Radisson Mining Resources Inc.
TSX VENTURE : RDS

Radisson Mining Resources Inc.

November 10, 2010 08:00 ET

Radisson Announces JV on Its Massicotte (Detour East) Property

ROUYN-NORANDA, QUEBEC--(Marketwire - Nov. 10, 2010) - Radisson Mining Resources Inc. ("Radisson" or the "Company") (TSX VENTURE:RDS) is pleased to announce the Company has entered into an option and joint venture ("JV") agreement with Balmoral Resources Ltd. (BAR.H:TSXV) on Radisson's Massicotte, also known as Detour East, property.

The Massicotte property of Radisson covers a total of 22,170.25 hectares in the prolific Abitibi Greenstone Belt in northwestern Quebec. The 557 claim property is located approximately 12 kilometres east of Detour Gold Corporation's multi-million ounce Detour Lake gold deposit. Based on a revised mineral resource estimate by SGS Geostat Ltd., on May 25, 2010 Detour Gold Corporation announced measured, indicated and inferred gold resources in excess of 21 million contained ounces at Detour Lake using a cut-off grade of 0.5 grams per ton ("g/t"). The regional gold-bearing Detour/Sunday Lake and Massicotte deformation zones cross from the Detour Lake property onto the Massicotte property where previous exploration and drilling has identified the Lynx, Rambo and Lap-3 gold zones with historical drill intercepts of 7.8 g/t gold over 7.2 metres, 6.3 g/t over 2.7 metres and 24.1 g/t over 2.4 metres, respectively.

The Option Agreement, provides for Balmoral to be granted two options by Radisson. Under the First Option, Balmoral can earn an undivided 51% interest in the Property by (i) spending on the Property $325,000 in the first year and an additional $1,475,000 over the next two years for a total of $1,800,000, (ii) paying Radisson $50,000 within 10 days of Exchange approval, now received, $50,000 before the first anniversary of Exchange approval, and $50,000 prior to the second anniversary of Exchange approval and (iii) issuing to Radisson 50,000 common shares of Balmoral within 10 days of Exchange approval and 50,000 common shares prior to the first anniversary of Exchange approval.

Under the Second Option, Balmoral can earn an additional 9% interest in the Property, provided it has exercised the First Option, by electing within 90 days thereafter to exercise the Second Option whereby it must produce on or within the next three years (the Second Option Deadline) a 43-101 report showing a minimum measured and indicated resource of 500,000 ounces gold equivalent on the property or by completing additional expenditures on the Property of no less than $1,500,000 prior to the Second Option Deadline.

A Joint Venture with industry standard terms will be formed with Balmoral as the Operator either upon the First Option being exercised, if Balmoral elects not to proceed with the Second Option, or upon Balmoral exercising the Second Option. Any party to the JV which falls below 10% ownership will automatically be reduced to a 2% Net Smelter Royalty.

About Radisson Mining: Radisson is a Quebec-based exploration company with an interest in seven properties in northwestern Quebec and one property in northwestern Ontario. The main asset of Radisson, the O'Brien - Kewagama Property comprises 617.48 hectares in the western part of Cadillac Township, Quebec in the heart of the Abitibi Gold belt. These Properties contain the former O'Brien Mine, the highest grade and the most important gold producer in the Cadillac Mining Camp in Quebec when it was producing from the early 1930s to the mid 1950s. Radisson now has established a new zone, the 36 East Zone, 2500' east of the old producing zone of the O'Brien Mine, with comparable high grades of gold. The Company completed a successful drill program in 2008 on the O'Brien Mine property and the contiguous Kewagama Mine property. A second major gold project of Radisson is the Massicotte claims group as described earlier in this news release.

To date, over 45 million ounces of gold have been identified, through past production and current reserves, within the Bousquet-Cadillac area in the same area of northwestern Quebec as Radisson's O'Brien –Kewagama property. Several of the mining companies now producing gold or having established gold reserves in the Cadillac Gold Mining Camp include Agnico-Eagle Mines Limited, Alexis Minerals Corporation, Aurizon Mines Limited, Globex Mining Enterprises Inc., Iamgold Corporation, and Osisko Mining Corp.

Initially Radisson was mined as a very high grade narrow width gold deposit. However management of Radisson now is convinced that the O'Brien-Kewagama property holds high potential for larger widths of lower grade, containing ore that is far more amenable to modern mining technology with potential for significantly more ounces of gold than heretofore assumed.

Radisson is involved in no litigation and has no debt.

Neither 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.

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