SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?


To: LoneClone who wrote (45543)10/20/2009 7:50:29 PM
From: LoneClone  Read Replies (1) | Respond to of 193918
 
Rock Tech Enters into LOI to Acquire 100% Interest in Ontario Lithium Assets
Tue Oct 20, 6:19 PM

ca.news.finance.yahoo.com

Vancouver, British Columbia, Canada, October 20, 2009 – Rock Tech Resources Inc. (TSX-Venture: RCK; Frankfurt: RJIA) (the “Company” or “Rock Tech”) is pleased to announce that it has entered into a Letter of Intent (“LOI”) with arm's length third party vendors namely the shareholders of James Bay Midarctic Developments Inc. - a private Ontario company ("JBMD"), and Lithium One Inc. ("Lithium One") (TSX-Venture: LI), to acquire 100% undivided interest in lithium properties covering approximately 4,665 hectares in northwestern Ontario.

Under the LOI, Rock Tech intends to acquire all of the issued and outstanding shares 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 6,300,000 common shares of Rock Tech. Pursuant to the LOI, Rock Tech will issue 300,000 common shares in finder's fees to a third party.

Paul Chow, Company President and CEO, commented “Coupled with our Kapiwak lithium property in the James Bay area in Quebec, this acquisition will strategically identify Rock Tech as an emerging junior lithium exploration company.”

The completion of the above transactions is subject to the approval of the TSX Venture Exchange. The issued common shares of Rock Tech will be subject to a four month hold period. Subject to regulatory approval, the closing of the transactions will be on or about October 30, 2009.

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, B.C., V6C 1H2

Telephone: (604) 688-1140

Email: info@rocktechresources.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 harbor.