Ridgemont Commences Drilling at Redford
May 19 2011 - 8:30AM
Marketwired
Ridgemont Iron Ore Corp. (TSX VENTURE: RDG) ("Ridgemont") is
pleased to announce that drilling has commenced at the Redford Iron
Ore Property located on Vancouver Island, British Columbia. The
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.
Drilling will take place in and around the Brynnor pit to 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. 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 future
drilling.
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 delineation of new iron ore targets 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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