Ridgemont Iron Ore Corp.

Ridgemont Iron Ore Corp.

May 03, 2011 09:00 ET

Ridgemont Welcomes Aaron Wolfe to the Board

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 2011) - Ridgemont Iron Ore Corp. (TSX VENTURE:RDG) ("Ridgemont") is pleased to announce the appointment of Mr. Aaron Wolfe to Ridgemont's board of directors. Mr. Wolfe has extensive experience advising, structuring and financing junior resource companies and will be instrumental in providing capital markets guidance to Ridgemont.

Mr. Wolfe currently serves as a Vice President at Forbes & Manhattan Inc. and is a corporate and business development consultant to several publicly traded companies in the resource sectors, including Rodinia Lithium Inc. and Black Iron Inc. where he serves as Vice President, Corporate Development. Prior to joining Forbes & Manhattan, Mr. Wolfe was an Investment Banker with Macquarie Capital Markets Canada Ltd., the Canadian division of a global investment bank. Prior to this, Mr. Wolfe was an Associate Consultant with an International management and human resources consulting firm.

Mr. Wolfe replaces Mr. Stan Bharti effective May 2nd, 2011. Ridgemont would like to thank Mr. Bharti for his dedicated efforts and continued support of Ridgemont.

In connection with his appointment, Ridgemont has granted Mr. Wolfe 200,000 stock options of Ridgemont. The options shall be exercisable at $0.61 and shall expire on May 2, 2016. The options remain subject to the receipt of regulatory approval, including the approval of the TSX Venture Exchange, and shall remain subject to a statutory four month hold period.

"We are excited to be adding someone with Mr. Wolfe's background to our board of directors," says Mark Morabito, President & CEO of Ridgemont. "His expertise will be invaluable in growing Ridgemont."

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.

For more information on Ridgemont, please visit our website at www.ridgemontiron.com.


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. 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.

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