Red Pine Exploration Provides Wawa Gold Project Update
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/07/15 -- Red Pine Exploration Inc. (TSX VENTURE: RPX) (the "Company" or "Red Pine") would like to update shareholders on its plans for the continued development of the Wawa Gold Project located near Wawa, Ontario.
Exploration results and geological evidence suggest the Surluga Gold Deposit is part of a much larger gold system within the current land position. Gold discovered to-date has been within the following geologic systems ():
The last two drill programs have significantly increased Red Pine's understanding of the geologic controls at Surluga. Future work will focus on advancing exploration outside of the Surluga Gold deposit with an emphasis on identifying new gold mineralization in the adjacent historic operations.
Property Expenditure Update
As of April 30, 2015, Red Pine has spent over $1,800,000 in eligible expenditures and Red Pine must incur a total of $2.1 million in eligible exploration expenditures by June 30, 2015 to earn a 30% interest in the Wawa Gold Project. Augustine Ventures Inc. (CSE: WAW) ("Augustine") and Citabar Limited Partnership ("Citabar") would then hold a 30% and 40% interest respectively.
The Company is currently working on securing financing for exploration and is confident it will meet its obligations by spending another $300,000 on the property prior to the June 30 deadline and advance into a joint venture agreement ("JVA") with Augustine and Citabar.
The JVA includes an option for Augustine and Red Pine to earn a further combined 15% interest by spending an additional $4 million ($2 million each) on the property, bringing the combined total interest to 75%. The parties are also continuing discussions on consolidating the property ownership and we hope to update the status of these discussions once the collective 60% interest has been earned by Red Pine and Augustine.
The Company anticipates that its NI 43-101 resource report will be released by June 10, 2015.
Wawa Gold Project Highlights
Qualified Person
Quentin Yarie, PGeo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release and is responsible for overseeing all aspects of the company's exploration programs.
About Red Pine Exploration Inc.
Red Pine Exploration is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "RPX".
For more information about the Company visit .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Contacts:
Red Pine Exploration Inc.
Quentin Yarie
President & COO
(416) 364-7024
Red Pine Exploration Inc.
Mia Boiridy
Investor Relations
(416) 364-7024
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Datum: 07.05.2015 - 17:08 Uhr
Sprache: Deutsch
News-ID 391695
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Mining & Metals
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