|By Marketwired .||
|June 3, 2014 05:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/03/14 -- Red Eagle Mining Corporation (TSX VENTURE: RD)(OTCQX: RDEMF) is pleased to announce that it has entered into a Purchase Agreement with AngloGold Ashanti Colombia S.A. ("AGAC"), pursuant to which Red Eagle Mining has agreed to acquire 100% of certain contiguous mineral exploration rights totaling 1,673 hectares within Red Eagle Mining's Santa Rosa Gold Project in Antioquia, Colombia (see Figure 1 - Concessions Map). In consideration for the property, Red Eagle Mining has agreed to pay US$375,000 to AGAC over two years and grant AGAC a 2% net smelter return royalty on the properties acquired. No other third party royalties exist on the property nor are they captured by existing royalty arrangements.
This acquisition includes an approximately one kilometre extension directly on strike to the east of the two kilometre long San Ramon Gold Deposit, which plunges to the east on to the adjacent AGAC concessions. Red Eagle Mining has completed and previously announced ten core drill holes which intercepted the deposit within 100m of the AGAC concessions. The current reported resource is cut off at the existing concession boundary (see Figure 2 - Long Section).
"This acquisition is a crucial step in accomplishing our objective of consolidating the Santa Rosa gold mining district following our acquisition of the core project in 2011, the surrounding area from Grupo de Bullet in 2012 and our staking programme in 2013," comments Ian Slater, Chief Executive Officer. "The acquisition is also important to developing the San Ramon Gold Deposit as it has the potential to extend the existing resource further to the east."
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 company 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 is developing the 320 km2 historic Santa Rosa Gold Project located in the Antioquia Batholith. Development will initially commence with the San Ramon Gold Deposit where a positive Preliminary Economic Assessment supports project advancement. Feasibility and permitting are currently underway.
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 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 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.
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