Goldrock Files NI 43-101 Technical Report on Lindero Gold Project

Vancouver, March 2, 2016 - Goldrock Mines Corp. ("Goldrock" or the "Company") announces that it has filed a technical report (the "Technical Report") prepared in accordance with National Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI 43-101") on the Company's 100% owned Lindero gold project (the "Lindero Project"). The Technical Report may be viewed on the Company website at www.goldrockmines.com or under the Company's profile at www.sedar.com The Technical Report, dated February 23, 2016, entitled "Technical Report Update on the Lindero Heap Leach Project Salta Province, Argentina" was issued by Kappes, Cassiday & Associates (Reno, Nevada) with contributions from Mine Development Associates (Reno, Nevada") and DKT Geosolutions Inc, (Vancouver, BC) who are Qualified Persons as defined by NI 43-101 and are independent of the Company as defined in Section 1.5 of NI 43-101.

The Technical Report provides technical and financial details to the disclosure contained in the Company's news release issued on February 23, 2016, in which the Company announced the key results of its revised resource estimates and updated feasibility study including the highlights summarized below.


Highlights: 1, 2, 3

- An increase of 11% (112,000 ozs) in total life of mine gold production to 1,149,000 ounces.

- An increase of 22% in after-tax Internal Rate of Return to 26%*.

- An increase of 25% in After-tax NPV to US$151.75 million (C$216.79 million)*.

- After-tax Internal Rate of Return at US$1,100 and US$1,300/oz gold are 20% and 33%.

- Cash operating costs of US$666/oz gold (first 9 years)4.

- All-in sustaining cash costs of US$777/oz gold (first 9 years)5.

- A 20% increase in mine life by two years to twelve years.

- After-tax payback period of 24 months.

- An average of 128,000 ounces gold production in the first three years (peak annual gold production of 138,000 ounces in project Year 2) and average, steady state, annual gold production of 108,000 ounces (Years 1- 9).

- A 32% lowering of the life of mine strip ratio to 1.22 (previously 1.79).

-A significantly de-risked mine site construction period of only 14 months until first gold pour.

* For the comparison of IRR and NPV between the 2013 Feasibility Study and 2016 Feasibility Study, the 2013 Feasibility Study gold price of US$1,400/oz gold was adjusted to the current price of US$1,200/oz gold.


The Company has also completed the basic engineering for the construction stage of the Lindero Project which involved over 22,000 man hours with leading engineering firms, produced over 250 engineering drawings and 20 Request for Quotes (RFQ's) full tender packages. The level and quantity of engineering and cost estimation is a material advancement for the project. This makes the Lindero Project one of the few fully permitted, shovel ready gold projects poised for construction activities in the world.

Recent policy shifts in Argentina resulting from the December 2015 change in government include:

- Lifting of currency controls - a devalued Peso may result in lower costs for project development and operating costs;

- Elimination of export taxes including 5% on gold/silver dore;

- Lifting of some import restrictions allowing for international sourcing of equipment; and

- Resolution of holdout bondholder claims from Argentina's 2001 default.

The scientific and technical data contained in this news release pertaining to the Lindero Project has been reviewed and approved by the following independent Qualified Persons under NI 43-101: Kappes, Cassiday & Associates under the supervision of Carl Defilippi; Mine Development Associates, under the supervision of Thomas L. Dyer, P.E.; DKT Geosolutions Inc, under the supervision of David Thomas. David Keough, F.AusIMM (CP), COO and a Director of Goldrock Mines Corp., is the Company's designated Qualified Person.


ON BEHALF OF THE BOARD OF DIRECTORS,

"Paul Matysek"
Paul Matysek, M.Sc., P.Geo, President and CEO

Notes to this press release: 1.All currency figures are expressed in US dollars, unless noted otherwise. A Canadian to US dollar exchange rate of 0.70 is used where appropriate. 2.Base case gold price for the 2016 Feasibility Study is US$1,200/oz. See caution regarding forward-looking information. 3.The pre-production and expansion capital costs do not include the refundable Value Added Tax (VAT) which is charged at 10.5% for machinery, equipment and fixed steel buildings, the remaining items are subject to 21%; and the sustaining capital does not include the salvage value of plant and equipment or the reclamation and closure costs. VAT is fully refundable. 4.Cash operating costs per ounce represent the mine site operating costs such as mining, processing, metal transport, refining and site general and administration expenses, and are exclusive of amortization, reclamation, capital, and exploration and development costs. 5.All-in sustaining cash costs include sustaining capital, expansion capital, corporate general and administration expenses, exploration and government imposed provincial royalties. 6.Average annual production refers to the first 9 years of mine life.

About Goldrock Mines Corp.

Goldrock Mines Corp. is an emerging gold producer focused on the development of its 100% owned Lindero gold deposit located in Salta province, northwestern Argentina. The Company has been granted the primary mining permit by the Salta provincial government allowing the Company to develop the Lindero open pit, heap leach gold mine. The Company also has secondary permits in place for process water extraction, road construction, building and electrical permits. In addition, the Company has received formal public declaration of support for the Lindero development by a Salta provincial government decree recognizing Lindero as the priority development project for Salta province. With the HPGR unit delivered into Argentina, the purchase of land in Pocitos, the completion of water supply wells and basic engineering including the preparation of construction bid packages, the Company is positioning itself for a smooth transition to full construction. The focused activity taken by the Company to date has significantly de-risked the remaining construction and development schedule deliverables for the project. Average annual gold production is anticipated to average 128,000 ounces over the first three years of production and to average 108,000 ounces during the first nine years. Total mine life is estimated at over 12 years, with significant exploration potential both at Lindero and the adjacent Arizaro deposit which has the potential to use the planned Lindero infrastructure.


Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.


Caution Regarding Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration success, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.

Copyright (c) 2016 TheNewswire - All rights reserved.