Mr. Sean Samson reports
ROGUE CORPORATE UPDATE: SALES CONTINUE AS THE STONE QUARRIES RAMP-UP, PRIVATE PLACEMENT CLOSING EXTENDED
Rogue Resources Inc. has noted continued progress at Rogue Stone's Orillia and Bobcaygeon quarries since reopening from the COVID-19 shutdown in late April (see further details in Rogue's April 17 and April 27, 2020, news releases). Rogue Stone has been consistently selling Armour, Flag and Step, in Bulk and Skidded, to customers in Canada and the United States, with the majority of production to the large buyers who signed the Intent to Purchase Agreements with Rogue in 2019 (see further details in the Aug. 26 and Sept. 3, 2019, press releases). Intent Agreement signatories have agreed to an annual purchase tonnage and now Rogue Stone is delivering against those commitments. Rogue's intent agreements with its preferred partners equal approximately 80 per cent of the 44,000 tons total licensed annual production of the two quarries.
Rogue Stone operations are a two (Bulk) or three step (Skidded) process. First, stone is extracted by layer, using the teeth of an excavator or the forks of a loader. The second step is for the stone to be roughly shaped and then either loaded in Bulk or, further shaped and piled on a skid (Skidded). Bulk product is loaded straight onto a flatbed trailer and Skidded product incorporates loading ~2-3 tons of stone onto a wooden pallet, which is then placed on a flatbed trailer.
Sales terms for the limestone products are direct, with ownership transferring at the quarry once the stone has been loaded onto the delivery trucks. Logistics to the destination (including customs, if required) are handled by the buyers and payment terms vary from payment upon loading to a maximum of net seven days.
"We are pleased with our continuing ramp-up and the progress so far from our quarries. The teams are safely operating and beginning to hit their stride," said Sean Samson, President and CEO of Rogue. "The landscape stone market has been consistent since spring and we are growing to meet market demand. We remain focused on operations, developing great quality product and service for our customers, which will continue to be the foundation upon which we build Rogue Stone."
The Company is also pleased to report that the TSX Venture Exchange has approved a one-month extension for the ongoing private placement, with closing now expected to occur on or about August 10, 2020. All other terms of the Offering remain the same as found in Rogue's April 27, 2020 news release.
About Rogue Resources Inc.
Rogue is a mining company focused on generating positive cash flow. Not tied to any commodity, it looks at rock value and quality deposits that can withstand all stages of the commodity price cycle. The Company includes Rogue Stone selling quarried limestone for landscape applications from two operating quarries in Ontario; Rogue Quartz focused on advancing its silica/quartz business with the Snow White Project in Ontario and the Silicon Ridge Project in Quebec; and Rogue Timmins with the nickel resource at Langmuir and the gold potential at Radio Hill.
The Company's Projects are under the direct technical supervision of Paul Davis, P.Geo., and Vice-President of the Company. Mr. Davis is a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical information in this news release. There are no known factors that could materially affect the reliability of the information verified by Mr. Davis.
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