Red Mile Capital Corp.
TSX VENTURE : RDM.P

October 06, 2009 15:29 ET

Red Mile Capital Corp. Announces Extension of Deadline

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2009) - Red Mile Capital Corp. (the "Company") (TSX VENTURE:RDM.P) is pleased to announce that the TSX Venture Exchange has granted an extension for the Company to complete its Qualifying Transaction ("QT"), from the original deadline of November 12, 2009 to the Company's new deadline of March 31, 2010.

ABOUT RED MILE

The Company is a CPC within the meaning of the policies of Exchange. The Company commenced operations when it completed its initial public offering; however, it presently has no assets other than cash. On June 25, 2009 the Company announced that it had entered into a binding Letter of Intent dated June 22, 2009 with Russet Lake Resources Inc. ("Russet Lake"), a private arm's length Ontario corporation, to earn a 100% interest in the Blue Quartz gold property (the "Property") located in the north central part of the Beatty Township, 73 kilometers east-northeast of Timmins, Ontario, Canada. Russet Lake currently holds an option to acquire a 100% interest in the Property, subject to net smelter return royalties totaling 2.5%, under the terms of an option agreement dated September 1st, 2008 between Thundermin Resources Inc. and Wesdome Gold Mines Ltd., as optionors, and Russet Lake, as optionee.

The proposed transaction, which is subject to regulatory approval, will serve as Red Mile's qualifying transaction (the "Qualifying Transaction") for the purposes of the Policies of the TSX Venture Exchange (the "Exchange"). Following completion of the Qualifying Transaction, Red Mile will be classified for Exchange purposes as a mining issuer.

On behalf of the Board of Red Mile Capital Corp.

Larry Whitehead, President and CEO

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

  • Red Mile Capital Corp.
    Larry Whitehead
    President and CEO
    1-604-542-2223