Red Mile Minerals Corp. (TSX VENTURE:RDM) ("Red Mile" or the "Company") is
pleased to announce the second closing of its previously announced non-brokered
private placement (the "Offering"). Red Mile issued 400,000 flow-through units
(the "FT Units") at a price of $0.125 per FT Unit. Each flow-through unit is
comprised of one common share and one-half of one non-flow-through share
purchase warrant, with each whole warrant exercisable into a common share at an
exercise price of $0.15 for a term of 24 months. Red Mile expects to close a
third and final tranche of this financing in the next few weeks (please see the
Company's news releases of August 9, 2011 and August 26, 2011 for further
details on the financing).


A cash finder's fee of $2,750, representing 5.5% of the gross proceeds of the
Offering, was paid by Red Mile in connection with the Offering as well as the
issuance by Red Mile of a non-transferable option (the "Finder Option") to
acquire 36,000 units of Red Mile (the "Finder Units"). The Finder Option is
exercisable into Finder Units for a period of 24 months following the closing of
the Offering at an exercise price of $0.125 per Finder Unit. Each Finder Unit
will consist of one common share of Red Mile and one-half of one common share
purchase warrant of Red Mile, with each whole warrant exercisable into a common
share at an exercise price of $0.15 for a term of 24 months.


The gross proceeds of the Offering will be used to continue exploration
activities primarily on the Company's Dorset property in Newfoundland.


The securities issued pursuant to the Offering will be subject to a four month
hold period from the date of closing of the Offering.


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 could substantially enhance shareholder
value. 


This press release contains forward-looking statements. More particularly, the
press release contains forward-looking statements related to the anticipated
closing of the Offering and the use of proceeds therefrom. The forward-looking
statements contained in this document are based upon certain key expectations
and assumptions made by Red Mile, including: expectations and assumptions
concerning receipt of required regulatory approvals and the satisfaction of
other conditions to the completion of and use of proceeds from the Offering.
Although Red Mile believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because Red Mile can give no
assurance that they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These include, but
are not limited to, the failure to obtain necessary regulatory approvals or
satisfy the conditions to closing the Offering. 


Additional information on these and other factors that could affect Red Mile's
operations and financial results are included in reports, including Red Mile's
quarterly and annual reports on file with Canadian securities regulatory
authorities and may be accessed through the SEDAR website (www.sedar.com). The
forward-looking statements contained in this document are made as of the date
hereof and Red Mile undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws. 


This press release shall not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of the securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful. 


On behalf of the Board of Red Mile Minerals Corporation

John Hickey, President and CEO