Mr. Armando Plastino reports

ROCKEX MINING SIGNS LETTER OF INTENT TO FUND THE DEVELOPMENT OF ITS LAKE ST. JOSEPH IRON PROJECT

Rockex Mining Corp. has signed a non-binding letter of intent with Diversified Innovative Marketing Enterprises Ltd. to finance the completion of a feasibility study and environmental assessment, and subsequent development and production at its Lake St. Joseph project, located 100 kilometres northeast of Sioux Lookout, Ont.

This financing is subject to Rockex completing certain milestones and the parties completing a definitive agreement on or before April 11, 2016. The first phase of financing, targeted at $30-million, will be used to complete a final stage feasibility study and environmental assessment. The non-binding letter of intent provides that, upon completion of the feasibility study and environmental assessment, Dime is committed to providing the financing for the development and mining operations of Rockex's iron ore properties in Northwestern Ontario, including its flagship Eagle Island deposit. The second phase of financing, estimated to be $3,772-million (or such other amount as is determined by the feasibility study), will be subject to a draw-down schedule over a mutually agreed to financing period. The second phase of financing would allow Rockex to undertake the construction and commissioning of the Lake St. Joseph mine site, and hot briquetted iron facilities and operations. The HBI facilities are expected to be located near Sioux Lookout, Ont., which is forecasted to yield significant transport and processing cost savings. Although Dime not obligated to advance any funds under the terms of the letter of intent, it provides that, on completion of the two phases of financing, DIME would receive 40-per-cent equity and profit sharing in the project.

Armando Plastino, president and chief executive officer of Rockex, commented: "We are very pleased with this funding arrangement and Dime's progressive investment model. Rockex continues to maintain that the current market conditions are an ideal opportunity to advance the project through the final feasibility and regulatory phases. This model will allow our management team to position the project for production in peak market conditions. In addition to the favourable financing arrangements with Dime, this sequence promotes maximum value to our shareholders."

Tammy Lehtinen, vice-president, corporate affairs of Rockex, added: "The letter of intent by Dime to fund the project, if completed, will not only benefit our shareholders, it will also promote economic participation opportunities for area aboriginal communities and stakeholders to prosper from the development. Rockex is highly committed to developing the Lake St. Joseph project in manner that encourages meaningful participation and that is protective of the environment, and respectful socially and culturally."

Dime is a committed investment partner. Every day, it works with promising entrepreneurs and management teams to bring great ideas and smart capital together. Part of Dime's commitment is to help Canadian ventures achieve commercial success. It immediately saw in Rockex's business plan, an opportunity for success with an economic stimulus that will benefit the region in ecological and social sustainability for future generations. Dime Venture Capital's position is that it is up to the private sector to provide the stimulus capital to offset the negative effects of current downturns in the Canadian economy. Partnering with Rockex can achieve these goals.

Hot briquetted iron

The quality, size and geographic location of the Lake St. Joseph Eagle Island deposit present significant potential for Ontario to host the first HBI plant in Canada. Eagle Island is a quality iron deposit having metallurgical characteristics compatible with the requirements for producing HBI economically. The updated PEA previously announced by Rockex on Oct. 14, 2015, is based on the transformation of iron ore concentrate into HBI as an end product to supply the North American electric arc furnace and grey foundry industry. HBI is considered to be a cleaner, higher quality, finished iron product for the steel industry. HBI is an ideal, high-quality alternative to scrap steel, which is a vital component in the steel manufacturing process. The HBI process requires access to an abundant and low-cost source of natural gas. Rockex's proximity to the TransCanada Natural Gas pipeline and year-round transportation infrastructure positions the company well for the manufacturing of HBI to supply the North American market in the United States, immediately south of the Great Lakes and in Canada.

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