Red Pine Exploration Inc.
TSX VENTURE : RPX

Red Pine Exploration Inc.

October 15, 2010 18:00 ET

Red Pine Exploration Increases Land Position on the Mortimer Property to 100%

TORONTO, ONTARIO--(Marketwire - Oct. 15, 2010) - Red Pine Exploration Inc. ("Red Pine" or the "Company") (TSX VENTURE:RPX) announces that it has executed a purchase and sale agreement to acquire the remaining 11% interest in the Mortimer Property.

Increased Stake in Mortimer Claims

Red Pine originally entered into a Purchase and Sale agreement with Charlie Mortimer to acquire 59% of the Property, located in the Dore Township, consisting of 12 claim blocks as disclosed in the Company's press release dated October 15, 2009. Subsequently, the Company acquired the Lovold Party's 30% interest in the property as disclosed in the Company's press release dated March 16, 2010. The Company then owned an 89% interest in the property and subsequently concluded an arrangement with the Hennessy Party for the remaining 11% interest.

Hennessy Purchase and Sale Agreement

In order to acquire a 100% undivided right, title and interest in and to the Hennessy Party's 11% interest in the property, Red Pine is required to:

  1. pay the Seller the sum of $7,500 cash; and
  1. issue to the Seller fifty (50,000) common shares of Red Pine which will be subject to resale restrictions imposed by applicable securities laws, including a four month and one day hold period on such shares.
  1. grant the Seller a 0.2% Net Smelter Royalty ("NSR"). Red Pine has the exclusive right but not the obligation, at any time, to purchase the entire NSR for a sum of two-hundred and fifty thousand dollars ($250,000).

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)
    http://www.redpineexp.com