|March 22, 2016|
Rosita Mining Files National Instrument 43-101 Report
Stockpile gold-copper Resources at Santa Rita Project Increased
Toronto, Ontario - March 22, 2016: Rosita Mining Corporation (RST: TSX-V) ("Rosita" or the "Company") has filed its previously announced National Instrument 43-101 Report ("NI 43-101") on SEDAR. Highlights of the report are outlined below.
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.
John Cook, President and CEO said "The results of this revised 43-101 Study, now fully filed, gives us the base to advance the Project towards a production decision later this year. This is a significant gold and copper resource, already mined, that Rosita intends to advance."
The results of these resource estimates, which are summarized in Table 1 below, were prepared by Yungang Wu., P. Geo., an independent Qualified Person as defined by NI 43-101.
Table 1 - Indicated and Inferred Mineral Resource Estimate, Santa Rita Stockpiles
The updated NI 43-101 resource estimates incorporated the results of a reverse circulation drilling campaign completed by Rosita in the fourth quarter of 2015. This work included 1,040 m of drilling in 55 vertical in-fill holes on five stockpiles located near the former Santa Rita open pit and 87 auger holes totaling 460 metres in a portion of the tailings piles, drilled in 2012 and 2013.
Drilling to test the tailings only tested a small portion of the overall tailing piles which remain open for possible resource expansion.
Santa Rita Mining History and Exploration
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.
In addition to the stockpile resources, the concessions also include 15 exploration targets for gold-copper skarn and porphyry mineralization.
2016 Operating Plan
Rosita's strategic focus in 2016 is to advance the Santa Rita stockpiles towards a production decision by the fourth quarter of this year. Metallurgical testing will focus on additional gold leaching test work and SART recovery of copper. SART (sulphidization, acidification, recycling and thickening) is an industry standard process for the recovery and recycling of cyanide in gold-copper ores and has been adapted for the treatment of gold-bearing mineralization with high copper content.
Rosita plans to complete this additional test work on both stockpile and tailings samples leading to an optimized process flow design for the project.
Quality Assurance-Quality Control
All samples were collected and transported by Rosita employees to the Bureau Veritus Mineral Laboratories in Managua, Nicaragua for preparation. Samples were assayed in Vancouver using standard fire assay methods with AAS finish for Au and Aqua Regia digestion ICP-ES analysis for Cu and Ag. Certified standards, blanks and duplicates were inserted by Rosita in the sample stream at a rate of one per 30 samples.
Yungang Wu., P. Geo, an independent Qualified Person, as defined by NI 43-101, has prepared and authorized the release of the mineral resource estimate presented in this press release.
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's current high priority copper-gold-silver supergene/skarn/porphyry target is the Rosita project in Nicaragua located 275 kilometres northeast of Managua.
For additional information, please visit our website which is under construction at www.rositaminingcorp.com.
The technical information included in this update has been reviewed and approved by Yungang Wu, P. Geo., a Qualified Person, under National Instrument 43-101 Standard of Disclosure for Mineral Projects.
For further information, contact:
John Cook, President and CEO
Telephone: +1 416 200 8073
Or Nick Tintor, Chairman
Telephone: +1 416 987 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States.
You can return to the main News Releases page, or press the Back button on your browser.