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TORONTO, ONTARIO--(Marketwire - Dec. 19, 2012) - Red Pine Exploration Inc. (News - Market indicators) ("Red Pine" or the "Company") announces that at its annual meeting, to be held on January 29, 2013 at the Company's offices (520-141 Adelaide Street West, Toronto, Ontario), the shareholders will asked to approve a share consolidation resolution. If approved by the shareholders, the Company's board of directors will have the ability, at its discretion and at a time of its choosing, to implement a share consolidation at a ratio of either 1 for 3, 1 for 4 or 1 for 5. The below table notes the approximate shares that would be outstanding at each ratio if a share consolidation would occur today. There are currently 158,208,795 shares outstanding of the Company's stock.
|Approximate Number of Outstanding Common |
Shares (Post Consolidation)
|1 for 5
|1 for 4
|1 for 3
After careful consideration, the Board has decided to table this resolution to reduce the number of the Company's shares in order to increase its flexibility with respect to potential business transactions, including any future equity financings. Approval by shareholders of this resolution does not necessarily mean that a share consolidation will occur, rather it will provide the Board the ability to implement a share consolidation if they deem it to be necessary for the betterment of the Company and its shareholders.
The Company will not be changing its name or its ticker symbol as a result of this resolution. The proposed share consolidation is subject to both the approval of the shareholders at the upcoming annual general meeting and that of the TSX Venture Exchange.
About Red Pine's Properties
Costello Property - Timmins, Ontario
The Costello property is located along the Bristol fault, a splay of the Destor Porcupine Deformation Corridor immediately to the east of the Timmins Mine ("TM"). At the TM, gold is hosted in mafic and ultramafic volcanic rock units and in sedimentary rock units of the Porcupine Group. The TM is located at the contact of the volcanic rocks and the sedimentary rocks.
The Costello property is underlain by strongly deformed and transposed sedimentary rock units of the Porcupine Group. Observation of outcrop has shown that the "sedimentary bedding" corresponds in fact to tectonic layering and that the rocks have experienced severe deformation. In a recent Lake Shore 43-101 report, it is mentioned that: "There has been a high degree of deformation in terms of shearing, folding, and likely faulting in the TM deposit and the relationship of the primary lithologies is more complex in three dimensions than surface plans suggest".
Mt Logano Property - Timmins, Ontario
The Mt. Logano Porphyry property consists of 162 claim units in Whitney, Shaw, Carman and Cody townships, Porcupine Mining Division, Ontario. Bedrock on the property includes the Mt. Logano quartz-feldspar porphyry, which intruded near the Deloro- Tisdale assemblages contact. Much of the gold deposition in the Porcupine Gold Camp is spatially associated with mafic/ultramafic rocks of the Lower Tisdale assemblage, and felsic intrusive rocks similar to the Mt. Logano porphyry intrusion. Recent geochronological investigation (2005) has placed the age of the Mt. Logano porphyry body at 2689 +/-1.4 Ma, the same as the Pearl Lake porphyry (2689 +/- 1.0 Ma), which has played a spatial role in major gold deposits including the Hollinger- McIntyre mines of the Porcupine Gold camp.
The SaraCourt Property - Swayze Belt, Ontario
The SaraCourt Property is a regional land package of contiguous, high-potential gold properties totaling approximately 27,748 hectares of patented and unpatented mining lands. Located in and along the newly defined DZ3 Gold Deformation Corridor, this property holds a series of deformation zones and regional fault branches that host abundant gold showings and join the Destor-Porcupine Deformation Zone to the northeast, and join to the western extension of the Larder Lake Deformation Zone fault that branches to the southwest. The Destor-Porcupine Fault Zone is spatially associated with gold deposits in the Timmins-Porcupine Gold Camp that have produced more than 65 million ounces gold to date.
Fern Elizabeth Property, Atikokan, ON, Thunder Bay Mining District
Red Pine has a 75% interest in the Fern Elizabeth property which is located 9 kilometres northwest of the town of Atikokan, Ontario. The area has a rich mining and exploration heritage and was a major iron mining centre in the mid-1970's. More recently Osisko has identified an inferred resource of 6.70 million ounces of gold approximately 20km to the North East (Hammond Reef). The Fern Elizabeth property is approximately 11.0 square kilometres and contains 25 claims and leases. The property has excellent infrastructure with both all weather road and boat access.
Soil sampling, geological mapping, prospecting, ground geophysical surveying and 8 Diamond drill holes (1,490 m) were carried out to explore the Fern Elizabeth Property. Interesting intervals of gold mineralization was intersected in the vicinity of the historic No. 2 Shaft. Three of the intersections ranged from 3.0 to 12.2 grams per tonne gold.
More detailed information about the Company is available on the website: www.redpineexp.com.
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.