News Column

Red Mile Announces Change of Management and Shares for Debt Transaction

July 16, 2014

Newsfile Corp.



Toronto, Ontario--(Newsfile Corp. - July 16, 2014) - Red Mile Minerals Corp. (“Red Mile” or the “Company”) (TSXV: RDM) announces that John Vincent Hickey has resigned as President and Chief Executive Officer of the Company, David McDonald has resigned as Chief Financial Officer and as Corporate Secretary, and John Heslop has resigned as a director of the Company. The Board of Directors wishes to thank these gentlemen for their hard work and professionalism since the inception of Red Mile.

The Company announces that Frank J Basa, P.Eng., has been appointed President, Chief Executive Officer and a director of the Company, and Thomas P. Devlin has been appointed Chief Financial Officer, Corporate Secretary and a director of the Company. Mr. Basa is a graduate in metallurgical engineering from McGill University (1982) and has business experience in both finance and mineral industries. Mr. Basa is also the President and Chief Executive Officer of Gold Bullion Development Corp. and Castle Silver Mines Inc.Mr. Devlin, the Chief Financial Officer of Gold Bullion Development Corp. and Castle Silver Mines Inc., has over 40 years of experience in finance and management of public companies.

The Company also announces that the TSX Venture Exchange has approved the settlement of $177,231 of outstanding debt by the issuance of an aggregate of 3,244,620 common shares to certain creditors of the Company as of June 14, 2014. All shares issued pursuant to the shares for debt settlement are subject to a hold period expiring on November 15, 2014 in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

About Red Mile Minerals Corp.

Red Mile Minerals Corp is a tightly held mineral exploration company with a gold property along the prolific Destor–Porcupine gold–producing region in Ontario and the Esker Property near Pickle Lake, Ontario. Red Mile continues to seek additional minerals exploration opportunities where the Company’s exploration expertise and corporate share structure could substantially enhance shareholder value.

“Frank J. Basa”

Frank J. Basa, P.Eng.

President and Chief Executive Officer

For further information contact:

Frank J. Basa, P. Eng., President and CEO at 1–514–397–4000.

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. This news release may contain forward–looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward– looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.




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Source: Newsfile Press Release Wire


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