REC Minerals Corp.
TSX VENTURE : REC

REC Minerals Corp.

January 21, 2010 16:00 ET

REC Minerals Announces Its Plans for a Drill Program at Yukon Olympic

TORONTO, ONTARIO--(Marketwire - Jan. 21, 2010) - REC Minerals Corp. ("REC" or the "Company") (TSX VENTURE:REC) is pleased to announce its plans for a diamond drill mineral exploration program (the "Program") at its Yukon Olympic Property ("Yukon Olympic" or the "Property"), located in the Dawson Mining Division of the Yukon Territory, Canada. The Program is being planned for June, 2010 when weather conditions in the Yukon are favourable for drilling.

The Company's current focus is on carrying out activities in preparation for the Program, including the engagement of the requisite drill and drill crew and obtaining the necessary permit from the Yukon Government to commence drilling.

The Company has an option to acquire up to a 65% legal and beneficial interest in the Property from the owner, Copper Ridge Explorations Inc. ("Copper Ridge") (TSX VENTURE:KRX). According to the Company's technical report on Yukon Olympic entitled "A Technical Review of the Yukon Olympic IOCG Project, Dawson Mining District, Yukon Territory for REC Minerals Corp. (formerly Richmond Energy Corp.)" dated October 6, 2009 and prepared by R. Allan Doherty, P.Geo., Senior Associate Geologist, Watts, Griffis and McOuat, Consulting Geologists and Engineers (the "Technical Report"), the geological setting of the Property, which is comprised of 272 quartz mining claims, is thought to be favourable for hosting Olympic Dam style copper-gold-uranium breccia-hosted deposits. These deposits are commonly referred to as Iron-Oxide-Copper-Gold ("IOCG") deposits.

The Company's Program at Yukon Olympic will consist of a six-hole, 2,000 meter diamond drill program, and will cost an estimated $550,000 to complete. The Company has already taken steps, in collaboration with Copper Ridge, to obtain the requisite permit from the Yukon Government that will allow the Company to, among other things, carry out a helicopter supported exploration and drill program at the Property. The Company expects that the required permit and drill rig and crew will be secured well in advance of the planned start of the Program.

Kabir Ahmed, the Chairman, President and CEO of REC stated that, "Now that the Company is well-financed, as a result of our successful November 30, 2009 initial public offering, we are very excited to be embarking on a carefully planned exploration program at Yukon Olympic to drill test promising IOCG targets". Mr. Ahmed went on to say that, "We believe that our planned drill program has an excellent chance for discovery of significant copper-gold mineralization".

J. Greg Dawson, B.Sc., M.Sc., P.Geo., Vice President of Exploration for Copper Ridge, the owner of the Yukon Olympic Property, supervised the preparation of the technical information contained in this press release in compliance with NI 43-101.

Additional information concerning the Property is contained in the Technical Report which is available on SEDAR at www.sedar.com.

ABOUT REC

REC is a junior mineral exploration company with an experienced management team engaged in the acquisition, exploration and development of properties for the mining of precious and base metals and uranium. The principal property of REC is the Yukon Olympic Property, comprised of 272 quartz mining claims in the Dawson Mining Division, Yukon Territory, Canada, which is prospective for iron oxide, copper and gold mineralization and in which REC holds an option to acquire up to a 65% interest. The Corporation also holds an option to acquire a 100% interest in the North Nonacho Property comprised of two mining claims covering 60 units in the vicinity of Nonacho Lake, Northwest Territories, Canada. The common shares of REC trade on the TSX Venture Exchange under the stock symbol "REC". The Company has 16,450,000 common shares issued and outstanding.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of REC or the industry in which it operates to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of REC with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading "Risk Factors", in REC's prospectus and in other continuous disclosure documents that will be filed by REC from time to time with the Ontario Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning REC, its prospects and the risks and uncertainties relating to REC and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of REC to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, REC cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

The forward-looking information contained in this press release is current only as of the date hereof. REC does not undertake or assume any obligation, except as required by law, to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

No securities commission or regulatory authority has approved or disapproved the contents of this press release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • REC Minerals Corp.
    Kabir Ahmed
    Chairman, President and Chief Executive Officer and Director
    (416) 365-6580
    (416) 946-1951 (FAX)