Radisson Mining Resources Inc.

Radisson Mining Resources Inc.

December 13, 2010 08:00 ET

Radisson Mining Announces Closing of $300,000 Placement of Flow-Through Shares

ROUYN-NORANDA, QUEBEC--(Marketwire - Dec. 13, 2010) - Radisson Mining Resources Inc. (TSX VENTURE:RDS) is pleased to announce it has completed a $300,000 non-brokered private placement of flow-through shares.

The placement consisted of 2,500,000 common shares in the capital of the Corporation issued on a flow-through basis (the "Flow-Through Common Shares"), at a price of $0.12 (Canadian) per Flow-Through Common Share for aggregate proceeds of $300,000.

100% of the gross proceeds of the Flow-Through Shares sold under the Flow-Through Offering will be used for Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)) on Radisson's O'Brien/Kewagama property.

In connection with the Flow-Through Offering, CGE Capital Inc. received compensation comprised of a 7% due diligence fee payable in cash based on the total amount of subscription funds raised pursuant to the Flow-Through Offering.


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 (the Property) is located along the Cadillac Break and was previously the site of the past producing O'Brien mine, the highest grade gold producer of the Abitibi greenstone belt (reported production 1,302,000 tons @ 0.448 ounces per ton, 1932-1955).

Exploration by the Company on the Property in the past resulted in the discovery of an indicated resource of 218,540 ounces (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 43-101 report of May 2007.

These resources, all outlined above the 2,000 foot level and located some 2,500 feet east of the old O'Brien mine workings, are high grade structures similar in nature to the O'Brien gold mine.

During this past year, management undertook a complete re-evaluation and re-interpretation of the project, in the light of the new discoveries and mines in the Abitibi Gold Belt (Osisko, Goldex, Lapa). This work now clearly demonstrates that in addition to the high grade structures and the excellent depth potential of these, there exist other types of gold mineralization on the project, including lower grade, larger width structures, porphyry type of the Osisko and Goldex models, and gold in iron formations.

The company is presently planning its diamond drill program on the project, designed to explore for and discover new gold mineralization at the project.

Radisson also has entered into an option agreement with Balmoral Resources Ltd. (TSX VENTURE:BAR) whereby Balmoral can earn up to a 60% interest in Radisson's Massicotte (Detour East) property located approximately 12 kilometres east of the multi million ounce Detour Lake gold deposit of Detour Gold Corporation. (Please see the Company's news release of November 10, 2010.)

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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