Revolution Technologies Inc.

March 24, 2009 15:40 ET

Revolution Technologies Inc. Announces Iron Acquisition

TORONTO, ONTARIO--(Marketwire - March 24, 2009) - Revolution Technologies Inc. (PINK SHEETS:RVLTF)(FRANKFURT:3GP) is pleased to announce that, majority owned subsidiary CANADA IRON INC. has completed an option agreement to purchase a 100% interest in the Gunflint (Aka Mount Edna) Iron deposit, located in Jean Township, 70 km southwest of the City of Thunder Bay, Ontario, Canada. The property covers 5 square miles and hosts a historic estimate of 270,000,000 tons averaging 26.29% Fe (NI 43-101 non compliant). This estimate is based on results from over 2,000 feet of historic diamond drilling in thirteen drill holes and dip needle surveys on one claim in the group. It may be possible to greatly expand this iron resource.

The iron deposit consists of taconite-grade Superior type oxide facies iron formation containing magnetite and hematite. On the property, iron formation is exposed in an elevated ridge overlain by 20 meters of diabase. The presently-defined iron deposit is hosted in an area 6000 by 1500 feet to a depth of 300 feet. Two grab samples from the north face of "Divide Ridge" returned 34.1% and 33.9% Fe and gave concentrates of 54.0 and 50.9% Fe at -200M (M equals mesh) with 30.2 and 35.2% weight recovery. Metallurgy and quality of the deposit are presently unknown. Much of North American iron production comes from nine mining operations, seven of which are located on the Mesabi Iron Range in Northern Minnesota, U.S.A. The Gunflint Iron Deposit is located north across the border, in Canada. Location of the deposit is favorable with respect to required infrastructure for mining and shipping. Thunder Bay has a deep water harbor for iron shipment throughout the Great Lakes and St Lawrence Seaway to Europe and Asia.

Terms of the acquisition include work commitments over a 3 year period, shares in privately held Canada Iron Inc. and a negotiated one time payment by Feb. 2012. The agreement is subject to a 2% Net Smelter Royalty ("NSR").

"We are very pleased to become a partner with the vendor of this property. Not only does this project involve a large historic resource, which we plan to prove up to modern reporting standards, but the project carries the additional benefit of being very close to deep-water port facilities at Thunder Bay," according to Gary Handley President.

The Company intends to commence a work program as soon as possible in order to verify sample data, prepare for a winter/spring drill program, and to complete a NI43-101 compliant report.

This news release contains certain "forward-looking statements," such as statements that describe the plans, objectives, and goals of the management of Revolution Technologies Inc. Forward-looking statements are necessarily subject to a variety of risks, uncertainties, and other factors that could cause actual events or results to differ materially from those expressed or implied by these forward-looking statements. The reader is cautioned not to place undue reliance on forward looking statements.

Revolution Technologies Inc. has 113,477,000 common shares issued and outstanding. The Company's shares are posted on the Pink Sheets ( under the symbol RVLTF.

On behalf of the Board

Canada Iron Inc.

Gary Handley, President

No regulatory body has reviewed the adequacy or accuracy of this news release.

Contact Information

  • Revolution Technologies Inc.
    Mr. Gary Handley
    (905) 726-8585