Ridgemont Completes Redford 2011 Drilling Program
January 25 2012 - 7:30AM
Marketwired Canada
Ridgemont Iron Ore Corp. (TSX VENTURE:RDG)(OTCQX:RIOOF)(PINKSHEETS:RIOOF)
("Ridgemont") is pleased to announce the successful completion of its 2011
drilling program on the Redford Iron Ore Property located on Vancouver Island,
British Columbia. The program consisted of 62 diamond drill holes, totaling
10,282 metres, as well as ground geophysical surveys and a field reconnaissance
program. Results from this 2011 program are currently being evaluated by
Ridgemont in order to plan and budget for the next phase.
Highlights from this most recent set of results include:
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From To Interval Magnetite
Drill Hole (metres) (metres) (metres) Iron %
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RD11-46 145 155 10 45.7
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RD11-47 77 88 11 58.5
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RD11-50 24.4 34 9.6 47.7
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RD11-58 46 65 19 51.0
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RD11-59 57 65 8 50.1
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RD11-61 49 56 7 51.1
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"We are pleased to have successfully completed our initial drill program at
Redford," says Brian Penney, President and CEO of Ridgemont. "As a result of
this work we have been able to confirm significant mineralization extending
several hundred metres east of the old Noranda pit. In addition, our most recent
results are indicating the potential of additional mineralization outside of the
currently understood limits of the Brynnor ore body. This information will be
important as we complete our assessment of the property and plan the next phase
of our exploration program."
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 looking globally to
acquire, explore and develop mineral properties. Currently, Ridgemont 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.
RIDGEMONT IRON ORE CORP.
On behalf of the Board
Mark J. Morabito, Executive Chairman
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.
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