Radisson Mining Resources Inc.

Radisson Mining Resources Inc.

April 24, 2009 08:00 ET

Radisson Mining Announces Sale of Properties to Clifton Star

ROUYN-NORANDA, QUEBEC--(Marketwire - April 24, 2009) - Radisson Mining Resources Inc. ("Radisson" or the "Company") (TSX VENTURE:RDS) announced today the sale of its Destor and Lepine properties located in Destor township, Quebec, to Clifton Star Resources Inc. (Clifton Star). Consideration to Radisson for the sale of these properties is a total of $250,000 cash on closing. Also, Radisson will retain a 2% net smelter return on the Destor property with no right of buyback retained by the purchaser. Prior to this transaction, the Lepine property bore an underlying 3% NSR held by IAMGOLD Corporation. As part of the transaction with Clifton Star, Radisson acquired the right to buy back and cancel 1/3 of this NSR reducing it to a 2% NSR held by IAMGOLD. The cost to Radisson for this 1% NSR on the Lepine property is $10,000 cash and $10,000 in Class A shares of Radisson at a price per share equal to the volume weighted average price of Radisson shares traded on the TSX Venture Exchange over the ten trading days preceding the issuance of these shares to IAMGOLD. The Destor and Lepine properties are not considered by Radisson to be core properties, but may assist Clifton Star in protecting the ongoing exploration of its nearby Duquesne Mine property.

The proceeds of this sale will improve Radisson's working capital position. The Company's working capital position also recently was improved by the receipt of $11,881.13 cash plus 1,613 shares of Goldcorp Inc., currently valued at $ 34.60 per share, in consideration of a previous property sale effected by Radisson several years ago. Furthermore, on the subject of cash flow, assuming the non-binding Memorandum of Understanding between Radisson and AusCan Gold Pry Ltd., announced by Radisson on March 16, 2009, is converted into a binding, definitive agreement by May 1, 2009, Radisson will earn a management fee as operator of the $25,000,000 underground bulk sample program.

About Radisson Mining: Radisson is a Quebec-based exploration company, with an office in Toronto, Ontario, specializing in the discovery of gold, molybdenum and base metals, with an interest in eight properties in northwestern Quebec and one property in northwestern Ontario. The main asset of Radisson, the O'Brien Mine Property comprises 617.48 hectares in the western part of Cadillac Township, Quebec in the heart of the Abitibi Gold belt. This Property contains 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 and now intends to undertake an underground bulk sample program on the 36 East Zone of the O'Brien Mine Property subject to arranging the required financing for this program. As referred to above, Radisson has entered into a non-binding MOU with AusCan Gold Pty Ltd. (SEE: News Release of March 16, 2009) to effect such financing.

If converted into a binding definitive agreement, AusCan will be required to invest $25,000,000 on the underground bulk sample program in order to earn a 50% interest in the O'Brien Mine property. Radisson will retain 100% of the contiguous Kewagama property which management considers to be its second major gold project. A third major gold project of Radisson is the Massicotte claims group covering 16,726 hectares located in northwestern Quebec immediately across the border from the Detour Lake Mine Property held by Detour Gold Corp, located in northeastern Ontario. This company has announced a total of 13.2 million ounces in-pit gold resources on the Detour Lake Mine Property. Arianne Resources Inc. is earning a 50% interest in Radisson's Massicotte Property through the expenditure of $1.5 million by August 31, 2010 and payment to Radisson of certain cash and Arianne shares. An airborne geophysical survey by Arianne indicates extension of the Detour Gold mineralized structure into the Massicotte property. Radisson's Massicotte Property covers more than 15 km of the Massicotte regional gold-bearing fault zone hosting the Lynx, Rambo and Lap3 showings on Radisson's property, which showings have historic gold values of 7.8 grams per ton (g/t) over 7.2 metres, 6.3 g/t over 2.7 metres and 24.1 g/t over 2.4 metres, respectively.

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

Contact Information