Red Pine Exploration Inc.
TSX VENTURE : RPX

Red Pine Exploration Inc.

March 04, 2011 18:18 ET

Red Pine Exploration Updates Previous News Release

TORONTO, ONTARIO--(Marketwire - March 4, 2011) - Red Pine Exploration Inc. ("Red Pine" or the "Company") (TSX VENTURE:RPX) wishes to clarify comments made in its February 22, 2011 press release.

On February 22, 2011 the Company issued a news release where it noted that a total of 1,700,000 stock options were issued to consultants of the Company. The Company wishes to advise that only 1,550,000 stock options were issued to directors and consultants of the Company.

Administration

The Company will be applying to the TSX Venture Exchange (the "Exchange") for approval of the following transactions.

A total of 26,973,193 common share purchase warrants with an exercise price of $0.15 per share, expiring between November 24, 2011 and August 24, 2012 will all be extended to November 24, 2014.

A total of 525,000 stock options with an exercise price of $0.12 which were due to expire during May 2011 have been amended to expire on March 4, 2016 at the same exercise price in accordance with the Company's stock option plan.

A total of 4,300,000 stock options with an exercise price of $0.10 which were due to expire between February 2012 and August 2012 have been amended to expire on March 4, 2016 at the same exercise price in accordance with the Company's stock option plan.

The above noted items are subject to approval of the Exchange.

About Red Pine's SaraCourt Property

The SaraCourt Property is a regional land package of contiguous, high-potential gold properties totaling approximately 28,000 hectares of patented and unpatented mining lands.

Located in and along the newly defined DZ3 Gold Deformation Corridor, the Property holds a series of deformation zones and regional fault branches that host abundant gold showings and join the Destor-Porcupine Deformation Zone to the northeast, and join to the western extension of the Larder Lake Deformation Zone fault that branches to the southwest.

The Destor-Porcupine Fault Zone is spatially associated with gold deposits in the Timmins-Porcupine Gold Camp that have produced more than 65 million ounces gold to date. 

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