Ronald W. Thiessen, President and CEO of Rockwell Ventures Inc. (TSX-V: RCW; OTC-BB: RCKVF) is pleased to announce that the Company has received TSX Venture approval for its option agreement with GMD Resources Ltd. (“GMD”) to acquire up to a 60% interest in the Royce Diamond Claims. The Royce Claims are located in the Slave Geological Province, 110 kilometres north-northwest of Yellowknife, Northwest Territories, and about 130 kilometres southwest of two of the world’s newest large-scale diamond operations – BHP’s Ekati mine and Rio Tinto/Aber’s Diavik mine.
Rockwell can earn its interest in the Royce Claims through staged payments of cash, private placements into GMD, and project expenditures totaling $10 million within five years. Pursuant to the agreement, Rockwell has made an initial cash payment of $50,000, plus a private placement into GMD of 500,000 units at a price of $0.10 per unit.
The Royce Claims host one of the most focused diamond exploration targets in Canada’s premier diamond province. Two principal diamond indicator mineral trains have been identified by prior exploration on the property; the Wheeler Lake and Bessonette trains are defined by G-10 garnets, ilmenites and chromites that are chemically compatible with the diamond stability field. The heads of these trains have not been drill tested for their compelling diamond potential. The Royce targets are further defined by airborne geophysical results. Rockwell plans to initiate detailed ground geophysics in February 2004 to refine specific drill targets for testing.
The Company has also successfully completed a financing of 37.5 million Units of its capital for gross proceeds of $3.0 million. Each Unit is comprised of one common share and one warrant entitling the investor to purchase an additional common share of the Company for one year. The common shares in the Units and the shares issuable on exercise of the warrants will be subject to a four month hold period. The financing consists of $1.36 million in flow-through funds placed with investors in Canada and $1.64 million in non flow-through funds, placed with accredited investors, including about 5% to insiders. Net proceeds of the financing will be used to fund exploration on the Royce Diamond Claims and for general working capital purposes.
For further details on the financing, see Rockwell’s October 31, 2003 News Release. For more information on Rockwell and the Royce Diamond Property, 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