Radisson Mining Resources Inc.
TSX VENTURE : RDS

Radisson Mining Resources Inc.

June 09, 2015 10:46 ET

Radisson Files NI 43-101 Technical Report on Resource Estimate Update for the O'Brien Gold Project

ROUYN-NORANDA, QUEBEC--(Marketwired - June 9, 2015) - Radisson Mining Resources Inc. ("Radisson" or the "Corporation") is pleased to announce that it has filed on SEDAR a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") technical report ("the Report") for the resource estimate update on its O'Brien gold project located in the heart of the prolific Cadillac mining camp. (see figure 1)

There are no material changes between the results announced in the April 20, 2015 press release and the results contained in the Report effective April 10, 2015 and dated June 3, 2015 on SEDAR www.sedar.com. The Report is also available on the Corporation's website at www.radissonmining.com.

Current mineral resource estimate for 36E and Kewagama areas of the O'Brien Project (Cut-off at 3.5 g/t Au)

Indicated resources Inferred resources
Areas Tonnes Grade
g/t Au
Ounces Tonnes Grade
g/t Au
Ounces
36E 468,300 6.74 101,498 544,500 6.91 121,007
Kewagama 102,400 5.56 18,321 373,800 5.61 67,459
Total 570,800 6.53 119,819 918,300 6.38 188,466
  • The Independent and Qualified Persons for the Mineral Resource Estimate, as defined by NI 43-101, are Pierre-Luc Richard, P.Geo., M.Sc. and Alain Carrier, P.Geo., M.Sc., of InnovExplo Inc., and the effective date of the estimate is April 10, 2015.
  • Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
  • The resource model includes the previously named 36E and Kewagama zones. The historical O'Brien mine area is not included in this resource as it is not compiled nor validated at the time this estimate is being published. The model includes 56 gold-bearing zones; not all of which include resource at the official cut-off grade. A dilution envelope was also modelled, but no resource at the official cut-off grade is being reported for said envelope.
  • Results are presented in situ and undiluted.
  • Sensitivity were compiled at 2.0, 2.5, 3.0, 3.5, 4.0 and 5.0 g/t Au cut-off grades. The official resource is reported at 3.5 g/t Au cut-off grade.
  • Cut-off grades must be re-evaluated in light of prevailing market conditions (gold price, exchange rate and mining cost).
  • A fixed density of 2.67g/cm3 was used for all zones.
  • A minimum true thickness of 1.5 m was applied, using the grade of the adjacent material when assayed, or a value of zero when not assayed.
  • High grade capping (Au) was done on raw assay data and established on a sector basis (Western zones: 65 g/t, Eastern zones: 30 g/t, Western dilution zone: 3.5 g/t Eastern dilution zone: 4.0 g/t).
  • Compositing was done on drill hole intercepts falling within the mineralized zones (composite = 0.80 m).
  • Resources were evaluated from drill hole using a 2-pass inverse squared distance (ID2) interpolation method in a block model (block size = 3 m x 3 m x 3 m).
  • The inferred category is only defined within the areas where blocks were interpolated during pass 1 or pass 2. The indicated category is only defined in areas where the maximum distance to closest drill hole composite is less than 20m for blocks interpolated in pass 1. Reclassification was conducted locally in order to respect CIM guidelines.
  • Ounce (troy) = metric tonnes x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t).
  • The number of metric tonnes was rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
  • InnovExplo is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect the Mineral Resource Estimate.

InnovExplo concludes that it is likely that additional diamond drilling on multiple zones would upgrade some of the Inferred Resources to Indicated Resources. There is also the potential for upgrading some of the Indicated Resources to Measured Resources through detailed geological mapping, infill drilling and systematic channel sampling from the underground workings.

InnovExplo also believes that there are several opportunities to add additional resources to the O'Brien Project, hence: The extension of mineralization in the drilling gap between historical Kewagama mine and the 36E area, depth extensions of the ore shoot that originates in the Kewagama area, Sub parallel mineralized zones north and south of the currently identified zones and mineralization in the old O'Brien mine area.

The report and resource estimate update in the report were prepared according to NI 43-101 guidelines by Pierre-Luc Richard, P.Geo, Bruno Turcotte P.Geo and Alain Carrier P.Geo from InnovExplo who are independent of Radisson and are « Qualified Persons » as defined by NI 43-101. Consultant Yolande Bisson, Eng., MBA, acts as a Qualified Person for Radisson as defined in National Instrument 43-101 and has reviewed and approved the information in this release.

Annual general meeting results

Radisson is also happy to announce that the seven candidates designated in the management proxy circular dated May 1, 2015 were elected to the Corporation's Board of Directors during the shareholder's annual meeting held in Rouyn-Noranda on June 5, 2015.

The shareholders were represented in person or by proxy by 44,576,846 category A shares, or 53.87% of the 82,752,503 outstanding category A shares. Voting results are presented below:

Director For % For Abstention % Abstention
Jean-Marie Dupont 41,989,437 94.59% 2,403,000 5.41%
Luc Simoneau 41,994,437 94.60% 2,398,000 5.40%
Mario Bouchard 41,994,437 94.60% 2,398,000 5.40%
Michel Garon 44,384,437 99.98% 8,000 0.02%
Denis Lachance 44,384,437 99.98% 8,000 0.02%
Jean Dion 44,384,437 99.98% 8,000 0.02%
Marianna Simeone 44,381,187 99.97% 11,250 0.03%

The proposal to name Deloitte & Touche S.E.N.C.R.L. as the Corporation's independent auditor as described in the management proxy circular was adopted by the shareholders.

Granting of Stock options

Radisson Mining Resources, in compliance with the Corporation's stock option plan, has granted incentive stock options making it possible for five of the seven directors to purchase category A shares of the Corporation's. In whole, 475,000 Stock options were granted. These options can be exercised over a five-year period that is to say until June 4th 2020, at $0.13 per share.

ABOUT RADISSON MINING RESOURCES:

Radisson is a Quebec-based mineral exploration company. The O'Brien project, cut by the regional Larder-Lake-Cadillac Fault, is Radisson's main asset. It contains the old O'Brien Mine, which is considered to have been the Abitibi Greenstone Belt's highest-grade gold producer during its production (1,310,356 short tons at 0.448 oz/t from 1925 to 1956; RPA, May 2007).

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.

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