VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 22, 2011) - Red Mile Minerals Corp. (TSX VENTURE:RDM) ("Red Mile", the "Company") is pleased to announce it has exercised its option to acquire a 100% interest in the Blue Quartz Property in Beatty Township, Ontario, part of the prolific Timmins Gold Camp, from Thundermin Resources and Wesdome Gold Mines. Further and complete details on the terms of the agreement can be found in the news release dated June 25th, 2009 and on Red Mile's website and SEDAR.
In related news, the Company announces that McLaren Resources ("McLaren") has exercised its option to earn a 50% interest in the Blue Quartz Property from Red Mile under the terms of the agreement dated December 6th, 2010. Further and complete details on the terms of the agreement can be found in the news release dated December 7th, 2010 and on Red Mile's website and SEDAR.
Further, the Company announces it has signed a Letter of Agreement to form a Joint Venture on the Blue Quartz Property. McLaren shall issue 100,000 shares to Red Mile and become operator of the property on standard industry terms. A definitive Joint Venture agreement is scheduled to be executed within 6 months.
The Blue Quartz Property
The Blue Quartz property is located approximately 12 kilometres north-northeast of Matheson, 73 kilometres east-northeast of Timmins, Ontario. The property is comprised of 25 patented mining claims, consolidated into Parcel 23623.
The Property covers 400 hectares (4.0 square kilometers) of Early Precambrian gold mineralized rocks belonging to the Abitibi Greenstone Belt, located in the north central part of the Beatty Township. Gold was first discovered on the property in 1907.
About Red Mile Minerals
Red Mile Minerals is a tightly held mineral exploration company with a gold property along the prolific Destor-Porcupine gold-producing region in Ontario and the Dorset Property in Baie Verte, Newfoundland. Red Mile continues to seek additional mineral exploration opportunities where the company's exploration expertise and corporate share structure has the potential to substantially enhance shareholder value. Currently there are 16,975,000 shares issued and outstanding.
On behalf of the Board of Red Mile Minerals Corporation
John Hickey, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
John V. Hickey
President & CEO
(416) 637-2139
office@redmileminerals.com
www.redmileminerals.com