Ridgemont Iron Ore Corp.
TSX VENTURE : RDG

Ridgemont Iron Ore Corp.

September 07, 2011 08:30 ET

Ridgemont Intersects 44% Iron Over 49 Metres

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2011) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES

Ridgemont Iron Ore Corp. (TSX VENTURE:RDG) ("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. Highlights include:

Drill Hole From
(meters
) To
(meters
) Length
(meters
) Magnetite Iron %
RD11-01* 74.0 85.0 11.0 47.2
and 103.0 133.0 30.0 49.6
and 155.0 168.0 13.0 41.2
RD11-02* 75.3 112.0 36.7 57.1
and 134.9 141.0 6.1 47.5
RD11-03* 99 106.2 7.2 41.5
and 113.9 125.3 11.4 54.0
and 154 171 17 55.7
RD11-04 144.0 156.0 12.0 51.6
RD11-06 62.0 111.0 49.0 43.9
and 122.0 131.0 9.0 47.5
RD11-07 116.0 129.0 13.0 49.3
* Please note that holes 1 to 3 were previously released on August 4th, 2011

"It's great to see such consistent grade at Redford as we continue testing the underground extension of the Brynnor Pit," says Mark Morabito, President and CEO of Ridgemont.

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 1960s 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.

All the holes above tested the westernmost section of the Noranda underground development. They all intersected skarn hosted magnetite as projected from the historical work. The goal of this drill program is to outline an initial NI 43-101 iron resource.

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

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.

Ridgemont also announces that it has granted Yvette Harrison (Chief Financial Officer) 200,000 stock options of Ridgemont. The options vest over a period of 24 months, shall be exercisable at $0.43 and shall expire on September 7, 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.

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 in this news release, including sampling, analytical and test data underlying the information disclosed in this news release. Mr. Lyons has verified that the results were accurate from the official assay certificates provided to Ridgemont.

RIDGEMONT IRON ORE CORP.

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 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.
    Konstantine Tsakumis
    Investor Relations
    604-681-8030 x 232