Ridgemont Intersects 44% Iron Over 49 Metres
September 07 2011 - 8:30AM
Marketwired Canada
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES
Ridgemont Iron Ore Corp. (TSX VENTURE:RDG) ("Ridgemont") is pleased to announce
additional assay results from the ongoing drill program on the Redford Iron Ore
Property located on Vancouver Island, British Columbia. Highlights include:
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From To Length
Drill Hole (meters) (meters) (meters) Magnetite Iron %
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RD11-01(i) 74.0 85.0 11.0 47.2
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and 103.0 133.0 30.0 49.6
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and 155.0 168.0 13.0 41.2
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RD11-02(i) 75.3 112.0 36.7 57.1
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and 134.9 141.0 6.1 47.5
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RD11-03(i) 99 106.2 7.2 41.5
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and 113.9 125.3 11.4 54.0
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and 154 171 17 55.7
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RD11-04 144.0 156.0 12.0 51.6
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RD11-06 62.0 111.0 49.0 43.9
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and 122.0 131.0 9.0 47.5
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RD11-07 116.0 129.0 13.0 49.3
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(i) Please note that holes 1 to 3 were previously released
on August 4th, 2011
"It's great to see such consistent grade at Redford as we continue testing the
underground extension of the Brynnor Pit," says Mark Morabito, President and CEO
of Ridgemont.
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 1960s 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.
All the holes above tested the westernmost section of the Noranda underground
development. They all intersected skarn hosted magnetite as projected from the
historical work. The goal of this drill program is to outline an initial NI
43-101 iron resource.
Complete assay highlights with drill plan maps and sections are posted on the
Ridgemont website at: http://ridgemontiron.com/index.php/projects.
True widths of the reported intercepts vary depending on the angle of the
individual drill holes and are estimated to be between 65% and 98% of the core
interval as reported. All samples were prepared from sawn HQ-sized half-core
sections on site on Vancouver Island. Split drill core samples are then sent to
an independent contractor, Acme Analytical Laboratories in Vancouver, British
Columbia, for analyses. The magnetic iron component is determined by Satmagan
magnetic analysis. Standards, blanks, and duplicate assays are included at
regular intervals in each sample batch submitted from the field as part of an
ongoing Quality Assurance/Quality Control program.
Ridgemont also announces that it has granted Yvette Harrison (Chief Financial
Officer) 200,000 stock options of Ridgemont. The options vest over a period of
24 months, shall be exercisable at $0.43 and shall expire on September 7, 2016.
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, comprised of 26
claims covering 10,821 hectares and 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 approved the technical information
contained in this news release. Mr. Lyons has verified the data disclosed in
this news release, including sampling, analytical and test data underlying the
information disclosed in this news release. Mr. Lyons has verified that the
results were accurate from the official assay certificates provided to
Ridgemont.
RIDGEMONT IRON ORE CORP.
On behalf of the Board
Mark J. Morabito, President & CEO
Cautionary Note Regarding Forward-Looking Information
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 completion of an NI
43-101 resource estimate and details about the drill program at the Redford
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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