TORONTO, ONTARIO--(Marketwired - Aug 27, 2015) - Red Pine Exploration Inc. (TSX VENTURE:RPX) ("Red Pine" or the "Company") announces that pursuant to the Option Agreement and Assumption Agreement (collectively, the "Agreements") entered into with Citabar LLP ("Citabar") and Augustine Ventures Inc. (CSE:WAW) ("Augustine") announced on December 11, 2014, it has earned a 30% interest in the Wawa Gold Project, located two kilometres southeast of Wawa, Ontario. The Wawa Gold Project is now owned by Citabar/Red Pine/Augustine in the ratio of 40%, 30% and 30%, respectively. The three parties have entered into a Joint Venture Agreement (JVA) and Red Pine, as the Manager, will continue to explore and advance the current gold resource.
Quentin Yarie, President and CEO of Red Pine, commented: "We've been able to significantly improve the resource at the Surluga Deposit and we are focused on conducting work that will lead to further resource improvements both within the current deposit as well as identified gold zones outside the Surluga Deposit area. Completing the option agreement to earn a 30% interest in the property will expedite negotiations to consolidate ownership."
Dr. Robert Dodds, Augustine's President and CEO stated: "Red Pine has done an outstanding job of advancing the gold resource at the Wawa Gold Project and we believe that with local support and existing infrastructure, the development of an economic mine at the Wawa Gold Project is viable at today's gold prices."
Wawa Gold Project Highlights
- NI 43-101 inferred resource of 1,088,000 ounces of gold at a 1.71 g/t using a 0.5 g/t gold cut-off for pit-constrained and 2.5 g/t gold cut-off for underground-constrained resources, contained in 19.82 million tonnes open along strike and at depth1;
- Gold mineralization in the hanging wall and footwall secondary structures indicate that the contained gold of the pit-constrained resource can be increased which would significantly improve the economics of the resource1;
- Strike length continuity for some gold-bearing structures exceed 2.5 kilometres with continuous gold mineralization;
- Advantageous land position in an under-explored gold camp that hosted eight past producing mines with average grades of 8.9 grams per tonne gold and a historic gold production of 120,000 ounces;
- Proximity to established regional infrastructure (roads, rail, airport, high voltage power lines, community services).
Qualified Person
Quentin Yarie, PGeo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release and is responsible for overseeing all aspects of the company's exploration programs.
About Red Pine Exploration Inc.
Red Pine Exploration Inc. is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "RPX".
1The Mineral Resource is disclosed in the NI 43-101 technical report titled "Mineral Resource Statement*, Surluga-Jubilee Gold Deposit, Wawa Gold Project, Ontario, SRK Consulting (Canada) Inc (effective May 26, 2015)". The report is available on www.SEDAR.com under Red Pine's profile.
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This News Release contains forward-looking statements. 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.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.