ROUYN-NORANDA, QUEBEC--(Marketwire - Dec. 27, 2012) - Radisson Mining Resources Inc. (TSX VENTURE:RDS) ("Radisson") is pleased to announce that it closed a $200,000 private placement for development of the O'Brien/Kewagama project on December 27, 2012.
In connection with this placement, Radisson issued 1,925,000 common shares at a price of $0.08 per share and 460,000 flow-through shares at a price of $0.10 per share. No cash compensation was paid in connection with this placement. The shares issued are subject to a hold period of four months and one day.
As part of this private placement, Radisson's new President and Director, Mario Bouchard, purchased 625,000 common shares for a total price of $50,000. Mr. Bouchard therefore holds 6.5% of outstanding shares. This transaction constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (MI 61-101). However, the operation is exempt from the formal valuation and minority shareholder approval requirements pursuant to Multilateral Instrument 61-101 (sections 5.5(a) and 5.7(1) (a)). A material change report in respect of this transaction was not filed at least 21 days in advance of the closing because it had not been finalized.
ABOUT RADISSON MINING RESOURCES:
Radisson is a Quebec-based mineral exploration company. Radisson's main asset, the O'Brien/Kewagama project is located on the Cadillac Break, 5 km west of the Lapa gold mine and approximately 4 km southeast of the La Ronde mine, both owned by Agnico-Eagle.
The project hosts the O'Brien Mine, which is considered the highest grade gold producer of the Abitibi greenstone belt (production of 1,302,000 tons at 0.448 oz/t from 1932 to 1955).
Previous exploration by the Company on the project confirmed the presence of 218,540 ounces of gold (indicated resource) (based on an indicated resource of 270,000 tons at an uncut grade of 0.56 oz/ton and an inferred resource of 182,000 tons at an uncut grade of 0.37 ounces) as defined in the Scott Wilson RPA NI 43-101 report of May 2007. These resources, all outlined above the 650-metre level, are located about 800 metres east of the old O'Brien mine workings, and represent a new discovery of high grade mineralization of the same type mined and produced at the O'Brien gold mine. These resources are contained within a gold zone referred to as Zone 36.
In 2011 and 2012, the Company carried out two diamond drilling programs, resulting in new discoveries in the largely unexplored eastern portion of the project (Kewagama) and further definition of the eastern extension of Zone 36 mineralisation.
The drilling program is ongoing (already announced in the November 27, 2012, press release). The results will be reported when available.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.