SOURCE: Ruby Creek Resources, Inc.

April 12, 2011 08:30 ET

Ruby Creek Highlights Accomplishments & 2011 Goals

NEW YORK, NY--(Marketwire - Apr 12, 2011) - Ruby Creek Resources, Inc. (OTCBB: RBYC) is pleased to highlight its 2010 accomplishments and operational goals for 2011. Ruby Creek has made considerable progress since signing its first property agreement in November 2009. The following is a list of accomplishments to date for the Company's 2011 fiscal year ending August 31, 2011. These accomplishments have developed corporate and mining infrastructure to support the Company's aggressive 2011 goals.

Q1, 2011 (Sept - Nov 2010)

  • Began test-mining operations on the Mkuvia 1 property.
  • Signed an Agreement to acquire the mineral and mining rights of the 340 sq km (131 sq mile) Kapinga property adjacent to the south and east of the Mkuvia properties. Due diligence is ongoing.
  • The Board of Directors was expanded with the addition of Mr. David Bukzin. Mr. Bukzin is the Partner-in-Charge of Marcum LLP's SEC Practice Group. Marcum is one of the nation's largest independent public accounting and advisory services firms.
  • Closed an over-subscribed private placement capital financing of over $1.4 million at $0.25 per unit.

Q2, 2011 (Dec 2010 - Feb 2011)

  • Expanded Ruby Creek's Gold Plateau Camp to house 70 employees and contractors.
  • Began negotiations with Gold Standard Ltd. for the acquisition of their properties and mining equipment in the Gold Plateau region. Purchase agreements, subject to due diligence and definitive closing documents, were signed shortly after the New Year. Due diligence is ongoing.
  • Began modifying gold production equipment to optimize gold recovery.
  • Developed water holding ponds to support testing and production during the dry season.
  • Viewing additional production equipment including onsite inspections in Ghana.
  • Brought a highly experienced placer geologist team on the Gold Plateau Project for assessment of the property and test mining operations. Additionally, a hard rock outcrop structure was identified to explore for potential gold mineralization.

Q3, 2011 (Mar 2011 - present)

  • Extension of the due diligence period on the Kapinga property to mid-July of this year.
  • Ruby Creek is completing the equipment, Gold Standard Camp inspections and appraisals since taking possession of all at various locations in Tanzania. Several due diligence items remain and Ruby Creek believes a successful closing will result.

Ruby Creek has made substantial progress since focusing on gold in Tanzania only 16 months ago. For the 2011 calendar year, the Company plans to begin commercial gold production at the Gold Plateau Project, start comprehensive exploration for the delineation of reserves, increase equity liquidity, market exposure and strengthen corporate operations. Ruby Creek has set a list of twelve goals for 2011 to address these objectives:
1. Obtain two or more mining licenses on the Gold Plateau Project.
2. Initiate comprehensive placer exploration to increase reportable gold resources.
3. Strengthen the technical team by hiring a Chief Geologist and staff geologists.
4. Investigate hard rock targets by initiating a drill program at the Gold Plateau.
5. Acquire additional strategic mining rights in the Gold Plateau region.
6. Procure high volume production mining equipment.
7. Become cash flow and earnings positive by year end.
8. Add qualified independent members to the Board of Directors.
9. Increase corporate and mining management personnel to support growth.
10. Attract more institutional investment and increase shareholders of record.
11. Create a new website and add additional conferences for exposure.
12. Apply for a senior stock exchange listing upon meeting requirements.

The first six goals are focused on our priority of bringing the Gold Plateau Project into commercial production and expanding our active operations in Tanzania. The last six goals address the need to further strengthen our corporate structure and expand Ruby Creek's market exposure. Gold production guidance for 2011 and 2012 will be disclosed in coming months after sufficient data has been collected from our test mining operations, which are presently being optimized for gold recovery.

Robert Slavik, President and CEO of Ruby Creek said, "We have made great strides in developing a very dynamic gold mining company. While our goals for 2011 are quite aggressive, we feel they are attainable. By meeting these goals we expect to enter 2012 as a fully producing, profitable gold producer with the possibility of our stock trading on a major 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