per Technical Report for NI 43-101 for Alder Resources, dated January 5, 2012.
In addition to the stockpile resources, the concessions also include 13 exploration targets for gold-copper skarn and porphyry mineralization and epithermal gold. As well, with recent discoveries in the contiguous properties by the Calibre Mining Corp./B2 Gold Corp. joint venture and the Calibre Mining Corp./IAMGOLD joint ventures, management believes that additional exploration work is definitely warranted
Rosita recently completed an updated National Instrument 43-101 ("NI 43-101") resource estimate for the surface stockpiles. These total 70.9 million lbs. of copper and 96,660 oz. of gold and 46.2 million lbs. of copper and 50,330 oz. of gold in the Indicated and Inferred categories respectively.
Indicated resources total 6.46 million tonnes grading 0.47 grams gold per tonne and 0.5% copper per tonne whilst Inferred resources total 3.44 million tonnes grading 0.46 grams gold per tonne and 0.61% copper per tonne in a series of stockpiles located near the former producing Santa Rita gold-copper open pit mine. These estimates have been based on a US$10 net smelter return ("NSR") cut off.
In addition, the Company is also reporting maiden Inferred resources of 1.96 million tonnes grading 0.56 grams gold per tonne at cut-off of 0.3 g/t gold in tailings located proximal to the Santa Rita stockpiles.
For complete details about the NI 43-101 resource estimate, please see our press release dated February 8, 2016 which is available at www.SEDAR.com
About Rosita Mining Corporation
Rosita is a junior mining and exploration resource company focused on growing shareholder value through the development of near-term mining opportunities and advancing accretive exploration opportunities.
Rosita and Calibre Mining Corp. hold a 65% and 35% interest respectively in the Santa Rita project in Nicaragua located 275 kilometres northeast of Managua.
The technical information included in this update has been reviewed and approved by John Cook, MIMM., President and CEO of Rosita Mining Corporation and a "Qualified Person", under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
For additional information, please visit our website which is under construction at www.rositaminingcorp.com.
For further information, contact:
John Cook, President and CEO
Telephone: +1 416 200 8073
Nick Tintor, Chairman
Telephone: 416 987 0855
This news release includes certain forward-looking statements or information under applicable Canadian, U.S. and other securities laws. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the future plans, objectives or expectations of Rosita are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the plans of Rosita or expectations include risks relating to the fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Rosita with securities regulators. Rosita expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange, nor the OTCQX accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note to U.S. Investors Regarding Mineral Reporting.
Rosita prepares its disclosure in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. Terms relating to mineral resources in this press are defined in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended, which standards differ significantly from the discourse permitted by the United States Securities and Exchange Commission requirements and terminology set forth in SEC Industry Guide 7. Accordingly, information contained in this press release and the public filings of Rosita containing descriptions of mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
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