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RosCan Releases Phase 1 Diamond Drill Results on Its Jokkmokk Property in Sweden

Monday, July 2nd, 2007

RosCan Minerals Corp announce Phase I drilling results on its Jokkmokk property in north-central Sweden. The 2007 exploration program was undertaken on the Sakevare permit (please see news release dated March 16, 2007). RosCan is exploring geological environments in Sweden which may host large meta-sediment hosted zinc(Zn), lead(Pb) , silver(Ag) deposits. RosCan modelled its search using features which are characteristic of the Australian Broken Hill and Cannington deposits. The exploration program was developed from previous work conducted by property vendors BHP Billiton.
Two relatively large (2 to 5 km long) prospects, MG01 and MG02, were the focus of the program. Previous airborne surveys and reconnaissance diamond drilling by BHP Billiton indicated the potential for these prospect areas to host significant Zn, Pb, and Ag values in fractured, altered sedimentary rocks of Proterozoic age.
To further delineate drill targets on the Sakevare permit, ground geophysical surveys consisting of 27 line kilometres of magnetic survey and 15 line kilometres of HLEM Slingram electro-magnetic survey were conducted on the MG01 and MG02 prospects. To locate extensions of mineralization discovered by BHP Billiton, 1,116 metres of diamond drilling were completed in eight drill holes. From split drill core, a total of 401 samples were submitted for zinc, lead, silver and multi-element analysis.
Sphalerite mineralization was intersected in all drill holes with mineralization hosted in faults, fractures and deformation zones within a package of intercalated units of wacke, arenite and mudstone. Ubiquitous sphalerite and chalcopyrite also occur as disseminations and very fine stringers in graphitic, sulphide rich, biotite schists.
Higher grade intersections, at the MG02 prospect, include 3.97 % Zn, 0.83 % Pb, 4.7 g/t Ag over 1.1 metres in hole RMG01-5 and higher grade intersections, at the MG01 prospect, include 4.03% Zn, 1.42% Pb, 43 g/t Ag over 1.6 metres in hole RMG01-7 and 2.6 % Zn, 1.16 % Pb, 31.4 Ag over 0.8 metres in hole RMG01-5. A number of larger sulphide-rich graphitic mudstone units were also intersected with consistently anomalous multi-element metal values such as in drill hole RMG01-7 where 46.4 metres of 0.24% Zn, 0.06% Cu, 0.049% Ni and 3.78 ppm Ag were intersected. Such anomalous intervals may be important vectors for economic mineralization to be used in future exploration on the property.
Sakevare Geology
Host rocks on this property range from coarse-grained micaceous arenites to graphitic mudstones and include biotite-rich wackes, “cherty” sediments and possible oxide/sulphide iron formation. Alteration is characterized by localized fracture/fault controlled zones of silica, quartz veining, with local enrichment of a pervasive chlorite-muscovite alteration. Sulphides are dominated by pyrite and pyrrhotite, which range locally up to 70% of drilled intersections in graphitic, sulphide-rich mudstone. Accessory sulphides include sphalerite and chalcopyrite, with trace amounts of galena and possibly argentite/acanthite (silver sulphide).
MG01 Prospect
Diamond drilling of 816 metres was completed in 6 holes on the MG01 prospect, including two scissor holes RMG01-5 and RMG01-6 to test continuity and orientation of the original BHP Billiton discovery hole. Four holes were drilled to test a portion of the geophysical anomaly south of the original discovery. Drilling intersected numerous wide sections of graphitic, sulphide-rich mudstone, as well as a number of fractured and altered zinc mineralized zones. Drilling also confirmed the moderately east dipping orientation of stratigraphy and structure, with drill intersections at 80-100% of true width.
Drill hole RMG01-5 tested the BHP Billiton discovery zone closer to surface and intersected 5 metres of fractured, chlorite-silica-epidote alteration with anomalous Zn-Pb-Ag values. Further down-hole, a previously untested structure returned 2.6 % Zn, 1.16 % Pb, 31.4 g/t Ag over 0.8 metres.
Drill hole RMG01-6 stepped 65 metres north from RMG01-5 and intersected anomalous Zn, Pb, Ag values in several narrow fault structures with the best intersection returning 1.34 % Zn, 0.49% Pb, and 3.7 g/t Ag over 2.2m.
Drill hole RMG01-7 tested a very large conductive, but relatively non-magnetic target outlined by the Phase 1 ground geophysical surveys, 235 metres south of the original BHP Billiton discovery. This hole intersected a wide zone of graphitic, sulphidic mudstone assaying 0.24% Zn, 0.06% Cu, 0.049% Ni, 3.78 ppm Ag over 46.4 metres. A possible previously untested structure was also intersected, returning 4.03% Zn, 1.42% Pb, 43 g/t Ag over 1.6 metres.
The remaining three drill holes (RMG01-8, RMG01-9, RMG01-10) tested coincident magnetic/electromagnetic conductive targets between 200 and 400 metres south of RMG01-7 intersecting similar stratigraphy, with a best result of 1.19% Zn, 0.33% Pb and 3.86 g/t Ag over 1.4 metres in hole RMG01-9.
Recommendations for further exploration work on the MG01 prospect include using “B” horizon soil geochemistry to examine the remaining large area of untested geophysical anomalies. As well, the original BHP Billiton discovery target remains open at depth. Parallel mineralized structures east and west of the main target area also remain relatively untested and require further testing.
MG02 Prospect
Diamond drilling of 100 metres was completed in 2 holes on the MG02 prospect, consisting of 50 metre step-outs from the original BHP Billiton discovery. Wide sections of graphitic, sulphide-rich mudstone were intersected along with a number of altered mineralized zones. The two drill holes confirmed the structural complexity in the area evident from the geophysical response and previous BHP Billiton drilling.
Drill hole RMG02-5, 50 metres north of the BHP Billiton discovery, intersected two narrow altered fractured zones, 12 metres apart, which returned 3.97 % Zn, 0.83 % Pb, 4.7 g/t Ag over 1.1 metres and 1.54 % Zn, 0.27% Pb, 1.3 g/t Ag over 1.8 metres.
Drill hole RMG02-4, 50 metres down dip of the BHP Billiton discovery, intersected a wide deformation zone in pegmatite dyke-intruded wackes with late remobilization (vuggy cavities) and open fracture mineralization (some voids packed with fine sand). The best intersection returned 1.03% Zn, 0.19 % Pb over 2.0 metres; Ag is depleted in the zone, possibly due to late remobilization or leaching effects.
Recommendations for future exploration work on the MG02 prospect include additional “B” horizon soil geochemistry using lead and arsenic as pathfinder elements and extending ground HLEM and magnetic coverage to cover the large remaining area of the airborne GEOTEM anomaly identified by BHP Billiton.
RosCan is currently earning an 80% interest in the property from Intrepid Mines Limited (TSX:IAU)(ASX:IAU) upon making option payments to BHP Billiton of US $1 million over a period of 4 years. Intrepid is the project operator and will retain a 20% carried interest, while BHP Billiton will retain a 3% NSR royalty. Roscan is currently evaluating the Phase 1 drill results, together with the recommended future exploration work on the MG01 and MG02 prospects and will decide, in early July 2007, if further exploration activities are warranted.

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