Ridgemont Iron Ore Corp.

Ridgemont Iron Ore Corp.

August 22, 2012 06:30 ET

Ridgemont Intersects Significant Iron Mineralization And Expands Program At Lac Virot

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 22, 2012) - Ridgemont Iron Ore Corp. (TSX VENTURE:RDG)(OTCQX:RIOOF) ("Ridgemont" or the "Company") is pleased to announce that it has intersected significant intervals of iron mineralization in a number of drill holes completed to date on its wholly-owned Lac Virot Iron Project, located in the southern Labrador Trough.

"We are extremely encouraged by these early drilling results, as they appear to confirm our original geologic interpretation of the significant iron mineral resource potential at Lac Virot," stated Brian Penney, President and CEO of Ridgemont. "Based on these initial results, we are currently assessing our options with respect to accelerating the pace of our original exploration program in order to advance the project as much as possible during this current field season."

Highlights of the current drilling include:

LV-004 4.5 106.3 101.8
LV-011 74.8 184.6 109.8
LV-012 210.2 330.9 120.7

Drill plan maps are posted on the Ridgemont website at: http://www.ridgemontiron.com/index.php/projects.

To date, Ridgemont has completed approximately 4,200 metres of the initial 5,000 metres planned for Lac Virot this season. However, acting on the strong results acquired to date, the Company applied for, and has been granted, an Exploration Permit from the Newfoundland and Labrador Department of Natural Resources, for an additional 9,000 metres of drilling. To facilitate the timely execution of this additional 9,000 metre program, a third drill rig is being mobilized to site.

True widths of the reported intercepts above vary depending on the angle of the individual drill holes and are estimated to be between 90% and 100% of the core interval as reported. All samples were prepared from sawn HQ-sized half-core sections on-site in Labrador. Split drill core samples have been sent to independent contractor SGS Minerals Services in Lakefield, ON for analysis; results are pending.

The reader is cautioned that visible iron mineralization does not necessarily equate to significant concentrations of iron and there is no assurance that the assay results of the samples from these drill holes will yield significant iron grades.

The Lac Virot Iron Project is comprised of approximately 114 square kilometres of map staked mineral licenses located in the southern Labrador Trough, Canada's foremost iron ore mining region. Four major mines (Mont-Wright, Carol Lake, Scully and Bloom Lake) are located within 20 km of the project.

Further information on the Lac Virot Project can be found in the National Instrument (NI) 43-101 Technical Report titled "Technical Report on the Lac Virot Iron Ore Property, Labrador West, Newfoundland & Labrador" dated March 25, 2012 and filed on SEDAR at www.sedar.com.

About Ridgemont

Ridgemont is a Canadian exploration company looking to acquire, explore and develop iron ore mineral properties. Ridgemont has an option to acquire a 100% interest in the Lac Virot Iron Project located in the southern Labrador Trough and holds a 100% interest in the Maguse River Iron Project located in Nunavut. Ridgemont continues to hold an option to acquire up to 75% interest in the Redford Iron Project, 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. Data verification was carried out based on visual inspection of the drill core.


On behalf of the Board

Mark J. Morabito, Executive Chairman

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 mineralization on the Company's properties, expected mineral resource estimate potential, the advancement of the Company's properties and the exploration potential of the properties 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 regulators. 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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