VANCOUVER, British Columbia, Oct. 10, 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.
Mine Development
Underground development at the San Ramon Gold Mine continues to advance according to plan with 592 metres in September for a total of 1,756 metres completed in the third quarter and 4,055 metres completed year-to-date. Development has been primarily focused on secondary access ramps and advancing eight attack ramps with the potential for up to 32 ore headings on levels -125, -150 and -175 metres, measured from surface. During September four of these attack ramps crossed the mineralized shear zone defining economic ore headings with channel sampling averaging 7.35 grams per tonne gold over an average stope width of 3 metres. Prior to mill startup in January 2018, Red Eagle Mining expects to have stockpiled 21,000 tonnes of development ore through December 2017.
Add-on Paste Backfill Plant
Conceptual design of the planned paste plant was finalized in September with review of the proposed conventional flow sheet, material and water balance. Construction is planned to commence during November 2017 and be completed during January 2018. Design of the underground reticulation system was completed with materials expected and underground installation to commence by the end of the month.
Geotechnical Review
A detailed geotechnical review by a third party geotechnical consultant was completed during September with very favorable results that should lead to lower drilling, blasting and ground support costs and reduced dilution.
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:
Patrick Balit
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
balit@redeaglemining.com
www.redeaglemining.com
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.