VANCOUVER – Roca Mines has agreed to sell its Roca molybdenum mine near Revelstoke, BC, to Discovery Ventures for $5.675 million. The price will be paid $5.05 million in cash plus 2.50 million shares of Discovery. Roca suspended mining at Roca in November 2011 due to depressed metal prices.
The Max mine is located about 135 km from Discovery's Willa gold-copper project. Discovery president Akash Patel said his company is particularly interested in the Max mineral processing plant. The Willa deposit has measured and indicated resources of 758,000 tonnes grading 6.67 g/t Au, 0.85% Cu and 12.54 g/t Ag.
Discovery has already posted a photograph of the Max mill on its website, DiscoveryVenturesInc.com.
Following the announcement of the Max sale, Roca was delisted from the TSX Venture exchange.