Red Pine Exploration Inc.
TSX VENTURE : RPX

Red Pine Exploration Inc.

May 18, 2010 08:00 ET

Red Pine Exploration Acquires Gold Property from Goldcorp Canada Ltd in Coppell and Newton Townships, Swayze Greenstone Belt

TORONTO, ONTARIO--(Marketwire - May 18, 2010) - Red Pine Exploration Inc. ("Red Pine" or the "Company") (TSX VENTURE:RPX), further to its news release of March 16, 2010 in which it announced the acquisition of certain mineral properties in the Timmins area, has acquired an additional mineral property in the region. Red Pine announces today it has executed an agreement with Goldcorp. Canada Ltd. ("Goldcorp"), a wholly owned subsidiary of Goldcorp Inc., to purchase a high-potential gold property (the "Property") in Coppell and Newton Townships, Porcupine Mining Division, located southwest of Timmins, Ontario. The property consists of 6,372 hectares of mining lands contiguous to the Orifino and Rundle Mines.

The agreement with Goldcorp provides that Red Pine will acquire a100% interest in and to the fee simple mining rights in the Property for a purchase price of $75,000 in cash. Red Pine has agreed to grant to Goldcorp a right of first refusal to reacquire the property in the event that Red Pine receives an offer to purchase, joint venture or option the Property from a third party in the future. Goldcorp retains a 2% net smelter return royalty (the "NSRR") on any production from the Property which is subject to Red Pine's option to re-purchase one half, or 1%, of the NSRR for $1,500,000. In addition, the closing of the transactions contemplated in the agreement is expected on or before May 31, 2010.

The Company will be providing shortly a full update which will outline the 2010 exploration program planned to commence this Spring.

This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Cautionary Statement: Neither 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

  • Red Pine Exploration Inc.
    Brent Nykoliation
    Vice President of Business Development
    (416) 364-7024
    (416) 364-2753 (FAX)
    bnykoliation@redpineexp.com
    or
    Red Pine Exploration Inc.
    Kirk McKinnon
    President & CEO
    (416) 364-7024
    (416) 364-2753 (FAX)
    or
    Red Pine Exploration Inc.
    Richard Schler
    Chief Operating Officer & CFO
    (416) 364-7024
    (416) 364-2753 (FAX)
    www.redpineexp.com