RDG Ridgeline Minerals Corp

Ridgemont Iron Ore Corp. (TSX VENTURE:RDG)(OTCQX:RIOOF) ("Ridgemont" or the
"Company") is pleased to announce that it has entered into a Letter of Intent to
acquire all of the issued and outstanding common shares of IronOne Inc.
("IronOne"). IronOne has an interest in two iron projects located in Labrador
and Nunavut. Under the terms of the Letter of Intent, Ridgemont will acquire all
of the outstanding shares of IronOne in exchange for $11,970,000, payable in
common shares of Ridgemont based on a price of $0.40 per Ridgemont share. 


"The acquisition of IronOne represents an opportunity for Ridgemont to broaden
its project portfolio into the Labrador Trough and Nunavut, allowing us to
capitalize on the expertise and experience of our staff," stated Brian Penney,
President and CEO of Ridgemont. "Ridgemont's ability to leverage all the
in-house expertise of Forbes West, already on-site in Labrador as they finalize
exploration drilling for Alderon Iron Ore Corp., should allow us to rapidly
advance these new properties."


About IronOne Inc. 

IronOne is a private company. The assets of IronOne include the Lac Virot Iron
Project located in Labrador and the Maguse River Iron Project located in
Nunavut.


Lac Virot Iron Project

IronOne has an option to earn a 100% interest in the Lac Virot Iron Project,
subject to a 2% net smelter return royalty. The Lac Virot Iron Project is
comprised of approximately 114 square kilometres of map staked mineral licences
located in the southern Labrador Trough, Canada's foremost iron ore mining
region. Four major mines (Mont-Wright, Carol, Scully and Lac Bloom) are located
within 20 km of the project. 


IronOne has received the analytical results from a reconnaissance mapping and
surface sampling program on the project. The program was conducted to ground
check historically mapped iron occurrences as well as magnetic anomalies
outlined by a 2,271 line-kilometre airborne magnetic survey completed by IronOne
in July 2011. Analytical results from thirty-three (33) grab and chip samples
collected from exposed iron formation outcrops ranged from 16.57 to 60.5% total
iron ("% Fe"), with an average for all samples collected of 30.59% Fe.


In 2011, IronOne completed a $250,000 exploration program which confirmed the
presence of outcropping iron formation along three magnetic trends at Neal Lake,
Emma Lake, and Sunday Lake which exhibit apparent strike lengths ranging from 1
km to over 5 km. Exploration results from the 2011 program will be compiled in
order to help design a 2012 diamond drill program to explore these priority
magnetic anomalies.


The samples were collected under the supervision of senior field geologists
provided by MPH Consulting Limited, of Toronto, Ontario, who were contracted to
provide exploration services to IronOne. The surface grab and chip samples
described in this release are selective by nature and limited by the extent of
outcrop exposure at the locality sampled. The resultant assay data may not be
representative of the iron formation units occurring on the property.


The samples were sent for analyses at Activation Laboratories Ltd ("ActLabs") of
Ancaster, Ontario. ActLabs is an internationally accredited analytical facility
with ISO/IEC 17025 certification. The samples were analyzed for total iron (%
Fe) using lithium metaborate / tetraborate fusion followed by wavelength
dispersive XRF techniques (analytical code MPH 4C).


Maguse River Iron Project

IronOne, together with an arm's length prospector, holds, or has applied for
permits to hold, a 100% interest in the Maguse River Iron Project located in
southern Nunavut. The Maguse River Iron Project comprises owned claims and claim
applications (the "Other Nunavut Claims") covering a nearly 200 kilometre strike
length of folded, magnetite-rich, metasedimentary rocks of the Archean-aged
Rankin-Ennadai Greenstone Belt.


Transaction Details

Under the terms of the Letter of Intent, Ridgemont will acquire all of the
outstanding shares of IronOne in exchange for $11,970,000, payable in 29,925,000
common shares of Ridgemont based on a price of $0.40 per Ridgemont share. Of
this total, 750,000 common shares of Ridgemont shall be issued to Delano Capital
Corp. as an advisory fee. The balance of 29,175,000 common shares of Ridgemont
shall be distributed to the holders of shares of IronOne on a pro rata basis.
The proposed transaction will be completed by way of a share exchange (the
"Share Exchange"). Pursuant to the Share Exchange, holders of shares of IronOne
will receive Ridgemont shares which are listed on the TSX Venture Exchange (the
"Exchange"). Pursuant to the terms of the Share Exchange, all warrants and
options of IronOne will be cancelled or otherwise dealt with in a manner
satisfactory to Ridgemont. The final structure of the proposed transaction will
be subject to receipt of tax, corporate and securities advice. The transaction
is not a non-arm's length transaction.


A report prepared in accordance with National Instrument 43-101 ("NI 43-101") on
the Lac Virot property has been commissioned and is expected to be completed and
filed with the Exchange for review in connection with the proposed transaction.
Further information on the Lac Virot property and future exploration programs
will be announced once the NI 43-101 report has been filed on SEDAR.


Ridgemont has entered into a letter of intent to acquire the Other Nunavut
Claims in exchange for 75,000 common shares of Ridgemont.


Completion of the transactions is subject to a number of conditions, including
Exchange acceptance and the negotiation and execution of definitive agreements
including with IronOne and its shareholders. There can be no assurance that the
transaction will be completed as proposed or at all.


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.


About Ridgemont 

Ridgemont is a Canadian exploration company looking to acquire, explore and
develop iron ore 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. 


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 tatements
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 terms and completion of the transaction, the
ability to rapidly advance the IronOne properties, the exploration potential of
the IronOne properties and the infrastructure potential of the Maguse River Iron
Project 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; an inability
to execute the definitive agreement; inability to achieve TSX Venture Exchange
approval; 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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