Ridgemont Iron Ore Corp.

Ridgemont Iron Ore Corp.

November 08, 2011 08:30 ET

Ridgemont Intercepts 43% Iron over 49 Metres at Redford

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2011) - Ridgemont Iron Ore Corp. (TSX VENTURE:RDG)(OTCQX:RIOOF)(PINK SHEETS:RIOOF) ("Ridgemont") is pleased to announce additional assay results from the ongoing drill program on the Redford Iron Ore Property located on Vancouver Island, British Columbia. To date, Ridgemont has completed and received assay results for 43 diamond drill holes, totalling 7,570 metres. Highlights from these most recent assay results include:

Drill Hole From
Iron %
RD11-22 106.0 119.0 13.0 51.7
RD11-25 125.0 156.0 31.0 52.3
and 164.0 176.0 12.0 44.3
RD11-27 173.0 199.0 26.0 51.5
including 186.0 199.0 13.0 60.2
RD11-29 79.0 100.0 21.0 56.6
RD11-34 63.0 112.0 49.0 43.4
including 72.0 92.0 20.0 55.5
and 237.0 249.0 12.0 49.2
RD11-39 105.0 128.0 23.0 50.8

"We are extremely pleased with these results, as they continue to confirm the extent of the mineralization on the property." says Mark Morabito, President and CEO of Ridgemont. "These data clearly show the significant thicknesses and consistent grade of the high-magnetite zone across the property."

All holes were located using the Total Field Magnetics data from the earlier ground geophysical surveys and were collared between 50 and 400 metres east of the eastern edge of the Noranda pit. The goal of this drill program is to outline an initial National Instrument 43-101 iron resource.

True widths of the reported intercepts vary depending on the angle of the individual drill holes and are estimated to be between 65% and 98% of the core interval as reported. All samples were prepared from sawn HQ-sized half-core sections on site on Vancouver Island. Split drill core samples are then sent to an independent contractor, Acme Analytical Laboratories in Vancouver, British Columbia, for analyses. The magnetic iron component is determined by Satmagan magnetic analysis. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program.

Complete assay highlights with drill plan maps and sections are posted on the Ridgemont website at http://ridgemontiron.com/index.php/projects.

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.

About Ridgemont

Ridgemont is a Canadian exploration and development company which currently 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.

Edward Lyons, P.Geo., the VP Exploration for Ridgemont and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release. Mr. Lyons has verified the data disclosed herein, including sampling, analytical and test data underlying the disclosed information. Mr. Lyons has verified that the results were accurate from the official assay certificates provided to Ridgemont.


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 completion of an NI 43-101 resource estimate and details about the drill program at 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 in 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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