Ridgemont Iron Ore Corp.

March 07, 2011 09:00 ET

Ridgemont Reaches Memorandum of Understanding With Toquaht Nation of Vancouver Island, British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 7, 2011) - Ridgemont Iron Ore Corp. (TSX VENTURE:RDG) ("Ridgemont") is pleased to announce that it has concluded a Memorandum of Understanding ("MOU") with the Toquaht Nation whereby the parties have agreed to an ongoing business relationship with respect to the exploration and development of Ridgemont's Redford iron ore property located on Vancouver Island, outside of Ucluelet, British Columbia.

The MOU establishes that Ridgemont and the Toquaht Nation will work together to establish a long term, mutually beneficial and cooperative business relationship. In return for their ongoing consent and support of Ridgemont's exploration and development activities on Vancouver Island, the Toquaht Nation may benefit through economic opportunities for community members. These opportunities will include employment and training for individuals or contracts with local Toquaht businesses. Furthermore, Ridgemont has set aside a budget for the Toquaht Nation to be involved in the environmental monitoring of Ridgemont's exploration and development activities.

The MOU provides assurances that the exploration and development of Ridgemont's projects will be implemented in a manner that protects the interests of Toquaht community members and the environment. Ridgemont has established good relations with the Toquaht Nation by engaging the Toquaht Nation early in its program planning and is pleased to have entered into this MOU with the Toquaht Nation.

"The MOU further strengthens Ridgemont's positive working relationship with the Toquaht Nation," says Mark Morabito, President and CEO of Ridgemont. "We look forward to a beneficial future for both parties as Ridgemont works towards its goal of developing a first class iron ore deposit and taking it to production."

"The Toquaht Nation is in favour of responsible development," states Chief Anne Mack of the Toquaht Nation. "We will continue to work agreeably with companies like Ridgemont that wish to pursue exploration activities in areas surrounding our territory in a manner that fulfills each party's objectives."

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.


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 opportunities under the MOU and the production potential of the Redford iron ore 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.
    Mark Morabito
    President & CEO
    604-681-8039 (FAX)