SOURCE: Ruby Creek Resources, Inc.

May 24, 2011 10:14 ET

Ruby Creek Moves to Close Gold Standard Acquisitions

NEW YORK, NY--(Marketwire - May 24, 2011) - Further to Ruby Creek Resources Inc.'s News Release of January 12, 2011, Ruby Creek (OTCBB: RBYC) is pleased to announce it has completed its due diligence of the Gold Standard assets and is now moving to close the two acquisitions.

The first Agreement includes the acquisition of a recently issued 10 sq km mining license, two exploration joint ventures of 40 and 89 sq km, a regional environmental report and an established mining camp. The second Agreement is for the acquisition of all Gold Standard Tanzania's mining equipment.

Ruby Creek anticipates that both Agreements will close next month. The closing of these Agreements will allow Ruby Creek to commence commercial gold production activities on our first mining license.

Robert Slavik, President and CEO of Ruby Creek, said, "We are satisfied with the results of our due diligence of Gold Standard Tanzania. We look forward to finalizing the Agreements and taking the steps towards commercial gold production this summer. This is a significant time for both the Company and its shareholders as we move towards an exciting new phase of the Gold Plateau Project."

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
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