Roca Mines has been on my watch list and I was waiting for the opportune time to buy.
Roca Mines operates the MAX Molybdenum Project which has seen a short setback in the Companies operations. Roca’s production was in an upswing when the Company had to halt their mining operations due to underground stope wall sloughing at the 830mL and 805mL. This has effectively shut down the mining operations in August.
Now this is bad for the existing shareholders but an opportunity for new shareholders to pick up some shares on the cheap.
I was waiting to purchase Roca once Scott Broughton had closed a $5 million financing at $0.25/share. The private placement was closed on November 24th and the funds are for the rehabilitation of the Max Mine.
I picked up an opening position of 10000 shares at $0.29/share and will look to add to it if all goes according to plan or if there is further tax loss selling.
I believe once operations recommence I should see some considerable upside in the stock price.