Dec 07, 2017
OTC Disclosure & News Service
VANCOUVER, British Columbia, Dec. 07, 2017 (GLOBE NEWSWIRE) — Red Eagle Mining Corporation (TSX:R) (BVL:R) (OTCQX:RDEMF) is pleased to provide an update on operations at the Santa Rosa Gold Project, Antioquia, Colombia.
Underground development at the San Ramon Gold Mine continues to advance according to plan with 383 metres in November and 4,876 metres completed year-to-date. Development during November was primarily focused on secondary access ramps and attack ramps on levels -125, -150, -175 and -200 metres, measured from surface.
San Ramon currently has eighteen working attack ramps, with ten in production (with 34 active production faces), four completed and ready for production and four in development. Stope mining operations continued to ramp up ahead of schedule in November with 6,086 tonnes at 7.1 grams per tonne gold mined and stockpiled during the month and 10,459 tonnes at 6.8 grams per tonne gold stockpiled in total. Prior to the planned mill start-up in January 2018, Red Eagle Mining expects to have stockpiled 21,000 tonnes of ore.
As a result of improved ground conditions in active mining areas, stope mining length has been increased from 50 meters to 65 meters and attack ramps have been reduced in length by an average of 30 meters with the secondary ramps now being driven closer to the shear zone. Updated ground support, drilling and blasting procedures have been successfully implemented resulting in greatly improved ground conditions, lower costs and reduced dilution. Stope mining operations are currently utilizing crushed mine waste as backfill with positive results while testing continues on paste and hydraulic fill alternatives.
About Red Eagle Mining
Red Eagle Mining is a gold producer focused on building shareholder value through acquiring, developing and operating gold projects in Colombia, a jurisdiction with prolific historic production but until recently limited modern exploration. Red Eagle Mining owns 100% of the Santa Rosa Gold Project and controls Red Eagle Exploration Limited which owns 100% of the Vetas Gold, California Gold and Santa Ana Silver Projects and is actively consolidating additional high grade precious metal deposits in Colombia.
For further information on Red Eagle Mining Corporation please contact:
Vice President Corporate Development
Red Eagle Mining Corporation
Suite 2348 – 666 Burrard Street
Vancouver, BC, V6C 2X8
+1 778 372 2558
+1 604 360 5722 mobile
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although Red Eagle Mining believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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