VANCOUVER, June 1, 2016 /CNW/ - Red Eagle Mining
Corporation (TSX-V: RD, OTCQX: RDEMF, SSE-V: RDCL) is pleased
to announce that detailed ore production stope delineation drilling
has commenced at the San Ramon Gold Mine, Santa Rosa Gold Project,
Antioquia, Colombia and will
continue for the life of the mine. Highlights from the first
four holes (SRD-0001 to SRD-0005) include intercepts:
- SRD-0003 - 4.00m at 10.68 g/t Au from 60.70m down hole (incl.
1.10m at 27.38 g/t Au)
- SRD-0004 - 7.80m at 12.79 g/t Au from 71.40m down hole (incl.
2.80m at 30.44 g/t Au)
- SRD-0005 - 8.15m at 5.71 g/t Au from 96.20m down hole (incl.
1.60m at 15.65 g/t Au)
"The initial results from the in-fill drill programme have
exceeded our expectations with intercepts significantly longer than
our average mining width of 3.00m and grades significantly higher
than our reserve grade of 5.20 g/t Au", comments Bob Bell, Chief Operating Officer.
Hole SRD-0002 was abandoned. For complete drill results,
please see Table 1 – Drill Hole Intercepts, Table 2 – Drill Hole
Specifications, Figure 1 – Long
Section and Figure 2 – Cross Section. True widths are
estimated to be 70-90% of the intercepts and vertical depths are
estimated to be 70-90% of the drilled depths reported below.
Drill assays were composited by length-weighted averaging into
intersections using a 2.00 g/t Au cut-off grade. Due to
the mining method and mining selectivity contemplated for the
deposit, internal dilution was included in some intersections where
considered appropriate for mining continuity. For photographs
of the drill core see Red Eagle Mining's Flickr.
Quality Assurance and Quality Control
All drill samples were collected with a diamond core drill rig
using approximately one metre sample intervals following standard
industry practice. Activation Laboratories Ltd. prepared and
assayed the samples at their laboratory in Medellin, Colombia. Fire assay for Au
(using a 50 gram sample) with an AAS finish was carried out
routinely on all samples submitted. For all samples which
returned initial Au fire assays of greater than 5 g/t Au, a second
fire assay for Au was performed (also using a 50 gram sample) with
a gravimetric finish. QA/QC included the monitoring of
standards and a coarse blank inserted into the sample stream.
The technical information contained in this news release has
been reviewed and approved by Red Eagle Mining's Vice President of
Exploration, Jeff Toohey P.Eng., who
is a "Qualified Person" as defined under NI 43-101.
About Red Eagle Mining
Red Eagle Mining is a well-financed gold exploration and
development corporation with an experienced mine development
team. Management is focused on building shareholder value
through discovering and developing gold projects with low costs and
low technical risks in Colombia, a
jurisdiction with prolific historic production but until recently
limited modern exploration. Red Eagle Mining owns 71% of the
Vetas Gold Project and 100% of the Santa Rosa Gold Project, where
construction is underway at the fully permitted and fully financed
San Ramon Gold Mine with production expected to commence in the
second half of 2016.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release includes
forward-looking statements that are subject to risks and
uncertainties. All statements within, other than statements
of historical fact, are to be considered forward looking.
Although Red Eagle Mining 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 market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
There can be no assurances that such statements will prove
accurate and, therefore, readers are advised to rely on their own
evaluation of such uncertainties. We do not assume any
obligation to update any forward-looking statements. This news
release does not constitute an offer to sell or a solicitation of
an offer to sell any securities in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Red Eagle Mining Corporation