TSX.V: ROK
VANCOUVER, July 29, 2011 /CNW/ - Roca Mines Inc. (TSX-V: ROK) ("Roca" or "the Company") has released its financial results for the three and nine months ended May 31, 2011. All dollar amounts are stated in Canadian dollars unless otherwise indicated. The information in this news release and the selected financial informationshould be read in conjunction with the interim consolidated financial statements, and management discussion and analysis, for the period ended May 31, 2011, which will be available at Roca's website at www.rocamines.com.
During the nine months ended May 31, 2011, the Company recorded production revenues of $853,628 (2010 - $13,410,199) and a net loss of $3,269,580 (2010 - $1,884,872). In the current year, the MAX molybdenum mine and mill operated for only a small portion of the operating period (16 days) and incurred temporary shutdown and rehabilitation costs of $2,182,542 (2010 - Nil). The Max Molybdenum Mine has had a sustained shutdown due to instability that occurred in September of 2010. During the nine months ended May 31, 2011, crews conducted significant rehabilitation work at MAX along with geotechnical investigations to assess conditions and plan new mining activities.
Summary Consolidated Statements of Operations and Loss
|
Three months ended May 31, 2011 |
Nine months ended May 31, 2011 |
|
| Total Revenues | - | 853,628 |
| Cost of sales | - | (1,149,057) |
| Depletion, amortization, accretion | (9,307) | (127,028) |
| Mining Loss | (9,307) | (422,457) |
| Temporary shutdown and rehabilitation costs | (736,954) | (2,182,542) |
| General Administrative | 246,035 | 841,881 |
| Loss from Operations | (992,296) | (3,446,880) |
| Exchange gain (loss) and other income (loss) | (4,688) | 177,300 |
| Net Loss for the Year | (996,984) | (3,269,580) |
| Loss per Share - Basic and Diluted | (0.01) |
(0.03) |
ROCA MINES INC.
"David Skerlec"
David J. Skerlec - Chief Financial Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.