Radisson Mining Resources Inc. (TSX
VENTURE:RDS - News) is pleased to announce
it has completed a $300,000 non-brokered private placement of flow-through
shares.
The placement consisted of 2,500,000
common shares in the capital of the Corporation issued on a flow-through
basis (the "Flow-Through Common Shares"), at a price of $0.12 (Canadian)
per Flow-Through Common Share for aggregate proceeds of $300,000.
100% of the gross proceeds of the
Flow-Through Shares sold under the Flow-Through Offering will be used for
Canadian exploration expenses (within the meaning of the Income Tax Act (Canada))
on Radisson's O'Brien/Kewagama property.
In connection with the Flow-Through
Offering, CGE Capital Inc. received compensation comprised of a 7% due
diligence fee payable in cash based on the total amount of subscription funds
raised pursuant to the Flow-Through Offering.
ABOUT RADISSON MINING:
Radisson is a Quebec-based exploration
company with an interest in seven properties in Northwestern Quebec and one
property in Northwestern Ontario. The main asset of Radisson, the
O'Brien/Kewagama Property (the Property) is located along the Cadillac Break
and was previously the site of the past producing O'Brien mine, the highest
grade gold producer of the Abitibi greenstone belt (reported production
1,302,000 tons @ 0.448 ounces per ton, 1932-1955).
Exploration by the Company on the
Property in the past resulted in the discovery of an indicated resource of
218,540 ounces (based on an indicated resource of 270,000 tons at an uncut
grade of 0.56 oz/ton and an inferred resource of 182,000 tons at an uncut
grade of 0.37 ounces) as defined in the Scott-Wilson RPA 43-101 report of May
2007.
These resources, all outlined above the
2,000 foot level and located some 2,500 feet east of the old O'Brien mine
workings, are high grade structures similar in nature to the O'Brien gold
mine.
During this past year, management
undertook a complete re-evaluation and re-interpretation of the project, in
the light of the new discoveries and mines in the Abitibi Gold Belt (Osisko,
Goldex, Lapa). This work now clearly demonstrates
that in addition to the high grade structures and the excellent depth
potential of these, there exist other types of gold mineralization on the
project, including lower grade, larger width structures, porphyry type of the
Osisko and Goldex models, and gold in iron formations.
The company is presently planning its
diamond drill program on the project, designed to explore for and discover
new gold mineralization at the project.
Radisson also has entered into an option
agreement with Balmoral Resources Ltd. (TSX VENTURE:BAR - News) whereby Balmoral can
earn up to a 60% interest in Radisson's Massicotte (Detour East) property
located approximately 12 kilometres east of the multi million ounce Detour
Lake gold deposit of Detour Gold Corporation. (Please see the Company's news
release of November 10, 2010.)
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
Contact:
Michel David, B.Sc.
Radisson Mining Resources Inc.
President and Chief Executive Officer
819-797-0606
mdavid@radissonmining.com |