July 20, 2006. Vancouver, BC – Rockwell Ventures Inc. (TSX Venture: RVI; OTCBB: RVINF) (“Rockwell” or the “Company”) and Durnpike Investments (Pty) Limited (“Durnpike”), a private South African company, are pleased to report results from the Holpan, Klipdam and Wouterspan properties near Kimberley in South Africa.
Ongoing trial mining activities at the combined Holpan-Klipdam operation yielded 1795.16 carats of predominantly gemstone diamonds during the month of June, including an exceptional 43.96 carat, D-colour stone, valued at US$10,755.86 per carat.
The average tender price for diamond production sold at the end of June was US$1399 per carat, representing a 55% premium on the average value of US$900 per carat estimate arrived at by Rockwell during its due diligence evaluation of the past Holpan-Klipdam diamond production. Run of mine production was also higher than anticipated at 343,000 tonnes of gravel treated and recovered grade was consistent at 0.53 carats per hundred tonnes.
At the third operation, Wouterspan, 196,838 tonnes of gravel were mined and treated during the month of June, yielding 703 carats for a grade of 0.36 carats per hundred tonnes. This included individual gemstones of 22.61, 22.76, and 57.33 carats, as well as a lesser quality boart diamond of 98.24 carats.
The Wouterspan operation achieved an average sales price of US$1724 per carat from the sale of the June diamond production. Run of mine production, diamond grade, and average diamond values were all well above the estimates made for this deposit during the due diligence studies, with the average diamond value (US$1724 per carat) exceeding the original estimate of US$1250 per carat by 38%.
On June 30th, 2006 Rockwell announced that it had entered into an Agreement-in-Principle with Durnpike to acquire (the “Acquisition”) interests and/or rights in four alluvial diamond properties in Southern Africa:
• Holpan/Klipdam Property in South Africa
• Wouterspan Property in South Africa
• Kwango River Project in the Democratic Republic of Congo
• Galputs Mineral Project in South Africa
The relevant due diligence studies are contained in the National Instrument 43-101 Technical Reports for each of the projects referred to above. These technical reports have been filed, and are available for review on SEDAR (www.sedar.com).
Closing of the Acquisition is expected to occur on or before October 31, 2006. Completion of the Acquisition is subject to, among other things, receipt of the required regulatory approvals, including the approval of the TSX Venture Exchange. (Please refer to the news release dated June 30, 2006 for a more detailed description of the Acquisition)
For further details on Rockwell Ventures Inc., 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.
No regulatory authority has approved or disapproved the information contained in this news release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statement
This release includes certain statements that may be deemed “forward-looking statements”. Other than statements of historical fact all statements in this release that address future production, reserve or resource potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Rockwell, Investors should review Rockwell’s annual Form 20-F filing with the United States Securities and Exchange Commission www.sec.com and the Company’s home jurisdiction filings that are available at www.sedar.com.