TSX.V:RST 

News

News Releases

 February 15, 2018
Rosita Mining Samples High Grade Copper-silver-gold Values at Tipispan, Nicaragua

 Toronto, Ontario -- February 15, 2018: Rosita Mining Corporation (RST: TSX-V) ("Rosita" or the "Company") is pleased to report that sampling from new workings developed on the Company's Tipispan target by local artisanal miners, has returned high grading copper and precious metals values.

Sampling Highlights

321680: 14.17% Cu, 321 g/t Ag,  0.139 g/t Au,1.19% Zn

321681: 14.59% Cu, 331 g/t Ag, 0.489 g/t Au, 0.44% Zn

321682: 14.86% Cu, 260 g/t Ag, 0.805 g/t Au, 3.48% Zn

321686: 12.98% Cu, 967 g/t Ag, 5.7g/t Au, 11.35% Zn

A complete table of sampling results is included in the photograph below, entitled 'Tipispan Sample Locations'.

A working map is also included that shows the workings with relation to trenches and holes from the Tipispan area.

Tipispan Target Area

Rosita staff in Nicaragua sampled newly exposed mineralization at the base of a new pit excavated by local artisanal miners on the Tipispan target. Tipispan is one of multiple exploration targets on the Company's Santa Rita project near Rosita, Nicaragua.

A small open pit was excavated to a depth of approximately 20 metres ("m") partially along a trench completed by Rosita several years ago to test this area. The new excavation exposed a broad zone of oxide mineralization at the base of the pit from which the sampling took place. A photograph of the open pit and sample locations is available below.

In 2015, Rosita completed a fence of four drill holes approximately 80 m south of the location of the new sampling results. Of these holes, drill hole 5783 intersected 16.5 m of near surface mineralization grading 1.43% copper and 34.29 g silver per tonne from 13.5 m to 30 m vertical depth.

Importantly, the hole ended in mineralization with the last 1.5 metre sample assaying 1.58% copper and 24.7 grams silver per tonne. Mineralization occurs primarily as chalcopyrite and arsenopyrite in a quartz monzonite intrusive.

The hole was part of a short four reverse circulation hole program designed to follow up encouraging trench results completed in 2012 and 2013 by a Rosita's predecessor company, Alder Resources, which returned 5.21% copper, 4.6 grams gold and 144 grams silver across 12 metres.

The discovery of mineralization north of the last drilling suggests the mineralized zone at Tipispan remains open towards the northwest and has now been defined along a strike length of approximately 200 m.

John Cook, President and CEO, commented, "The discovery of new high grading, near surface, mineralization at Tipispan is indeed encouraging and has the potential of adding additional resources to the emerging plan we are developing, based on stockpiles at Santa Rita."

2018 Operating Plan

Rosita's strategic focus in 2018 is to continue with the permitting and engineering of the treatment plant for the Stockpile Project, as announced in the press release dated December 14, 2017. The preparation of the Environmental Impact Study is continuing as planned.

Tipispan is one of the primary exploration targets in the Rosita D Concession. Rosita plans to carry out limited exploration on the Tipispan Project and other known and defined exploration targets.

Santa Rita Project Highlights

The Santa Rita project was the subject of a Preliminary Economic Assessment, ("PEA") which was completed in March, 2017 and the full results of which are available at www.sedar.com

PEA highlights are summarized below:

  • Anticipated Life of Mine of 10 years, utilizing 4.67 million tonnes of the material included in the resource tabulation categorized as Indicated Mineral Resources grading at 0.51 grams per tonne gold, 8.2 grams per tonne silver and 0.59% copper and 1.53 million tonnes categorized as Inferred Mineral Resources grading at 0.61 grams per tonne gold, 11.3 grams per tonne silver and 0.65% copper.
  • Anticipated capacity of the treatment plant (milling plus heap leach) of 1,000 tonnes per day for the first 5 years, expanding to 2,000 tonnes per day for the subsequent 5 years.

The metal prices assumed for the economic model are:

  • Gold: USD$1250 per ounce
  • Silver: USD$18 per ounce
  • Copper: USD$2.50 per pound.

Other criteria, assumptions and conclusions from the PEA include:

  • All monetary amounts are in USD.
  • Pre-production capital costs including 30% contingencies, $11.4 Million
  • Total capital over life of mine, $26.1 Million
  • Operating costs over the life of mine per tonne of throughput, $ 18.50 per tonne
  • The Nicaraguan royalty rate of 3% NSR and 0.5% to an independent 3rd party applied to all saleable products.
  • The Nicaraguan income tax rate of 30% after depreciation of fixed assets at 10%
  • IRR after all government taxes, 41%;
  • NPV at 7%, after all government taxes, $33.9 million;
  • Pay back of initial pre-production capital after all taxes 2.6 years

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.

Qualified Person

John Cook, MIMMM, a Qualified Person, as defined by NI 43-101, has read and approved the contents of 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. This is on the Rosita D Concession held in a Joint Venture (RST 67%) with Calibre Mining Corp., (CXB: TSX.V) (33%).

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
Email:

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.

Tipispan Sample Locations

Plan Map

 
 

You can return to the main News Releases page, or press the Back button on your browser.