Radisson Mining Resources Inc.
TSX VENTURE : RDS

Radisson Mining Resources Inc.

October 31, 2007 08:00 ET

Radisson Mining Announces Drill Programs on the RM Nickel and O'Brien Mine Gold Properties

ROUYN-NORANDA, QUEBEC--(Marketwire - Oct. 31, 2007) - (TSX VENTURE:RDS) - Radisson Mining Resources Inc.'s O'Brien Mine, when in production from the early 1930s to the mid 1950s, was the highest grade gold producer in the Cadillac Mining Camp. As outlined hereunder, an advanced exploration program is scheduled to commence in November on the new, high-grade gold-bearing 36 East Zone on the O'Brien Mine property. This program will commence immediately after a drill program now underway on the recently acquired RM Nickel project. Hereunder is an outline of both programs.

RM Nickel Property. Radisson is pleased to announce completion of a Conditional Sale/Purchase Agreement, instead of a purchase option as previously contemplated, for the purchase of 48 mining claims located in the township of Beauchastel, Province of Quebec (the "RM Nickel Property"). Total consideration for the purchase of the RM Nickel Property will be $250,000 and 2,000,000 Class A Shares of Radisson of which $75,000 and 500,000 Class A Shares were remitted upon the execution of this agreement. The remainder of this purchase price is due to be paid in two instalments with $100,000 and 1,000,000 Class A Shares payable on or before February 29, 2008 and $75,000 and 500,000 Class A Shares payable on or before August 30, 2008. Also, a 2% NSR royalty will be granted to the vendor, subject to the right of Radisson to purchase back this NSR royalty for an amount of $1,000,000 in cash or by the issuance of a number of shares to be determined at the date of the notice of purchase.

Immediate start of a 500 m. diamond drilling program on the RM Nickel Property.

A diamond drill rig was mobilized on the property on October 25, 2007 and a 500 m program of diamond drilling is planned on this project. The RM Nickel Property comprises 48 claims covering an area of 1304.5 hectares in Beauchastel Township, Quebec, about 20 km west of Rouyn-Noranda. The property lies in the Archean Abitibi Greenstone Belt, within the Blake River Group. It covers the northwestern part of a mafic-intermediate intrusion, the "Horseshoe" Gabbro, which hosts the RM Nickel deposit with its associated copper ("Cu"), nickel ("Ni"), platinum ("Pt"), palladium ("Pd"), and gold ("Au") mineralization.

The RM Nickel deposit occurs at the base of the gabbro, near the contact with the underlying andesites. The mineralization consists of lenses of massive to semi-massive sulphides, up to 4 m thick and lying generally at a depth of less than 30 m. Zones of disseminated sulphides occur above these mineralized lenses. In 1980, Falconbridge Copper estimated the resources at 131,352 metric tons grading 0.79% Cu and 0.46% Ni. This calculation was based on the results of more than 100 holes drilled by RM Nickel in the late fifties.

In August 2000, a feasibility study carried out by M. C. A. Veilleux, P.Eng. for Dasserat Resources, indicated an open-pit mineable resource of 6,366 metric tons at 3.571 g/t Pd, 1.310 g/t Pt, 2.180% Ni, and 2.353% Cu. This is considered as an historical resource and no qualified person has done sufficient work to classify this historical estimate as current mineral resources. Accordingly, Radisson is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

The diamond drilling program on the RM Nickel Property has, as one objective, to test both high grade and low grade mineralization zones. Another objective is to acquire enough rock core material of both types of mineralization to permit metallurgical tests at the SGS Lakefield Research Limited laboratory in Lakefield, Ontario. This program is part of the due diligence work currently underway on the project.

The data presented in the foregoing section of this news release was compiled by Raynald Vincent, P.Eng.(Quebec), a Qualified Person as defined in National Instrument 43-101. The information is considered reliable but needs verification. It must therefore be considered uncertain until additional exploration work has been carried out.

The O'Brien Mine. When in production from the early 1930s to the mid 1950s, Radisson's O'Brien Mine was the highest grade gold producer in the Cadillac Mining Camp. Based mainly on the exploration work of Radisson, and as reported in the 43-101 report, dated May 9, 2007, prepared by Scott Wilson Roscoe Postle Associates Inc., the 36 East Zone, located 2500 ft. east of the former main producing zone of the O'Brien Mine, contains gold grades comparable to the average grade of 0.448 ounces of gold/ton of the original O'Brien Mine's production.

The present Indicated Resources for the 36 East Zone, according to the 43-101 report, are 270,000 tons at a grade of 0.56 ounces of gold per ton, uncut, and 0.36 ounces of gold per ton based on a 0.17 ounces/ton gold cut-off grade. Additional resources are identified in the Inferred category. The 43-101 report concludes, "There is excellent potential to increase the Zone 36 East resources above the 2,000 Level and to discover new resources further at depth and along strike further to the east". We at Radisson now will commence to determine the extent of that potential. Meanwhile, we recommend you view the 22 minute film on our website, www.radissonmining.com, entitled. "Return of the Old O'Brien Mine".

The Kewagama property, now 100% owned by Radisson, comprises 3 claims covering 112 hectares immediately east of and contiguous to the O'Brien Mine's 36 East Zone and immediately west of the Queenston-Globex joint venture. At year end 1983, total resource of the Kewagama property as reported by Sulpetro Minerals Ltd., the forerunner company to Breakwater Resources Ltd., in turn, the vendor to Radisson of the Kewagama property, was 15,550 tons averaging .224 oz. gold per ton. This is considered as an historical resource and no qualified person has done sufficient work to classify this historical estimate as current mineral resources. Accordingly, Radisson is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

In 1984-85 the development of the Kewagama project was reported by Sulpetro to include a three compartment shaft down to 524 feet, with lateral work on the 125, 250, 375 and 500 foot levels. A 200 foot winze, i.e. an internal shaft, was established from the 500 ft. to the 700 ft. level with sub levels at 550, 600 and 700 ft., and with high grade gold shoots in the winze area.

7000 m. drilling program to start in November on the O'Brien / Kewagama properties.

Following the direction of the 43-101 report of May 9, 2007, and based on the Company's internal planning, Radisson is pleased to announce that an advanced exploration program will be conducted on its O'Brien and Kewagama properties located in Cadillac township in the Abitibi Region (Quebec). The diamond drill rig will move on these properties immediately after the completion of the RM Nickel's drilling and 7,000 m of diamond drilling is planned.

The upcoming drill program will consist mainly of close-spaced diamond drilling on the resources blocks defined in the 43-101 report. Geological targets in the eastern extension of the 36 East Zone will also be tested as well as other targets identified by airborne geophysics and ground induced polarization, east of this zone toward our Kewagama Mine property.

The O'Brien and Kewagama properties, which are 100% owned by Radisson Mining, are located some six km to the west of the Lapa gold-bearing property of Agnico-Eagle Mines Ltd.

These exploration programs will be under the direction of Radisson's highly experienced Abitibi exploration team of Dale Hendrick P.Eng. Chairman of the Board and Technical adviser to the Company, Paul Cregheur, Director of Radisson and Mining Project Consultant, and Raynald Vincent, P.Eng.(Quebec), consulting geologist to the Company. Mr. Vincent will manage and oversee the drill programs in the field.

This 7,000 m. drill program will be the first part of an advanced exploration program following completion of the 43-101 report. Radisson intends to include an underground bulk sample on the 36 East Zone later in this program.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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