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Gold/Mining/Energy : Rocca Resources -- Ignore unavailable to you. Want to Upgrade?

To: Bruce Lock who wrote (4)	1/28/1999 8:20:00 AM
From: Mr Metals	Read Replies (2) \| Respond to of 48

Hi Bruce.. I'm hearing some very good things about RRL.. NEWS RELEASE. Rocca Resources Ltd - Rocca close to completing review of Mine Leonardo Rocca Resources Ltd RRL Shares issued 2,020,982 1999-01-26 close $0.4 Wednesday Jan 27 1999 Mr. David Hodge reports The company is close to completing its due diligence review of the Mine Leonardo oil shale and industrial products property in Argentina. The due diligence review is necessitated by the requirements of National Policy 2 which provides standards for reports on mineral and oil and gas properties. The company issued a news release in Stockwatch Oct. 20, 1998 in which it outlined the economic potential of the Mine Leonardo. The company has also posted on its website a summary of a report prepared by the University of Cuyo in 1950 outlining the economic potential of the Mine Leonardo (the report). As stated in Stockwatch Nov. 26, 1998, the information contained in the report is outdated and has not been independently verified and therefore, no reliance should be made on the reserve numbers, profit calculations, values per ton, projections of cost or any other numbers contained therein. The report has been removed from the company's website and is hereby retracted in its entirety from the public domain. The company has commissioned its own studies of the Mine Leonardo. In addition, the company received an interim report from Alex Burton, geologist. A comprehensive report is presently being prepared by geologists in Argentina in order to comply with National Policy 2. Major points covered by the interim report are: Detailed examination of the oil shale outcrop found the property to be as represented in the original report as far as size and evidence of prior trenching and sampling. Hand trenching, under the supervision of the project geologist, along the line of the original trench revealed the oil beds and the clay/bentonite interbeds were as mapped in the original report. Visual inspection of the beds indicated areas reported as having a higher oil content did appear to be darker and have more relict oil matter on the weathered surface than lesser beds consistent with representations made in the original report. This area was resampled for verification. Using a backhoe equipped tractor the project geologist supervised trenching and sampling on the hangingwall side past the outcrop area never before explored. More oil shales were found continuing south indicating the total thickness of the better grade oil shale is actually greater than represented in the original report. It appears that the overall tonnage should be increased significantly. Further exploration is warranted to fully delineate tonnage. Examination of stereoscopic air photos indicated rock outcrop east of the oil-bearing beds approximately 500 metres from the original showing. Fan gravel separates the intervening areas. Field examination resulted in the discovery of a new outcrop of oil shale beds extending the strike length of the original representations approximately three times. Surface oil seep, referred to in the original report, seems to indicate two more sets of oil-bearing beds lying to the north of the target beds. Further exploration is required to determine if these other beds contain significant amounts of oil for further expansion of reserve tonnage. Samples taken from trenching are being processed by the University of Cuyo, Mendoza, Argentina and results are expected in early January 1999. Discussions, for comparative purposes, have taken place with University of Cuyo technicians regarding methodology and analyses used in the original report. The company expects results shortly and upon receipt of the report in compliance with National Policy 2, will provide an update. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com MM