Ridgemont Announces Plans for Redford
April 20 2011 - 9:00AM
Marketwired Canada
Ridgemont Iron Ore Corp. (TSX VENTURE:RDG) ("Ridgemont") is pleased to announce
details of the 2011 exploration program on the Redford Iron Ore Property located
on Vancouver Island, British Columbia. The $5 million program will consist of
13,000 metres (m) of diamond drilling as well as an aggressive ground geophysics
and reconnaissance program with the goal of outlining a National Instrument (NI)
43-101 compliant iron ore resource this fall and delineating new iron ore
targets.
The Redford Property is host to the former producing Brynnor iron deposit.
Noranda Exploration Ltd. mined the near surface portion of the iron ore body in
the 1960's and produced 4,480,940 tonnes at 56% iron. The mine was closed in
1968 at the expiration of the concentrate sales contract with Japanese steel
makers; however, the underground extension of the ore body was never mined.
A total of 10,000m will be drilled in and around the Brynnor pit starting mid
May, and will test the underground extension of the ore body. This program will
be carried out by Cabo Drilling (Pacific) Corp. and will take five months to
complete approximately 40 holes to an average depth of 300m. The goal of this
program is to outline an initial NI 43-101 iron ore resource.
In 2010, Ridgemont completed an airborne magnetic and gravity survey which
outlined additional surface targets. These targets will be followed up by ground
work commencing in May, which will further refine the target areas in
preparation for drilling later this year. Approximately 3,000m will be drilled
on these new targets commencing in September.
"We are looking forward to drilling the Redford Property and not only targeting
the underground extension of the ore body but also outlining additional surface
targets," says Mark Morabito, President & CEO of Ridgemont. "This project is
ideally located within a few kilometres of potential port facilities with direct
access to Asia, which is key in developing an iron ore project."
About Ridgemont
Ridgemont is an exploration and development company in Canada and has an option
to acquire up to 75% interest in the Redford iron ore property located 22
kilometres northeast of Ucluelet, in the Alberni Mining Division, Vancouver
Island, British Columbia.
Edward Lyons, P.Geo., the VP Exploration for Ridgemont and a Qualified Person as
defined by NI 43-101, has reviewed and is responsible for the technical
information contained in this news release.
RIDGEMONT IRON ORE CORP.
On behalf of the Board
Mark J. Morabito, President & CEO
Information set forth in this news release may involve forward-looking
statements under applicable securities laws. Forward-looking statements are
statements that relate to future, not past, events. In this context,
forward-looking statements often address expected future business and financial
performance, and often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other similar
expressions. All statements, other than statements of historical fact, included
herein including, without limitation; statements about the timing for completion
of a NI 43-101 resource estimate, details about the planned drill program and
the production potential of the Redford iron ore property are forward-looking
statements. By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause our actual
results, performance or achievements, or other future events, to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include, among others,
the following risks: the need for additional financing; operational risks
associated with mineral exploration; fluctuations in commodity prices; title
matters; environmental liability claims and insurance; reliance on key
personnel; the potential for conflicts of interest among certain officers,
directors or promoters with certain other projects; the absence of dividends;
competition; dilution; the volatility of our common share price and volume and
the additional risks identified the management discussion and analysis section
of our interim and most recent annual financial statement or other reports and
filings with the TSX Venture Exchange and applicable Canadian securities
regulations. Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date that statements are made and Ridgemont
undertakes no obligation to update forward-looking statements if these beliefs,
estimates and opinions or other circumstances should change, except as required
by applicable securities laws. Investors are cautioned against attributing undue
certainty to forward-looking statements.
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