Rockex Mining Announces Positive Preliminary Economic Assessment on Its 100% Owned Eagle Island Project

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S NEWSWIRE SERVICES 

Rockex Mining Corporation ("Rockex" or the "Corporation") (TSX:RXM) is pleased
to announce that it has received the results of a Preliminary Economic
Assessment ("PEA") prepared by Met-Chem Canada Inc. ("Met-Chem") for the
Corporation's 100% owned Eagle Island Project ( "Eagle Island") in northwestern
Ontario. The National Instrument 43-101 compliant report (the "Report")
summarizing the results of the PEA will be filed on SEDAR and Rockex's website
within 45 days of this news release.


Highlights of the PEA Include:



--  $ 3.9 Billion Net Present Value with a 5% discount rate 
--  $2.2 Billion Net Present Value with an 8% discount rate 
--  20.7% Internal Rate of Return (pre-tax)  
--  4.2 year pay back 
--  Initial Investment of $1.559 billion (not including sustaining capital) 
--  Average site operating cost of $36.63/tonne of iron concentrate 
--  Updated Resource Estimate doubles Eagle Island's Indicated Mineral
    Resource to 1.287 billion tonnes at 28.39% iron plus an Inferred Mineral
    Resource of 108 million tonnes at 31.03% iron. 
--  Life of Mine Production of 6 million tonnes of 66.3% iron concentrate
    per year for 30 years. 
--  Low strip ratio of 0.51 to 1 



"We are very pleased with the results of this PEA. The release of this economic
report is a major milestone for Rockex and marks the culmination of many years
of work by our team. This PEA presents Eagle Island's strong economic potential
and confirms management's belief in the project. Furthermore, this PEA is a
critical valuation and marketing document that will give Rockex excellent
positioning for negotiations with a strategic partner," said Edward Yew,
Rockex's President and CEO.


Summary 

The PEA is based on the production of 6 million tonnes of iron concentrate per
year at a grade of 66.3% total iron ("Fe"). The average run of mine feed of 17.3
million tonnes per year used is based on mill recovery of 80% operating
year-round from the Eagle Island deposit. The life of mine of 30 years was based
on 512 million tonnes of in-pit resources at a grade of 28.9% Fe, less than half
of Eagle Island's estimated Indicated Resources of 1,287 million tonnes at a
grade of 28.39% Fe. Initial capital expenditures are estimated at $1.559 billion
for the production of 6 million tonnes per year of iron concentrate. Using an
average site operating cost of $36.63 per tonne, and assuming the iron
concentrate sales price at $105USD FOB Sioux Lookout, calculated Net Present
Value for the Eagle Island project is $3.9 billion (pre-tax) using a 5% discount
rate and $2.2 billion (pre-tax) using an 8% discount rate.


In addition to the PEA, Rockex completed an updated independent mineral resource
estimate by Met-Chem which has defined 1,287 million tonnes of Indicated
Resources at a grade of 28.39% Fe and 108 million tonnes of Inferred Resources
at a grade of 31.03% Fe. The updated resource is summarized in the Table below.




  ------------------------------------------------------------------------
  Mineral Resource Category         Metric Tonnes (Million)         Fe (%)
  ------------------------------------------------------------------------
  Indicated                                           1,287          28.39
  ------------------------------------------------------------------------
  Inferred                                              108          31.03
  ------------------------------------------------------------------------



HBI Potential

A trade-off study was conducted in the early phases of the PEA based on the
preliminary information available at that time. The study investigated the
feasibility of producing three different products: fines, pellets and hot
briquetted iron ("HBI"). The study showed that further analysis is warranted for
pellets and HBI, which Rockex will pursue throughout the course of its
preparation of a Feasibility Study. Presently, the PEA is based solely on the
production of a fines iron concentrate. However, more detailed study of the
transformation of iron ore concentrate to HBI to supply the North American
electric arc furnace industry and grey foundry industry is being commissioned.
HBI is considered to be a cleaner, higher quality, finished iron product for the
steel industry and is a perfect substitute for scrap steel. The HBI process
requires access to an abundant and low cost source of natural gas. Considering
Rockex's proximity to the TransCanada Natural Gas Pipeline, Rockex feels it is
well positioned to produce HBI and leverage its proximity to transportation
infrastructure to supply the North American market in the United States
immediately south of the Great Lakes and in Canada.


Mining

Met-Chem evaluated the potential for an open pit mine at Eagle Island to produce
6 million tonnes of iron concentrate per year at a grade of 66.3% Fe. The mining
method selected for the Project is a conventional open pit 'drill and blast'
operation with rigid frame haul trucks (218 tonne payload) and hydraulic
shovels. The pit design and mine plan were limited to a 30-year mine life,
although the pit optimization showed that there are sufficient resources for a
longer period. The designed pit includes 512 million tonnes of mineral resources
with an average grade of 28.9% Fe and has a stripping ratio of 0.51:1. The pit
will be developed in three phases in order to defer the construction of dykes
and lake dewatering until after the commencement of mining operations. A
causeway to access the pit will be constructed between Eagle Island and the
south shore of Lake St. Joseph. An average run of mine feed of 17.3 million
tonnes per year (47,500 tpd) is required, assuming a mill recovery of 80%.


Metallurgical Testing

The first objective of the metallurgical test work was to reproduce the test
procedures developed by The Algoma Steel Company Ltd ("Algoma") in 1974 in order
to achieve similar grades and recoveries from the current test program. The
second objective of the test program was to test the composite sample's
amenability to gravity and magnetic separation. The test work was undertaken by
SGS Mineral Services in Lakefield, Ontario. Desliming test work yielded Fe
recovery and grade results similar to those obtained by Algoma. Mineral
processing estimates were based on metallurgical test work performed on
composite samples from Rockex's Eagle Island Project. Results from the following
tests were used as the basis for the PEA: 




--  SAG Power Index (SPI) test, 
--  Bond ball mill grindability tests, 
--  Gravity separation tests, 
--  Low intensity magnetic separation (LIMS) tests and 
--  Desliming tests. 



Concentrating

The concentrator will be located adjacent to the Eagle Island causeway. Mined
mineralized material will be crushed using a gyratory crusher before being
conveyed to the processing plant. The process consists of the following:




--  SAG Mill and ball mill grinding circuit produces a P80 product of 88
    microns, 
--  Gravity Separation (rougher and cleaner spiral separators), 
--  Tertiary grinding using ball mills operating in a closed loop with
    cyclones (P80 product of 27 microns), 
--  Low intensity magnetic separators (rougher/cleaner/finisher magnetic
    separators) and 
--  Desliming thickeners. 



Concentrate will be thickened to 65% solids prior to pumping to the
dewatering/product storage facility located at Sioux Lookout. Tailings are also
thickened before being pumped to the tailings pond. Final concentrate will grade
66.3% Fe and 5.23% SiO2.


Dewatering, Product Storage and Railcar Loading

The dewatering, product storage and railcar loading facility, located at Sioux
Lookout, will receive the concentrate via pipeline. The material will undergo
the following steps: 




--  Slurry Reception (storage tanks and thickener), 
--  Filter presses, 
--  Rotary dryers (for additional drying during winter), 
--  Stockpile and 
--  Railcar loading. 



Excess water will be sent to a clarifier pond. The stockpile can hold slightly
over three days of nominal operation. The stockpile reclaim and railcar loading
system is designed to operate at 3,000 tonnes per hour.


Iron Concentrate Sales Price

Based on survey of recent studies, the selling price of the iron concentrate was
established at $105USD FOB Sioux Lookout for the Eagle Island project. Sioux
Lookout is connected by major rail lines to ports on the Great Lakes and the
West Coast for shipping the concentrate to North American, European and Chinese
markets.


Operating Cost Summary

The PEA operating costs were estimated based on economic assumptions shown below
and estimates of consumable prices from suppliers. Average life-of-mine
operating costs were estimated as:




---------------------------------------------------------------------------
Operating Costs                                         $/tonne concentrate
---------------------------------------------------------------------------
Mine production                                                       12.76
---------------------------------------------------------------------------
Concentration and slurry transportation                               18.05
---------------------------------------------------------------------------
Dewatering and drying                                                  1.83
---------------------------------------------------------------------------
G&A and site services                                                  3.79
---------------------------------------------------------------------------
Railroad terminal                                                      0.20
---------------------------------------------------------------------------
Total                                                                $36.63
---------------------------------------------------------------------------



Capital Cost Summary

PEA capital costs were estimated based on an adequate level of engineering for
the mine, the process, the infrastructure and all services necessary to support
the operation. Supplier quotes were used where available as was Met-Chem's cost
database.




  -----------------------------------------------------------------------
                                                                 Initial 
  Capital Description                                          $ Millions
  -----------------------------------------------------------------------
  Mine                                                                137
  -----------------------------------------------------------------------
  Causeway to Eagle Island                                             12
  -----------------------------------------------------------------------
  Concentrator                                                        502
  -----------------------------------------------------------------------
  Mine and concentrator area infrastructure                            64
  -----------------------------------------------------------------------
  Power at Lake St-Joseph site                                         94
  -----------------------------------------------------------------------
  Concentrate pipeline to Sioux Lookout site                          140
  -----------------------------------------------------------------------
  Dewatering, drying, loading at Sioux-Lookout site                   112
  -----------------------------------------------------------------------
  Sioux Lookout site infrastructure                                    18
  -----------------------------------------------------------------------
  Power at Sioux Lookout site                                           9
  -----------------------------------------------------------------------
  Natural gas pipeline to Sioux Lookout site                           67
  -----------------------------------------------------------------------
  Indirect costs including contingency                                404
  -----------------------------------------------------------------------
  Total Initial Capital                                            $1,559
  -----------------------------------------------------------------------



Other Economic Assumptions



--  Exchange rate: $0.95 USD = $1.00CAD 
--  Fuel price: $1.00 per litre for diesel, $0.13 per cubic meter for
    natural gas (drying) 
--  Electricity rate: $0.07/kWh 
--  Sustaining capital costs: $609M, including $66M for closure and
    rehabilitation costs 



Updated Mineral Resource Calculation

Since the last resource estimate in 2011, Rockex has drilled an additional
6,917.9 m of core in 14 drill holes into the iron deposit located on Eagle
Island. The cores from these 14 drill holes plus the cores from five twin holes
drilled by Rockex in 2008 were used by Met-Chem to provide the resources
estimate, in addition to the previous Algoma's holes drilled into the Eagle
Island deposit These drill programs were highly successful in validating
historical drilling results, increasing total tonnage and improving resource
classification. The increased tonnage was a result from drilling along the
lateral extensions of the deposit and at greater depths than the holes predating
the 2011 program.


An updated independent mineral resource estimate by Met-Chem has defined 1,287
million tonnes of Indicated Resources at a grade of 28.39% Fe, and 108 million
tonnes of Inferred Resources at a grade of 31.03% Fe. The resources estimate
includes the Main Zone and South-east Zone deposits on Eagle Island only, and
forms the basis for the PEA.


Resource Estimation Methodology 

The mineral resource estimate for the Eagle Island Project included a total of
90 drill holes used for blocks interpolation, while some of the historical holes
on Eagle Island for which no valid analytical data were available, were used for
the geological interpretation. The drill data was used to perform traditional
sectional 2D interpretation followed by generation of 3D solids. The geological
solids were used to constrain the assays from the holes selected first for
compositing and then for resource interpolation. Regular downhole compositing on
nominal 3.05m (10 ft) sample lengths was used and variograms were calculated in
order to analyze the spatial continuity of the mineralization and to determine
suitable parameters for grade interpolation. 


Regular 50 m x 50 m x 10 m block sizes were used for the block model. Search
ellipses reflecting unique strikes to the portions of the deposit were used to
constrain the interpolation. Structural domains were defined in order to account
for the deformed nature of the mineralization and the resources were estimated
using the inverse distance squared method. Met-Chem created a regression model
between the density and the iron content based on 160 density determinations
using the pycnometer method. 


An Indicated Resource classification was assigned to blocks interpolated by a
minimum of 6 composites and maximum search ellipse ranges of 400 m along the
major axis, 300 m along the semi-major axis and 20 m along the minor axis.
Inferred Resources were defined by search ellipsoids of the same size but with a
minimum of 3 composites. The maximum number of composites allowed for each
selected hole was set at 3. Mineral resources are reported to a cut-off of 10%
Fe calculated using the economic parameters developed for this study, which
corresponds to the grade at which a block will generate zero revenue after
paying for mining and processing. The initial resources are not constrained
within a pit shell. However, the resources were subsequently constrained to a
pit shell by the mining engineers to allow pit optimization.


The quantity and grade of reported Inferred Mineral Resources in this estimate,
which represents 7.7% of the total resources, are uncertain in nature. There has
been insufficient exploration to define the Inferred Mineral Resources as
Indicated or Measured Mineral Resources and it is uncertain if further
exploration will result in upgrading them to Indicated or Measured Mineral
Resource categories.


The PEA includes Inferred Mineral Resources that are considered too speculative
to have the economic considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the PEA will be
realized.


The mineral resource estimates discussed herein may be affected by subsequent
assessments of mining, environmental, processing, permitting, taxation,
socio-economic, legal, political and other factors. There is insufficient
information available to assess the extent to which the potential development of
the mineral resources described herein may be affected by these risk factors.


The mineral resources are reported in accordance with Canadian Securities
Administrators ("CSA") NI 43-101 and have been classified in accordance with
standards as defined by the "Canadian Institute of Mining, Metallurgy and
Petroleum ("CIM") CIM Definition Standards for Mineral Resources and Mineral
Reserves." Mineral resources which are not mineral reserves do not have
demonstrated economic viability.


Qualified Persons

The PEA was prepared under the supervision of Charles Cauchon, Eng. of Met-Chem.
Mr. Cauchon is a Qualified Person as defined by NI 43-101. 


Met-Chem's Yves A. Buro, Eng., and Schadrac Ibrango, P.Geo., Ph.D., are
responsible for validating the geological interpretation and the database and
for the mineral resources estimate. 


Met-Chem's Ryan Cunningham, Eng., is responsible for supervising the
metallurgical test work program and the process design. 


Met-Chem's Jeffrey Cassoff, Eng., is responsible for supervising the mining. 

Met-Chem's Alain Michaud, Eng., is responsible for supervising the costs
estimation. 


All the Qualified Persons cited above are independent of Rockex within the
meaning of NI 43-101, Standards of Disclosure for Mineral Projects of the
Canadian Securities Administrators, and have reviewed and approved the contents
of this news release.


About Met-Chem

Met-Chem is an internationally renowned consulting engineering firm established
in 1969 to provide all phases of geology, mining, mineral processing and
engineering services throughout the world. From its headquarters in Montreal,
Met-Chem offers the mining industry professional expertise that covers scoping,
pre-feasibility and feasibility studies, basic and detailed engineering,
procurement and construction management, training, start-up, commissioning and
operations assistance. 


About Rockex 

Rockex' Western Lake St. Joseph Project - which includes the Eagle Island
Deposit, as well as additional potential deposits at Wolf Island and Fish Island
- consists of a 100% interest in 23 contiguous mining claims and covers a
nominal area of approximately 5,392 hectares located approximately 100
kilometres northeast of Sioux Lookout and 80 kilometres south-southwest of
Pickle Lake. 


Rockex also holds a 100% interest in three other iron projects in relative close
proximity to Eagle Island and Fish Island in the Lake St. Joseph area: (i) East
Soules Bay, a property consisting of 9 contiguous mining claims (1,408 hectares)
in and along the eastern end of Lake St. Joseph, approximately 40 kilometres
east of Rockex' Eagle Island Iron Project, (ii) the Doran Lake Property
consisting of 4 contiguous mining claims (832 hectares) in and along the north
shore of Doran Lake, south of Lake St. Joseph, approximately midway between the
Eagle Island Iron Project and the East Soules Bay Project, and (iii) the Root
Lake Project, a property consisting of 4 contiguous claims (832 hectares),
approximately 100 kilometres north of Sioux Lookout near the central part of
Lake St. Joseph. In addition, Rockex holds a 100% interest in a fifth iron
project in Northwestern Ontario, the North Spirit Lake Property in the Buckett
Lake and Hewett Lake Townships, Red Lake Mining Division, District of Kenora,
consisting of eight contiguous mining claims (1,536 hectares) approximately 170
km northeast of Red Lake, Ontario. 


Please visit the Corporation's website at www.rockexmining.com.

This news release may contain or refer to 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 estimated resources, grades, recovery rates, production rates,
rates of return, capital costs, operating costs, sales prices and other aspects
of the PEA. This forward-looking information is subject to a variety of risks
and uncertainties beyond Rockex's ability to control or predict that 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. 


Neither IIROC nor any stock exchange or other securities regulatory authority
accepts responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Rockex Mining Corporation
Edward Yew
President and Chief Executive Officer
[phone]
[e-mail]


Rockex Mining Corporation
Pierre Gagne
Chairman of the Board
807-623-2626
[e-mail]
www.rockexmining.com