Red Mile Minerals Corp.

Red Mile Minerals Corp.

December 07, 2010 12:36 ET

Red Mile Minerals Signs Option Agreement for 50 Percent of the Blue Quartz Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2010) - Red Mile Minerals Corp. (TSX VENTURE:RDM) "Red Mile" (the "Company") is pleased to announce it has signed an option agreement with McLaren Resources Inc (CNSX: MCL) "McLaren" whereby McLaren can earn 50% of the Company's interest in the Blue Quartz Property. In addition, upon McLaren earning a 50% interest, McLaren will have the right of first refusal for the remaining 50%.

Transaction Terms

To acquire 50% of Red Mile's interest in the Blue Quartz Property, McLaren will, subject to Regulatory Approval, make a cash payment of $10,000 on the date of signing of the Letter of Agreement, and spend a minimum of $200,000 in Exploration and Development expenditures on or before September 1, 2011.

John Hickey, President & CEO of Red Mile, commented: "We are pleased to have McLaren Resources join with us to take the Blue Quartz project forward. Our previous work on the historic Blue Quartz mine has clearly indicated the property deserves more work to fully explore its mineralization. By McLaren taking on a $200,000 work program to earn 50%, it allows Red Mile to focus its attention on the Dorset Property in Baie Verte Newfoundland." (see Press Release dated October 25, 2010)

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 9,940,000 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.

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