RDG Ridgeline Minerals Corp

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THE UNITED STATES


Ridgemont Iron Ore Corp. (TSX VENTURE:RDG)(OTCQX:RIOOF) ("Ridgemont" or the
"Company") is pleased to announce that it has closed its previously announced
financing for aggregate gross proceeds of C$9.1 million (the "Offering").
Ridgemont engaged Dundee Securities Ltd. (the "Lead Agent") on behalf of a
syndicate of agents including Delano Capital Corp. and PowerOne Capital Markets
Limited (the "Agents") in connection with the Offering.


Offering

Ridgemont has closed a private placement of 18,992,500 flow-through units
("Flow-Through Units") at a price per Flow-Through Unit of $0.40 and 3,967,900
units ("Units") at a price per Unit of $0.38 (together, the "Offered
Securities") for total gross proceeds of $9,104,802 (the "Offering").


Each Flow-Through Unit consists of one flow-through common share of the Company
(a "Flow-Through Share") and one-half of one common share purchase warrant (a
"Flow Through Warrant"). Each whole Flow-Through Warrant entitles the holder
thereof to acquire one non-flow-through common share (a "Share") of the Company
at a price of $0.60 for a period of 24 months following the closing of the
Offering (the "Closing Date").


Each Unit consists of one Share and one-half of one common share purchase
warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to acquire
one Share at a price of $0.50 for a period of 24 months following the closing of
the Offering.


In connection with the Offering, the Agents received a cash commission equal to
7.0% of the gross proceeds raised under the Offering and that number of
non-transferable broker warrants ("Broker Warrants") equal to 7.0% of the
aggregate number of Offered Securities sold. Each Broker Warrant is exercisable
into one Share, for a period of 24 months from the Closing Date at a price of
$0.38 per Share. All Offered Securities are subject to a statutory four month
hold period. 


The gross proceeds from the Flow-Through Units will be used for Canadian
Exploration Expenses (within the meaning of the Income Tax Act (Canada)),
related to the Issuer's exploration projects. The Company has agreed to renounce
such Canadian Exploration Expenses with an effective date of no later than
December 31, 2012. The net proceeds from the sale of the Units will be used for
general corporate purposes.


The securities described herein 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 accordingly, may not be offered or sold
within the United States except in compliance with the registration requirements
of the U.S. Securities Act and applicable state securities requirements or
pursuant to exemptions therefrom. This press release does not constitute an
offer to sell or a solicitation of an offer to buy any of the Company's
securities in the United States.


About Ridgemont

Ridgemont is a Canadian exploration company looking to acquire, explore and
develop iron ore mineral properties. Ridgemont, through the previously announced
acquisition of IronOne Inc., has an option to acquire a 100% interest in the Lac
Virot Iron Project located in the southern Labrador Trough and a 100% interest
in the Maguse River Iron Project located in Nunavut. Ridgemont also has an
option to acquire up to 75% interest in the Redford iron ore property, comprised
of 26 claims covering 10,821 hectares and located 22 kilometres northeast of
Ucluelet, in the Alberni Mining Division, Vancouver Island, British Columbia. 


RIDGEMONT IRON ORE CORP.

On behalf of the Board

Mark J. Morabito, Executive Chairman

Cautionary Note Regarding Forward-Looking Information

Information set forth in this news release may involve forward-looking
statements under applicable securities laws. Forward-looking statements are
statements that relate to future, not past, events. In this context,
forward-looking statements often address expected future business and financial
performance, and often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other similar
expressions. All statements, other than statements of historical fact, included
herein including, without limitation; statements about the terms and completion
of the Offering, the Closing Date, the use of proceeds from the Offering, and
the exploration of Ridgemont's properties are forward-looking statements. By
their nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results, performance
or achievements, or other future events, to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the following
risks: the need for additional financing; operational risks associated with
mineral exploration; fluctuations in commodity prices; title matters;
environmental liability claims and insurance; inability to achieve TSX Venture
Exchange approval; reliance on key personnel; the potential for conflicts of
interest among certain officers, directors or promoters with certain other
projects; the absence of dividends; competition; dilution; the volatility of our
common share price and volume and the additional risks identified in the
management discussion and analysis section of our interim and most recent annual
financial statement or other reports and filings with the TSX Venture Exchange
and applicable Canadian securities regulations. Forward-looking statements are
made based on management's beliefs, estimates and opinions on the date that
statements are made and Ridgemont undertakes no obligation to update
forward-looking statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable securities laws.
Investors are cautioned against attributing undue certainty to forward-looking
statements.

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