TORONTO, ONTARIO -- (Marketwire) -- 01/17/13 -- Red Mile Minerals Corp. (TSX VENTURE: RDM) ("Red Mile" or the "Company") is pleased to provide an update on the exploration program at the Blue Quartz Property.
The focus of the fall exploration drill program was to continue to expand the gold mineralization to depth in the area of the Blue Quartz Mine Shaft.
The drilling program targeted the Main Zone with three drill intercepts from two new drill holes plus the extension of a previous hole, for a total of 941.3 meters. Results are anticipated in late January, 2013. The Program is following up on the positive results from the previous drill program, which included 13.95 grams gold over 2.0 meters and 1.3 grams gold over 63 meters.
The Blue Quartz property is reported to have produced gold from high grade veins during the 1920s and 30s. Production on the property took place with underground mining operations which extended to a depth at the 740 foot level including 6000 ft of crosscutting later workings and drifting, over half of which was on the 500 foot level.
In addition, the Company announces that, subject to regulatory approval, it has granted, under its Incentive Stock Option Plan, a total of 900,000 incentive stock options to certain employees, officers, directors and/or consultants at a price of $0.10 per share, exercisable for a period of five years.
Red Mile Minerals is a closely held mineral exploration company with a gold property along the prolific Destor-Porcupine gold-producing region in Ontario and the Dorset Property in Baie Verte, Newfoundland. Red Mile continues to seek additional mineral exploration opportunities where the company's exploration expertise and corporate share structure could substantially enhance shareholder value. Currently there are 21,245,000 shares issued and outstanding.
To access the Company's updated presentation, clink on the link www.redmileminerals.com.
This press release contains forward-looking statements. More particularly, the press release contains forward-looking statements related to the anticipated closing of the Offering and the use of proceeds therefrom. The forward-looking statements contained in this document are based upon certain key expectations and assumptions made by Red Mile, including: expectations and assumptions concerning receipt of required regulatory approvals and the satisfaction of other conditions to the completion of and use of proceeds from the Offering. Although Red Mile believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Red Mile can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals or satisfy the conditions to closing the Offering.
Additional information on these and other factors that could affect Red Mile's operations and financial results are included in reports, including Red Mile's quarterly and annual reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements contained in this document are made as of the date hereof and Red Mile undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
On behalf of the Board of Red Mile Minerals Corp.
John Hickey, President and CEO
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.
Red Mile Minerals Corp.
John V. Hickey
President & CEO
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