Radisson Mining Resources Inc.

Radisson Mining Resources Inc.

July 17, 2007 07:27 ET

Radisson Mining Options a Molybdenum/Gold Property and a Nickel Property in Northwestern Quebec

ROUYN-NORANDA, QUEBEC--(Marketwire - July 17, 2007) - Radisson Mining Resources ("Radisson" or the "Company")(TSX VENTURE:RDS) is pleased to announce that, subject to the approval of the TSX Venture Exchange, it has entered into an option agreement to acquire two exploration properties in Quebec within a period of three years. The La Reine Molybdenum-Gold Property is located approximately 65 km. north of Rouyn-Noranda. The Preissac Nickel Property is located approximately 30 km. east of Rouyn-Noranda. The terms of the option agreement include a $15,000 cash payment and the issuance of 800,000 Radisson Class A shares over 3 years to the claims' holders, Glenn S. Griesbach and Kamaleddin S. Salmasi (the "Optionors").

La Reine Molybdenum-Gold Property:

The La Reine Molybdenum-Gold Property consists of 27 mining claims covering approximately 1150 hectares. Based on a report by R. Sholto Douglas, A.R.S.M., B.Sc. to the Board of La Reine Gold Mines Limited, dated June 9, 1937, channel samples taken from 5 trenches on vein 1 give an average grade of 4.07% Mo over a thickness of 0.76 meters and a known strike length of 183 meters. While these sample results are only surficial, it may be worthwhile to note that most molybdenum vein deposits in the world grade less than 0.5% Mo. In addition to molybdenum, drilling has returned up to 70.5 g/t Au over 0.30 m.

The La Reine Property is situated within a roughly northwest trending belt of Archean metamorphosed greenschist facies felsic and mafic volcanic rocks intruded by Archean ultramafic to granitic rocks. The property covers the northeast part of the La Reine granitic pluton as well as the adjacent volcanic rocks. Molybdenite occurs at surface in a number of highly mineralized east-west to northeast-southwest trending quartz veins that appear to be associated with the La Reine granitic pluton. Individual quartz veins (vein 1 to 5) are reported to be up to 50 meters long and up to 1.3 meters in width at surface. In 1937, vein 1 has been stripped and trenched for a distance of over 900 m. In addition to molybdenite, which is often massive to semi-massive, the veins are reported to contain galena, chalcopyrite, gold and small amounts of silver.

Exploration, including several short diamond drill holes, appears to have been concentrated in the immediate vicinity of two covered historic exploration shafts having a depth of 50 ft and 100 ft and located in a small area of outcrop in the center of the property. The underground workings, if any, are not documented, and there are no reports of production.

Values of up to 2.8% molybdenum and up to 70.5 g/t Au have been intercepted in quartz veins at various depths down to 90 meters by drilling. The most recent reported exploration work was conducted in 1980-1982 by Eastern Mines Ltd. They performed a VLF-EM survey over an area of about 3 km2, one quarter of the area of the current property. The 1980 Eastern Mines report states "The survey outlined several fairly conductive zones, two of which are probably within the granite intrusive. The presence of molybdenite-gold bearing veins in the vicinity indicates that these conductors could represent gold-bearing shear zones." This was followed by a 7-hole diamond drilling program totalling 695 meters. Only a few of the VLF-EM anomalies were drill tested. Hole E-3 intercepted 1.05% Mo over 0.4 m in vein 1 and Hole E-6 , drilled 175 m south of E-3, returned 1.66% Mo over 0.4 m in a quartz vein with massive molybdenite. These veins are open laterally and at depth.

Most of the property is largely covered by glacial overburden and therefore remains relatively unexplored. There is very little bedrock exposure on the property so there is a good possibility that a modern exploration program, including deep penetrating electromagnetic surveys, will reveal additional mineralization. The known molybdenum grades on the property indicate underground mining can be considered provided sufficient tonnage is found. Radisson will explore the property with the idea that the La Reine Pluton is present at depth below most of the property and that it has served as a source of fluids for the mineralization located in veins and other structures within the overlying metavolcanics as well as within the pluton.

Preissac Nickel Property:

The Preissac Nickel Property consists of 2 mining claims covering approximately 85 hectares in the Abitibi Greenstone Belt. The property covers part of an east-west trending granite-granodiorite (Preissac Batholith) - mafic volcanic contact zone. The nickel sulphide mineralization is founded in a peridotite associated to this contact zone. Between 1964 and 1967, shallow diamond drilling on the property by Quebec Moly Mining Corporation has outlined a 123,830 ton nickel sulphide zone that grades 0.65% Ni. This is an historical resource and a qualified person has not done sufficient work to classify this historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. The mineralized zone has a thickness of 2.4 to 3.0 m and extent laterally over 150 m, 50 to 100 m below surface. It is open to depth and on strike.

Limited exploration was conducted in 2000-2002 in the area. This included a helicopter-borne AEROTEM survey followed by limited ground magnetometer work and a MaxMin electromagnetic survey on a reconnaissance basis. Three shallow diamond drill holes were subsequently drilled in 2001 to test anomalies west and east of the property, relatively far from the known deposit. The diamond drilling intersected altered ultramafic flows and metavolcanics containing sulphide stringers in an area previously assumed (due to lack of outcrops) to be metasediments.

The Marbridge nickel deposit is located about 15 km east of the Preissac Nickel Property. From 1962 to 1968, including production and reserves, the deposit is estimated at 0.77 million metric ton grading 2.3% Ni and 0.1% Cu (Geological Survey of Canada, World Minerals Geoscience Database Project, 2003).

Terms of the Option Agreement

In consideration of the Option to acquire these properties, Radisson has agreed to a cash payment of $15,000 and the issuance of 200,000 class A shares, to the Optionors, upon Closing, expected to occur in July, 2007. Radisson also has undertaken to deliver to the Optionors 200,000 additional class A shares on each of the three subsequent anniversaries of Closing, provided that, on each such anniversary, Radisson chooses to continue to hold the right to acquire all or any of the underlying claims of the two properties. During this three year period, the claims will be held in escrow. At the end of this period, assuming Radisson has made the foregoing cash and share payments, all the claims will be transferred to Radisson. Any claims dropped by Radisson during this three years period will revert to the Optionors. After transfer to Radisson of the claims, the Optionors will thereafter be entitled to a 2% net smelter return royalty of which Radisson will have the right to repurchase one-half for $1,000,000.

The technical data presented in this press release has been compiled by Raynald Vincent, P.Eng. a Qualified Person within the meaning of National Instrument 43-101. This information is believed to be reliable, but it has to be verified and therefore should be viewed as uncertain until further exploration has been carried out.

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

Contact Information