VANCOUVER, British Columbia, Sept. 06, 2017 (GLOBE NEWSWIRE) -- Red Eagle Mining Corporation (TSX: R ) (BVL:R) (OTCQX:RDEMF) is pleased to provide an update on operations at the Santa Rosa Gold Project, Antioquia, Colombia.
Mine Development
Underground development at the San Ramon Gold Mine continues to advance according to plan with 576 metres in July and 588 metres in August for a total of 3,463 metres completed year-to-date. Development has been primarily focused on secondary access ramps, advancing six attack ramps and completing 24 ore headings on levels -75, -100, -125, -150 and -175 metres, measured from surface. Prior to mill startup in January 2018, Red Eagle Mining expects to have stockpiled 21,000 tonnes of development ore through December 2017.
Add-on Paste Backfill Plant
Design of the planned paste plant continued during August with review of the proposed conventional flow sheet, material and water balance and the design of the underground reticulation system. Negotiations are ongoing with several companies to identify the most appropriate plant supplier along with expedited logistics.
Corporate
On Tuesday September 5, 2017, Red Eagle Mining’s warrants expiring on August 7, 2022, began trading on the TSX under the symbol R.WT.
Tim Petterson has stepped down from the Board of Directors to focus on his principal role as Chief Executive Officer of Black Eagle Mining which is developing metallurgical coal projects in Alberta and planning on listing on the TSX. We thank him for his valuable contributions and wish him continued success with Black Eagle Mining.
About Red Eagle Mining
Red Eagle Mining is a gold producer focused on building shareholder value through acquiring, developing and operating gold projects in Colombia, a jurisdiction with prolific historic production but until recently limited modern exploration. Red Eagle Mining owns 100% of the Santa Rosa Gold Project and controls Red Eagle Exploration Limited which owns 100% of the Vetas Gold, California Gold and Santa Ana Silver Projects and is actively consolidating additional high grade precious metal deposits in Colombia.
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 Red Eagle Mining 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.
For further information on Red Eagle Mining Corporation please contact: Patrick Balit Vice President Corporate Development Red Eagle Mining Corporation Suite 2348 – 666 Burrard Street Vancouver, BC, V6C 2X8 +1 778 372 2558 +1 604 360 5722 mobile balit@redeaglemining.com www.redeaglemining.com
