Ridgemont Announces Plans for Redford
April 20 2011 - 9:00AM
Marketwired
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Ridgemont Iron Ore Corp. Mark Morabito President &
CEO 604-681-8030 604-681-8039 (FAX)
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