Rogue Iron Ore Corp. (TSX VENTURE:RRS) (the "Company" "Rogue") is pleased to
announce that it has entered into non-binding, exclusive negotiations with U.S.
Borax Inc., a subsidiary of Rio Tinto plc, to complete a structured earn-in
agreement to acquire all of the issued and outstanding shares in Nat River Gold
Inc. / Aurifere Riviere Nat Inc. (the "Transaction"), which owns the Nat River
Gold Project located 80 km South West of Timmins, Ontario. U.S. Borax Inc.
manages the assets of Nat River Gold Inc. / Aurifere Riviere Nat Inc.


Details of the spin-out and non-binding Letter of Intent/Exclusivity Agreement
include:




--  Rogue has created a subsidiary company, Rapier Gold Inc. ("RGI") which
    will be spun out from Rogue as a stand-alone public company. 
    
--  RGI will receive the gold rights only from Rogue's Timmins West
    Property, as well as the exploration rights on the Nat River Gold
    Project ("NRGP") where exploration work by U.S. Borax Inc. discovered
    visible gold in a total of eleven intercepts from five distinct types or
    zones of mineralization. Rogue will retain all iron and base metal
    rights to the Timmins West Property, which hosts the Nat River Iron
    Formation. 
    
--  Roger Walsh, an independent advisor for Rogue, will take on the role of
    CEO and President of RGI and will be responsible for initial capital
    raising as well as lead the building of a gold focused exploration team
    to prepare and execute exploration programs on the project. 
    
--  RGI will be solely responsible for the funding of exploration and other
    associated costs. Specific exploration budgets will be included within
    the Definitive Agreements once negotiated by both parties. 



"We are very excited about the potential that the formation of Rapier Gold Inc.
offers each Rogue Iron Ore Corp. shareholder, as part of our ongoing plan to
optimize the value of the Company's assets. We were delighted to work with U.S.
Borax's team to negotiate an agreement that is truly focused on optimizing the
potential for a significant gold discovery on the combined land position. We
have been approached by a number of significant mining companies interested in
joint venturing our ground, however we strongly believe the formation of RGI and
the combination with the NRGP project offers significant potential to create
separate value for our shareholders, as we continue to advance the Radio Hill
iron ore project," stated Stephen de Jong, President and CEO.


The NRGP consists of a land position of 5,599 hectares located on the western
extension of the Porcupine-Destor Deformation (Fault) Zone ("PDDZ"); one of the
most productive gold structures in the world that has produced over 70 million
ounces over the past century. Drilling by U.S. Borax Inc. intersected visible
gold in drill core at several different intervals. The visible gold was found in
carbonate veins and carbonate contact rocks with mineralization and alteration
assemblages similar to that found in the Timmins Gold Camp. The NRGP land
position adjoins almost all the northern boundary of the Company's Timmins West
Property of approximately 10,192 hectares which also has significant exposure to
the PDDZ. The combined land position is approximately 15,791 hectares and
contains a significant untested portion of the PDDZ, representing one of the
largest exploration properties in this highly prospective region of Ontario. 


Upon the successful completion of the Transaction, Rogue intends to transfer all
gold rights on its Timmins West Property to Rapier Gold Inc. The Company
contemplates thereafter distributing to each of its shareholders, shares of
Rapier Gold Inc. pro rata based on the shareholdings in the Company. Currently
RGI is intended to become an independent Canadian listed public company with a
separate management team following the transaction and plans to raise new equity
capital to conduct a comprehensive exploration program on the combined land
position as part of any transaction. 


Mr. Roger Walsh, currently a strategic advisor to the Company, will assume the
role of President of RGI and will take a lead role in the growth and development
of RGI. Mr. Walsh has extensive experience and relationships in the
international mining having held senior corporate development roles with a
number of public companies including; Aurizon Mines Ltd, Jinshan Gold Mines Inc.
and Ivanhoe Mines Ltd. 


Mr. Walsh and the Company have identified a small technical team to conduct the
first phase of exploration on the combined land position and they will be joined
by a Technical Advisory Committee of two senior exploration geologists with
extensive experience in the Abitibi and Swayze greenstone belts which occur in
this region of Ontario.


ABOUT ROGUE IRON ORE CORP.

Rogue Iron Ore is an iron exploration and development company with offices in
Vancouver BC, and Timmins, ON. The Company's primary asset is its Radio Hill
Iron Project located 85km southwest of Timmins, Ontario.


Key Company milestones expected in the near term are:



--  Ongoing results from drilling at Radio Hill Iron Project 
--  Completion of Radio Hill resource estimate 
--  Announcement of additional JVs or other partnerships on non-core assets 
--  Appointment of key personnel to technical and management teams 



ON BEHALF OF THE BOARD OF DIRECTORS

Stephen de Jong, President & CEO

Follow Rogue Iron Ore Corp. On: 

Facebook: http://www.facebook.com/rogueiron 

Twitter: http://twitter.com/rogueiron 

Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this
release constitutes forward-looking statements. In making the forward-looking
statements in this release, the Company has applied certain factors and
assumptions that are based on the Company's current beliefs as well as
assumptions made by and information currently available to the Company,
including that the Company is able to obtain any government or other regulatory
approvals required to complete the Company's planned exploration activities,
that the Company is able to procure personnel, equipment and supplies required
for its exploration activities in sufficient quantities and on a timely basis
and that actual results of exploration activities are consistent with
management's expectations. Although the Company considers these assumptions to
be reasonable based on information currently available to it, they may prove to
be incorrect, and the forward-looking statements in this release are subject to
numerous risks, uncertainties and other factors that may cause future results to
differ materially from those expressed or implied in such forward-looking
statements. Such risk factors include, among others, that actual results of the
Company's exploration activities will be different than those expected by
management and that the Company will be unable to obtain or will experience
delays in obtaining any required government approvals or be unable to procure
required equipment and supplies in sufficient quantities and on a timely basis.
Readers are cautioned not to place undue reliance on forward-looking statements.
The Company does not intend, and expressly disclaims any intention or obligation
to, update or revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by law.


To view the Figure associated with this release, please visit:
http://media3.marketwire.com/docs/rrs501_F1.pdf
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