Radisson Mining Resources Inc.
TSX VENTURE : RDS

Radisson Mining Resources Inc.

July 09, 2007 08:47 ET

Radisson Mining Shareholders See New Film Entitled "Return of the Old O'brien Mine", Elect Three New Directors, Expand Stock Option Plan

ROUYN-NORANDA, QUEBEC--(Marketwire - July 9, 2007) - At the Annual General and Special meeting of Shareholders of Radisson Mining Resources Inc. ("Radisson" or the "Company")(TSX VENTURE:RDS) held in Toronto, Ontario on June 28, 2007, shareholders approved the election to the Board of Paul Cregheur, Geologist, the Honourable James A. Kelleher, P.C.,Q.C., and James A. Stephenson, Q.C., P.Eng. to join Dale M. Hendrick, P.Eng, Kenneth G. Murton, B.Comm, Donald Lacasse, Eng, Jean-Marie Dupont and Luc Simoneau as Directors. Shareholders also approved an amendment to the Company's stock option plan permitting an increase in the number of shares that may be issued under the plan from 4,000,000 to 6,000,000.

At this shareholders' meeting, a film entitled "The Return of the Old O'Brien Mine" was shown publicly for the first time and, thereafter, Dale M. Hendrick, Chairman of the Board of Directors, gave a presentation on the Company's mining properties in Quebec and Ontario. Mr. Hendrick pointed out that Radisson is a Quebec-based exploration company, with an office in Toronto, Ontario, specializing in the discovery of gold, molybdenum and base metal deposits with an interest in nine properties in northwestern Quebec and five properties in northwestern Ontario.

He explained that the main asset of Radisson, the O'Brien Mine property, contains the former O'Brien Mine, the highest grade and the most important gold producer in the Cadillac Mining Camp when it was producing from the early 1930s to the mid 1950s. (The Cadillac Mining Camp currently ranks as the top gold producing region in Quebec. To date it has produced over 14 million ounces of gold). The O'Brien Mine produced 587,121 ounces of gold from 1,310,356 tons of ore for an average recovered grade of 0.448 ounce per ton. By its closure in 1956, mining had reached a depth of 3,450 ft. below surface.

In 1973, the property was acquired by the Del Zotto family and A.N. Ferris. This led to the creation of Darius Gold Mines Inc. ("Darius") and a re-evaluation of the O'Brien Mine. In 1977, Goldfield Mining Consolidated acquired a 51% interest in Darius for US$4,635,000 plus a commitment to make the mine operational and to explore adjacent properties. Darius constructed a 200 tons per day mill which can be increased to 500 tons per day. That mill now stands on the O'Brien property. From 1978 to 1981, Darius milled 142,000 tons grading 0.12 ounces of gold per ton before closing in 1981. Infrastructure currently on the O'Brien Mine site includes the mill, headframe, hoist, office building, mine laboratory, garage and a modern core logging building and exploration office.

In 1981, Sulpetro Minerals, now Breakwater Resources Ltd. ("Breakwater"), acquired the property for $2.8 million. Sulpetro's initial interest was to acquire the mill for its adjoining property, the Kewagama Division. (The Kewagama Property is also now 100% owned by Radisson.) Between 1982 and 1985, the property was placed on standby and the mine was allowed to flood. The surface facilities were retained.

Sulpetro's successor, Novamin Resources Ltd. ("Novamin") conducted exploration between 1985 and 1987 when the 36 East Zone was discovered. In 1989, Breakwater acquired Novamin and continued to drill a total of 24 holes totalling 25,696 ft. on the 36 East Zone. In 1992, Radisson initiated negotiations with Breakwater, ultimately acquiring 100% of the O'Brien and the Kewagama properties. Radisson gradually established success in its drilling program on the 36 East Zone during the intervening years to 2006, particularly in the latter year when two significant intersections were encountered.

Mr. Hendrick stated it was of note that, in 1942, O'Brien Mine production peaked at 69,539 tons and the Mineral Reserves also reached their maximum at 204,014 tons. Assumedly, gold grades of that tonnage were comparable to the 0.448 ounces per ton average grade produced during the life of the mine. As depicted in the film, the 36 East Zone, lies about 3600' east of the original producing zone of the O'Brien Mine. Based mainly on exploration work of Radisson, the 36 East Zone contains gold grades comparable to the average grade of 0.448 ounces of gold/ton of the original O'Brien Mine production. The present estimated Indicated Resources for the 36 East Zone, according to the recent National Instrument 43-101 report, dated May 9, 2007, prepared by Scott Wilson Roscoe Postle Associates Inc., is 270,000 tons at a reserve grade of 0.56 ounces of gold per ton, uncut, and 0.36 ounces of gold per ton based on a 0.17 ounces/ton gold cut-off grade. Mr. Hendrick noted that additional resources are identified in the Inferred category. As an aside, Mr. Hendrick stated that from 1942 until closure in 1956, due to a reduction in the development-to-mining ratio as a result of a labour shortage ascribed to the war effort, reserves of the O'Brien Mine declined gradually, at first, then rapidly.

Mr. Hendrick quoted from this 43-101 report, as follows, "There is excellent potential to increase the Zone 36 East resources above the 2,000 Level and to discover new resources further at depth and along strike further to the east". (This report 43-101 is available on the Company's website, www.radissonmining.com.)

Mr. Hendrick also pointed out that, as a result of current development of the Lapa project of Agnico Eagle Mines Limited with 4.1 million tonnes of probable reserves containing 1.1 million ounces gold and further ore potential at depth and to the east, the Abitibi region of northwestern Quebec has attracted renewed interest. The O'Brien Property and the adjoining Kewagama Property, both 100% owned by Radisson, are situated approximately 50 km east of Rouyn-Noranda, Quebec, between the La Ronde Mine, Canada's largest gold deposit, and the Lapa Mine, both owned by Agnico Eagle Mines.

Perhaps, of greater significance, Mr. Hendrick observed, is the development of the Wood-Pandora property jointly owned by Globex Mining Enterprises and Queenston Mining Inc., located immediately east of the O'Brien/Kewagama property, in which an intersection of 22.6 grams of gold per ton over 45.6 metres has been reported.

It is the mission of management of Radisson Mining to fulfill the promise of the title of the film, "The Return of the Old O'Brien Mine".

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

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