Ridgemont Iron Ore Corp.
TSX VENTURE : RDG

Ridgemont Iron Ore Corp.

May 19, 2011 08:30 ET

Ridgemont Commences Drilling at Redford

VANCOUVER, BRITISH COLUMIBA--(Marketwire - May 19, 2011) -Ridgemont Iron Ore Corp. (TSX VENTURE:RDG) ("Ridgemont") is pleased to announce that drilling has commenced at the Redford Iron Ore Property located on Vancouver Island, British Columbia. The program will consist of 13,000 metres (m) of diamond drilling as well as an aggressive ground geophysics and reconnaissance program with the goal of outlining a National Instrument (NI) 43-101 compliant iron ore resource this fall and delineating new iron ore targets.

The Redford Property is host to the former producing Brynnor iron deposit. Noranda Exploration Ltd. mined the near surface portion of the iron ore body in the 1960's and produced 4,480,940 tonnes at 56% iron. The mine was closed in 1968 at the expiration of the concentrate sales contract with Japanese steel makers; however, the underground extension of the ore body was never mined. Drilling will take place in and around the Brynnor pit to test the underground extension of the ore body. This program will be carried out by Cabo Drilling (Pacific) Corp. and will take five months to complete approximately. The goal of this program is to outline an initial NI 43-101 iron ore resource.

In 2010, Ridgemont completed an airborne magnetic and gravity survey which outlined additional surface targets. These targets will be followed up by ground work commencing in May, which will further refine the target areas in preparation for future drilling.

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 located 22 kilometres northeast of Ucluelet, in the Alberni Mining Division, Vancouver Island, British Columbia.

Edward Lyons, P.Geo., the VP Exploration for Ridgemont and a Qualified Person as defined by NI 43-101, has reviewed and is responsible for the technical information contained in this news release.

RIDGEMONT IRON ORE CORP.

On behalf of the Board

Mark J. Morabito, President & CEO

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 timing for completion of a NI 43-101 resource estimate, details about the planned drill program and the delineation of new iron ore targets 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.

Contact Information

  • Ridgemont Iron Ore Corp.
    Mark Morabito
    President & CEO
    604-681-8030
    604-681-8039 (FAX)