SOURCE: Ruby Creek Resources, Inc.

Ruby Creek Resources, Inc.

May 10, 2011 09:47 ET

Ruby Creek Closes Oversubscribed Private Placement

NEW YORK, NY--(Marketwire - May 10, 2011) - Ruby Creek Resources, Inc. (OTCBB: RBYC) is pleased to announce that it has raised in excess of $4,500,000 in its most recent Private Placement, exceeding the Company's goal of $3,000,000. The Placement, which is now closed, was a simultaneous offering under Rule 506 of Regulation D and Regulation S. Each Unit sold cost $0.50 and consisted of one common share and one warrant with an exercise price of $1.00 for two years. Ruby Creek did not pay any fees or commissions in connection with this Private Placement. Please refer to Ruby Creek's Form D SEC filing for full details.

The proceeds of the Offering will be used to acquire, lease or rent mining equipment, to expand camp operations, satisfy contractual obligations, and expand technical and management staff. Some funds will be used as general working capital for the business operations of Ruby Creek.

Robert Slavik, President and CEO of Ruby Creek said, "We are extremely proud of the strides we've made with our Company over the past year and happy that our investors have recognized what we've been able to achieve. We noted in a news release in early May that our goals for 2011 are quite aggressive. Our investors are helping us to attain those goals through their enthusiastic participation in our private placement. We fully expect to enter 2012 in commercial gold production with the possibility of our Company being listed on a more senior stock exchange."

About Ruby Creek Resources, Inc.
Ruby Creek Resources, Inc. (www.rubycreekresources.com) is an exploration and mining company. Ruby Creek operates in Tanzania through its subsidiaries, Ruby Creek Gold (Tanzania) Limited and Ruby Creek Resources (Tanzania) Limited. Ruby Creek is the operator of the Tanzania Gold Plateau Project, establishing operations and infrastructure, along with the permitting process in support of the full development and commencement of gold mining operations on the Project.

Forward-Looking Statements
This news release may include certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act, as amended. All statements, other than statements of historical fact, included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. This notice expressly qualifies all forward-looking statements in this release. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors, which may be identified, from time to time in the Company's public announcements.

On behalf of Ruby Creek Resources, Inc.

Robert Slavik
President and CEO

Contact Information

  • For Further Information Contact
    Toby Hansen
    Corporate Communications
    (212) 679-5711 ext 310
    Email Contact