SOURCE: Rae-Wallace Mining Company

Rae-Wallace Mining Company

July 05, 2011 08:30 ET

Rae-Wallace Mining Company Resumes Gold Exploration Programs

RENO, NV--(Marketwire - Jul 5, 2011) - Rae-Wallace Mining Company (PINKSHEETS: RAEW) ("Rae-Wallace" or the "Company") today announced the resumption of its gold exploration programs in central Peru.

At the Company's Toro Blanco project, permitting will soon be completed for an 8 to 10 hole drill program planned for later this year. Drilling will test a large high-sulfidation epithermal gold system which has coincident geochemical and geophysical anomalies, intense alteration, and other geological characteristics comparable to those observed at Peru's most productive gold camps. Toro Blanco is the top exploration priority for Rae-Wallace.

At the Company's Liscay project, mapping and sampling will recommence shortly within a large low-sulfidation epithermal gold-silver vein system to finalize targets for a drill program planned for early-2012. Previously at Liscay, a shallow orientation drilling program returned intercepts as wide as 4.67 meters, true-width (67.3 grams per tonne (g/t) silver, 0.416 g/t gold) and as high-grade as 192 g/t silver and 2.33 g/t gold (0.17 meters true-width).

Rae-Wallace recently posted NI 43-101 compliant technical reports for its Toro Blanco and Liscay projects on its website. Please visit www.raewallace.com to view or download the reports.

Also, a prospecting crew is following up on anomalous gold and silver samples taken from drainages across a one-million hectare area, mainly within Huancavelica Department, southeast of Lima. More than 4,000 stream sediment samples, many anomalous in gold, silver, and/or indicator elements, were recorded in a valuable exploration database compiled by Geologix Explorations Inc. during their former joint-venture with Newmont Peru S.R.L. Rae-Wallace management believes that its reconnaissance field work program is likely to lead to further land acquisitions and new projects across the region. The Company acquired the database from Geologix, along with its Peruvian land package, in 2010.

Rae-Wallace is also pleased to report that, subsequent to the results of its Special Meeting of Stockholders earlier this month, the Company is now officially domiciled in the Cayman Islands.

For more information about Rae-Wallace, please visit the Company's website at www.raewallace.com.

Rae-Wallace Mining Company is exploring drill-ready gold and silver properties along the prolific mineral belts of Peru, the world leader in foreign mining investment. The Company is led by senior industry executives and skilled explorationists, experienced at the identification, acquisition, and development of successful, large-scale, international mining projects. The Company has prominent corporate shareholders and features a tight share structure. Rae-Wallace stock currently trades on the OTC market under the symbol "RAEW".

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact Information

  • For additional information, please contact:
    George Cole
    775-315-0728
    Email Contact