Red Mile Minerals Signs Option Agreement for 50 Percent of the Blue Quartz Property
December 07 2010 - 12:36PM
Marketwired
Red Mile Minerals Corp. (TSX VENTURE: RDM) "Red Mile" (the
"Company") is pleased to announce it has signed an option agreement
with McLaren Resources Inc (CNSX: MCL) "McLaren" whereby McLaren
can earn 50% of the Company's interest in the Blue Quartz Property.
In addition, upon McLaren earning a 50% interest, McLaren will have
the right of first refusal for the remaining 50%.
Transaction Terms
To acquire 50% of Red Mile's interest in the Blue Quartz
Property, McLaren will, subject to Regulatory Approval, make a cash
payment of $10,000 on the date of signing of the Letter of
Agreement, and spend a minimum of $200,000 in Exploration and
Development expenditures on or before September 1, 2011.
John Hickey, President & CEO of Red Mile, commented: "We are
pleased to have McLaren Resources join with us to take the Blue
Quartz project forward. Our previous work on the historic Blue
Quartz mine has clearly indicated the property deserves more work
to fully explore its mineralization. By McLaren taking on a
$200,000 work program to earn 50%, it allows Red Mile to focus its
attention on the Dorset Property in Baie Verte Newfoundland." (see
Press Release dated October 25, 2010)
About Red Mile Minerals
Red Mile Minerals is a tightly held mineral exploration company
with a gold property along the prolific Destor-Porcupine
gold-producing region in Ontario and the Dorset Property in Baie
Verte, Newfoundland. Red Mile continues to seek additional mineral
exploration opportunities where the company's exploration expertise
and corporate share structure has the potential to substantially
enhance shareholder value. Currently there are 9,940,000 shares
issued and outstanding.
On behalf of the Board of Red Mile Minerals Corporation
John Hickey, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Red Mile Minerals Corp. John V. Hickey President &
CEO (416) 637-2139 office@redmileminerals.com
www.redmileminerals.com