Rockex MiningCorp. said July 11 that it has terminated its option and jointventure agreement with Diversified Innovative Marketing Enterprises Ltd., orDIME, following the latter's failure to complete its proposed phase onefinancing.
DIME was supposed to provide an initial of C$30.0 million tobe used for a feasibility study and environmental assessment of the iron oreproject in Ontario.
DIME made arrangements and completed a C$3.0 million depositinto escrow in accordance with the companies' definitive agreement. However,the company failed to provide a satisfactory letter of credit despite severalextensions to the expiry date.
The escrow agreement finally expired July 8, effectivelyterminating the definitive agreement.
Rockex is now considering alternative financing options forthe project.