UPDATE: Roca Mines Loses Two Thirds of Value, Hits New Year Low As Announces Suspension of Molybdenum Production
Roca Mines Inc. (ROK.V) has lost two thirds of its value and has hit a new year low of 3.5 cents with 3.3 million shares traded after announcing that while management remains enthusiastic about the molybdenum resource contained at the MAX Mine, the operation is not sustainable under current economic conditions and available grades. As a result, the mine development program will immediately cease and mine production will be suspended after the remaining 725L stope material has been processed through October 2011.
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