Mr. Eduardo Luna reports
ROCHESTER RE-ACQUIRES 20% INTEREST IN MINA REAL MEXICO SA DE CV
Rochester Resources Ltd. has exercised its option to reacquire a 20-per-cent interest in its Mexican subsidiary, Mina Real Mexico SA de CV, which holds the company's resource properties in Mexico. On Nov. 21, 2008, the company announced the joint venture farm-out of a 20-per-cent interest in Mina Real, and, in conjunction with this transaction, the company was granted an option to reacquire the 20-per-cent interest farmed out. The company has now provided notice that it will reacquire the 20-per-cent interest previously sold and has entered into agreements with the vendors with respect to a payment plan for the option exercise price of $4-million as well as amounts owing pursuant to the initial joint venture agreements and other amounts to be paid. In total the company has agreed to pay $5.5-million over a term not exceeding 30 months in order to reacquire the 20-per-cent interest previously sold. The amount owing will be secured by way of the 20-per-cent interest in Mina Real. On closing the company will once again have right to a 100-per-cent interest in Mina Real.