Vaudreuil-Dorion (Quebec), February 22nd, 2013 - Rocmec Mining Inc. (the "Corporation" or "Rocmec") (TSX-V Symbol: RMI), is providing this second default status report (the "Default Status Report") in accordance with Policy Statement 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults ("Policy Statement 12-203"). On January 24 and 30, 2013, the Corporation announced (the "Default Announcement") that, for the reasons disclosed in the Default Announcement, the filing of the Corporation's annual financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications for the financial year ended September 30, 2012 (collectively, the "2012 Annual Financial Documents") would not be completed by the prescribed deadline set by the Canadian securities legislation, being January 28, 2013.
As a result of this delay in filing the 2012 Annual Financial Documents, the Corporation's principal regulator, the Autorite des marches financiers, granted a management cease trade order (the "MCTO") to the Corporation. The MCTO restricts all trading in securities of the Corporation, whether direct or indirect, by the Chief Executive Officer, the Chief Financial Officer and the directors of the Corporation until such time as the 2012 Annual Financial Documents have been filed by the Corporation. The MCTO does not affect the ability of shareholders who are not insiders of the Corporation to trade their securities.
The audit of the annual financial statements is still ongoing and Rocmec's board of directors and management are working expeditiously to meet Rocmec's obligations relating to the filing of the 2012 Annual Financial Documents. The Corporation now expects to file the 2012 Annual Financial Documents on or about March 11, 2013.
Pursuant to the provisions of the alternative information guidelines specified by Policy Statement 12-203, the Corporation reports that since the Default Announcement and its first default status report of February 13, 2013, except as stated in this Default Status Report, there have not been any material changes to the information contained therein; nor any failure by the Corporation to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the 2012 Annual Financial Documents. Further, there are no additional material information respecting the Corporation and its affairs that have not been generally disclosed and there are no insolvency proceedings against the Corporation as of the date of this Default Status Report.
Until the 2012 Annual Financial Documents have been filed, the Corporation intends to continue to satisfy the provisions of the alternative information guidelines specified by Policy Statement 12-203 by issuing bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. The Corporation intends to file its next default status report on or about March 8th, 2013.
Filing of Interim Financial Statements
The Corporation announced today that it intends to file its unaudited interim consolidated financial statements and related management's discussion and analysis for the three-month period ended December 31, 2012 (collectively, the "Interim Financial Documents") by the prescribed deadline set by the Canadian securities legislation, being March 1, 2013.
Considering the ongoing audit of the annual financial statements and the fact that said financial statements will be finalized only following the filing of the Interim Financial Documents, it is reasonable to believe that the Interim Financial Documents may need to be amended following their filing. Management of Rocmec does not however expect any significant changes to the Interim Financial Documents and believes that the Interim Financial Documents will present fairly, in all material respects, the financial position of Rocmec as at December 31, 2012.
Rocmec is active in the exploration and the development of gold resources in Quebec and Peru. The Corporation holds a gold property with resources recognised in accordance with NI43-101, a modular treatment plant and also an exclusive license for the thermal fragmentation mining method for exploiting narrow-vein ore deposits.
The company's growth strategy is based on:
-The development of its gold deposits with the objective of producing revenue from its operations;
-Increasing the value of its mining assets by prioritizing the exploration targets; and
-The commercialisation and employment of its thermal fragmentation technology.
For additional information:
John Stella, Investor relations(514) [email protected]
Andre Savard, President & CEO (450) 510-4442 [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Rocmec's disclosure documents on the SEDAR website at www.sedar.com. Rocmec does not undertake to update any forward looking information except in accordance with applicable securities laws.
Corporation Miniere ROCMEC Mining Inc. 162 Saint-Charles Avenue, Vaudreuil-Dorion (Quebec) J7V 2L1
Tel: (450) 510-4442 Fax: (450) 510-9901www.rocmec.com