Ronald W. Thiessen, President and CEO of Rockwell Ventures Inc. (TSXV: RCW; OTCBB: RCWVF) announces that Minera Ricardo Resources Inc. S.A., a wholly owned subsidiary of Rockwell, has received the results of an exploration drilling program at the Ricardo Property, located near Calama, Chile.
In January 2004, Rockwell signed a Letter of Understanding with Rio Tinto Mining and Exploration Ltd. (“Rio Tinto”), whereby Rio Tinto can acquire a 100% interest in a majority of the claims (about 14,600 hectares) which make up the Ricardo property. Under the Letter of Understanding, Rio Tinto must make annual option payments over a four year period, totaling US$6 million, to earn its interest as well as paying all property taxes and property maintenance costs for the duration of the agreement. To keep the option in good standing, Rio Tinto must also spend US$4 million on exploration on the property during the four years. The first year’s expenditure of US$250,000 and 2000 metres of drilling is a commitment. Rockwell will retain a 1% net smelter royalty (“NSR”), with Rio Tinto also having the option to purchase the first 0.5% of the NSR for US$5 million and the remaining 0.5% of the NSR for US$7 million.
The Ricardo property is prospective for the discovery of porphyry copper deposits. It is situated on the West Fissure Fault, a structural trend that hosts a number of significant copper deposits including Chuquicamata, one of the world’s largest copper mines.
Rio Tinto carried out an exploration program in 2004. The program included geological and geophysical compilation and drilling of eight holes totaling 2,296 metres in three areas. One hole was drilled by reverse circulation methods, and the others were a combination of reverse circulation collars and core drilling in bedrock. The first six holes were drilled on the western border of the property in an attempt to test a possible southeastward extension of the Opache mineralized system (associated with a porphyry copper deposit on an adjacent property) and to test an area with pyritic mineralization detected in holes drilled by a previous operator. One hole was drilled within the West Fissure Zone in order to test the possible southward extension of a sericitized intrusive with pyritic mineralization intersected in a drill hole BH-82536 by a previous operator. The last hole was drilled near the northeast corner of the property as a wildcat hole to test a wide, untested area. Rio Tinto concluded that none of these areas warranted further drilling, however, targets associated with the West Fissure Zone remain, and Rio Tinto is currently deciding whether to drill these targets.
Ramon Fam Romero, a consulting geologist registered with the Chilean Geologists Association and the Chilean Institute of Mining Engineers, reviewed the data and compiled a report on the program for Rockwell.
For further details on Rockwell, please visit the Company’s website at www.rockwellventures.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.
ON BEHALF OF THE BOARD OF DIRECTORS
Ronald W. Thiessen
President and CEO