Rockex Mining Announces Signing of Option Agreement on Its Root Lake Lithium Project
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S NEWSWIRE SERVICES
ROCKEX MINING ANNOUNCES SIGNING OF OPTION AGREEMENT
ON ITS ROOT LAKE LITHIUM PROJECT
July 20, 2023 – Thunder Bay, Ontario - Rockex Mining Corporation (“Rockex” or the “Corporation”) (CSE:
RXM) is pleased to announce that it has signed an option and joint venture agreement (the “ Option and
JV Agreement”) with Root Lake Resources Ltd. (“ Root Lake”) and its parent, Pioneer Lithium Limited
(”Pioneer”), affiliates of Fifty St George Pty Ltd., granting Root Lake an option to acquire a 90% interest in
the Root Lake mineral exploration claims in northwestern Ontario on or before August 23, 2023.
The Root Lake property is comprised of 94 contiguous cell claims ( 1,927 hectares) approximately 100
kilometers north of Sioux Lookout near the west end of Lake St. Joseph, a prospective lithium project (the
“Project”).
The terms of the Option and JV Agreement provide for Rockex receiving the following consideration on
exercise of the option: (i) a cash payment of CDN$550,000, (ii) shares of Pioneer having an aggregate
value of CDN$575,000 and (iii) a 2% net smelter royalty. The option is conditional on ( i) the Australian
Securities Exchange (the “ ASX”) granting conditional approval for the admission of Pioneer to the official
list of the ASX on terms acceptable to Pioneer and (ii) Rockex signing an agreement in respect of the
Consideration Shares in the f orm required by the ASX. The option must be exercised within 10 business
days after satisfaction of the last of the conditions and, in any event, on or before August 23, 2023, failing
which the option will expire. On exercise of the option, Rockex and Root Lake will be deemed to constitute
a joint venture on the terms set out in the Option and JV Agreement. Rockex will retain a 10% carried
interest in the Root Lake property until a final investment decision is made to proceed with the construction
of a mine in respect of the Project based on a feasibility study.
About Rockex
Rockex is a Canadian exploration company focused on developing high quality iron ore assets strategically
located in areas largely under-explored, and that host significant mineral potential. Its core asset is the Lake
St. Joseph Project which includes the Eagle Island Deposit, as well as additional potential deposits at Wolf
Island and Fish Island. It also has other properties in northwestern Ontario which it refers to as the East
Soules Bay Property, the Root Lake Property and the North Spirit Lake Property.
For further information, please refer to the Corporation’s profile on SEDAR which may be accessed at
www.sedar.com, and visit our website at www.rockexmining.com.
Contacts:
Pierre Gagné, Chief Executive Officer of Rockex
Phone: (807) 623-2626
Email address: [email protected]
Cautionary Statements
This news release contains forward-looking information. All information, other than statements of historical
fact, that address activities, events or developments that Rockex believes, expects or anticipates will or
may occur in the future are forward- looking statements, including statements regarding the signing and
completion of the Option Agreement . This forward -looking information is subject to a variety of risks and
uncertainties beyond Rockex’s ability to control or predict and which may cause actual events or results to
differ materially from those described in such forward-looking information. Any forward-looking information
speaks only as of the date on which it is made and, except as may be required by applicable securities
laws, Rockex disclaims any intent or obligation to update any forward- looking information, whether as a
result of new information, future events or results or otherwise. Although Rockex believes that the
assumptions inherent in the forward-looking information are reasonable, forward-looking information is not
a guarantee of future performance and, accordingly, undue reliance should not be placed on this forward-
looking information due to the inherent uncertainty thereof.
ROCKEX MINING CORPORATION
CSE: RXM
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Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the
adequacy or accuracy of this release.