Ridgemont Iron Ore Corp.

Ridgemont Iron Ore Corp.

November 07, 2011 08:30 ET

Ridgemont Appoints Former Iron Ore Company General Manager as CEO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 7, 2011) - Ridgemont Iron Ore Corp. (TSX VENTURE:RDG)(OTCQX:RIOOF)(PINK SHEETS:RIOOF) ("Ridgemont") is pleased to announce the appointment of Brian Penney as President and Chief Executive Officer, effective as of December 1, 2011, at which time Mr. Mark Morabito will assume the role of Executive Chairman.

Mr. Penney brings significant iron ore experience to Ridgemont, having worked for the Iron Ore Company of Canada ("IOC"), a Rio Tinto subsidiary, for more than 15 years. During his tenure with IOC, Mr. Penney held many senior roles including: General Manager of all Processing Facilities, General Manager of Mining Operations and General Manager of Integrated Planning.

Mr. Penney's twenty years of experience in the mining sector has also included senior operating and environmental positions in the gold industry. He is a professional engineer, graduating from Technical University of Nova Scotia (TUNS) with a degree in Metallurgy.

Mark Morabito, current President and CEO of Ridgemont states, "I am very excited that we have been able to add someone of Brian's calibre to the Ridgemont team. His iron ore experience and expertise will be invaluable as we work to advance the Redford project and broaden Ridgemont's portfolio." Mr. Morabito will transition with Mr. Penney and continue to be involved with Ridgemont as Executive Chairman of its Board of Directors.

Ridgemont has granted Mr. Penney, under the terms of its stock option plan, options to purchase up to 400,000 common shares at a price of $0.59 per share. The options are subject to vesting over a two year period and have an expiry date of November 4, 2016.

About Ridgemont

Ridgemont is an exploration and development company in Canada and has an option to acquire up to 75% interest in the Redford iron ore property, comprised of 26 claims covering 10,821 hectares and located 22 kilometres northeast of Ucluelet, in the Alberni Mining Division, Vancouver Island, British Columbia.

Further details about Ridgemont can be found at: www.ridgemontiron.com.


On behalf of the Board

Mark J. Morabito, President & CEO

Cautionary Note Regarding Forward-Looking Information

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the advancement of the Redford Property are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Ridgemont undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

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