Ridgemont Intercepts 43% Iron over 49 Metres at Redford
November 08 2011 - 8:30AM
Marketwired
Ridgemont Iron Ore Corp. (TSX VENTURE:RDG)(OTCQX:RIOOF)(PINK
SHEETS:RIOOF) ("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. To date,
Ridgemont has completed and received assay results for 43 diamond
drill holes, totalling 7,570 metres. Highlights from these most
recent assay results include:
--------------------------------------------------------
From To Interval Magnetite
Drill Hole (metres) (metres) (metres) Iron %
--------------------------------------------------------
RD11-22 106.0 119.0 13.0 51.7
--------------------------------------------------------
RD11-25 125.0 156.0 31.0 52.3
--------------------------------------------------------
and 164.0 176.0 12.0 44.3
--------------------------------------------------------
RD11-27 173.0 199.0 26.0 51.5
--------------------------------------------------------
including 186.0 199.0 13.0 60.2
--------------------------------------------------------
RD11-29 79.0 100.0 21.0 56.6
--------------------------------------------------------
RD11-34 63.0 112.0 49.0 43.4
--------------------------------------------------------
including 72.0 92.0 20.0 55.5
--------------------------------------------------------
and 237.0 249.0 12.0 49.2
--------------------------------------------------------
RD11-39 105.0 128.0 23.0 50.8
--------------------------------------------------------
"We are extremely pleased with these results, as they continue
to confirm the extent of the mineralization on the property." says
Mark Morabito, President and CEO of Ridgemont. "These data clearly
show the significant thicknesses and consistent grade of the
high-magnetite zone across the property."
All holes were located using the Total Field Magnetics data from
the earlier ground geophysical surveys and were collared between 50
and 400 metres east of the eastern edge of the Noranda pit. The
goal of this drill program is to outline an initial National
Instrument 43-101 iron resource.
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.
Complete assay highlights with drill plan maps and sections are
posted on the Ridgemont website at
http://ridgemontiron.com/index.php/projects.
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.
About Ridgemont
Ridgemont is a Canadian exploration and development company
which currently 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 herein, including sampling,
analytical and test data underlying the disclosed information. 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 in 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. Konstantine Tsakumis Investor
Relations 604-681-8030 x 232 604-681-8039
(FAX)info@ridgemontiron.comwww.ridgemontiron.com
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