Nov. 12, 2009 (TheNewswire.ca) --
Vancouver, British Columbia, November 12, 2009 - Rock Tech Resources Inc. (OOTC:RCKTF) (TSXV:RCK) (TSX-Venture: RCK; Frankfurt: RJIA)("Rock Tech") is pleased to announce, following its announcement on October 27, 2009 terminating the letter of intent (the "LOI") to acquire the Georgia Lake lithium and rare earths properties, that, upon further negotiations, it has entered into definitive agreements with arm's length third party vendors namely the shareholders of James Bay Midarctic Developments Inc. - a private Ontario company ("JBMD"), JBMD, and Lithium One Inc. (OOTC:LITHF) (TSXV:LI) ("Lithium One")(TSX-Venture: LI), for the acquisition of 100% undivided interest in lithium and rare earths properties covering approximately 4,665 hectares in northwestern Ontario. There is a preliminary diamond drill program underway on some of the target areas with initial assay results expected within two months of submission to an assay facility.
Under the agreements, Rock Tech intends to acquire all of the issued and outstanding capital of JBMD and acquire the remaining claims from Lithium One. In consideration, Rock Tech will issue to the shareholders of JBMD and Lithium One an aggregate of 6.3 million common shares of Rock Tech. Pursuant to the agreements, Rock Tech will issue 300,000 common shares in finders' fees to a third party.
The closing of the acquisition of the said lithium properties is subject to the approval of the TSX Venture Exchange. The shares issued pursuant to the transaction will be subject to a four-month hold period.
"We are pleased to announce the acquisition of the Georgia Lake lithium properties as it continues to pave the way of positioning Rock Tech as an emergent lithium exploration company with potentially prospective portfolio of assets. Furthermore, we are extremely pleased with the business relationship with the principals of JBMD and Lithium One that has emerged out of our negotiations. Rock Tech will provide an update to any reports of significance as we move forward." noted Paul Chow, President and Chief Executive Officer of Rock Tech Resources Inc.
ON BEHALF OF THE BOARD OF DIRECTORS
Paul Chow
President and CEO
For more information, please contact:
Paul Chow, President and CEO
Rock Tech Resources Inc.
Suite 400, 789 West Pender Street
Vancouver, British Columbia., V6C 1H2
Telephone: (604) 688-1140
Email: info@rocktechresources.comWebsite: www.rocktechresource.com
Disclaimer and Cautionary Statement Regarding Forward-Looking Information
Neither 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 press release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
Except for historical information contained herein, the statements in this News Release may be forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Rock Tech Resources Inc.'s actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, volatility of commodity prices, product demand, market competition, and risks inherent in Rock Tech Resources Inc.'s operations. The mineralization reported on the adjacent properties by other operators is not necessarily extending or present on Rock Tech's property. Rock Tech Resources Inc. seeks safe harbour.
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