Ressources Appalaches inc.
TSX VENTURE : APP

Ressources Appalaches inc.

December 10, 2010 11:37 ET

Appointment to the Board and Continuation of Drilling at Dufferin

RIMOUSKI, QUEBEC--(Marketwire - Dec. 10, 2010) - Ressources Appalaches (TSX VENTURE:APP) announces the appointment of Mr. Michel Grenier to the Board of Directors, the continuation of its drill program, which will amount to more than 5,400 metres in 2010 and the completion of its private placement.

Appointment to the Board of Directors

Ressources Appalaches is pleased to announce the appointment of Mr. Michel Grenier to the Company's Board of Directors. The other members of the Board are Mr. Alain Hupé, Eng., Mr. André Proulx, M.Sc., Mr. Clément Duchesne, M.S.C., and Mr. Dominique Doucet, Eng. The Management would like to thank Mr. Richard-Marc Lacasse, Ph.D., the departing Director, for the service he has rendered during his term on the Board.

Progress of work

The 2,295-meter summer drilling program (Press Release of October 25, 2010) confirmed the presence of the gold-bearing structure in a new area of the Dufferin Mine property in Nova Scotia. The known extent of the structure has been doubled, reaching a length of 1.4 km. The current drill campaign will total more than 5,400 metres by the end of 2010. In the words of the President "the morphology, regularity, and repetitiveness of these Saddle Reef-type veins are impressive".

Placement

Appalaches also announces the closing of a private placement in the amount of $288,398 with qualified investors, employees, senior management, directors, and consultants. With this placement, Appalaches has issued 4,806,632 ordinary shares valued at $0.06 per share and 4,806,632 warrants. Each warrant entitles the holder to subscribe for one ordinary share at a price of $0.10 per share until December 7, 2012. These securities must be held for a period four months following the closing of the placement. Appalaches has paid a finder's fee in the amount of $5,000 and has issued 83,333 broker warrants. Each warrant entitles the holder to subscribe for one ordinary share at a price of $0.06 per share until December 7, 2012. This private placement is subject to final acceptance by the TSX Venture Stock Exchange. The proceeds of the placement will be used as working capital, and for exploration work on the company's properties in Nova Scotia.

About Ressources Appalaches

Since it was created in 1994, the goal of Ressources Appalaches has been to discover and develop deposits of base and precious metals in Canada, and more especially in Québec and Nova Scotia. Ressources Appalaches owns about twenty mineral properties in various stages of development.

The Company's principal project is at the Dufferin Gold Mine, in Nova Scotia, which it acquired on April 9, 2009. Photos of the Dufferin Mine and its facilities are available on the Company's website at www.ressourcesappalaches.com.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts any responsibility for the adequacy or accuracy of this release. This press release contains certain forward-looking statements that include elements of risk and uncertainty; these statements are not guarantees of future performance. Actual results and future events may differ materially from those predicted by such statements. These risks and uncertainties are described in the Annual Report and in filings made by Ressources Appalaches with the regulatory authorities.

Contact Information

  • Ressources Appalaches Inc.
    Alain Hupe Eng.
    President
    418-724-0901
    info@ressourcesappalaches.com
    or
    Ressources Appalaches Inc.
    Christian Guilbaud
    Investor Relations
    514-813-7862