ROUYN-NORANDA, QUEBEC -- (Marketwired) -- 06/06/13 -- Radisson Mining Resources Inc. (TSX VENTURE: RDS) ("Radisson") is pleased to announce that it closed a $193,400 private placement for development of the O'Brien/Kewagama project.
In connection with this placement, Radisson issued 1,074,445 flow-through shares at a price of $0.18. These shares are divided among ten private investors. No cash compensation is linked to the placement and the shares issued are subject to a hold period of four months and one day.
Radisson's management intends to use the proceeds of this placement to continue updating the resource calculation for its O'Brien/Kewagama project. "The new updated resource estimate could serve as a lever for our Company's development" said the President of Radisson, Mario Bouchard.
ABOUT RADISSON MINING RESOURCES:
Radisson is a Quebec-based mineral exploration company. Radisson's main asset, the O'Brien/Kewagama project is located on the Cadillac Break, 5 km west of the Lapa gold mine and approximately 4 km southeast of the LaRonde mine, both owned by Agnico-Eagle.
The project hosts the O'Brien Mine, which is considered the highest grade gold producer of the Abitibi Greenstone Belt (production of 1,302,000 tons at 0.448 oz/t from 1932 to 1955).
The Company's exploration work on the project has confirmed the presence of 218,540 ounces of gold (indicated resource) (based on an indicated resource of 270,000 tons at an uncut grade of 0.56 oz/ton and an inferred resource of 182,000 tons at an uncut grade of 0.37 ounces) as defined in the Scott Wilson RPA NI 43-101 report of May 2007. These resources, all outlined above the 650-metre level, are located about 800 metres east of the old O'Brien mine workings, and represent a new discovery of high grade mineralization of the same type mined and produced at the O'Brien gold mine. These resources are in a gold zone referred to as Zone 36.
In 2011 and 2012, the Company carried out two diamond drilling programs, resulting in new discoveries in the largely unexplored eastern portion of the project (Kewagama) and further definition of the eastern extension of Zone 36 mineralisation.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
President and CEO
Donald Lacasse, Eng.
Vice President, CFO and Secretary-Treasurer
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