SOURCE: Ruby Creek Resources, Inc.

Ruby Creek Resources, Inc.

September 03, 2010 08:30 ET

Ruby Creek Resources -- A Year in Review

NEW YORK, NY and DAR ES SALAAM, TANZANIA--(Marketwire - September 3, 2010) - Ruby Creek Resources, Inc. (OTCBB: RBYC), an exploration and mining company with operations in Tanzania, reviews its progress of the past year. Mr. Robert Slavik, CEO and President of Ruby Creek Resources, highlights and summarizes the accomplishments of the Company.

2009 June
Ruby Creek announces that Mr. Robert Slavik has assumed control of the Company, becoming its new President and sole Director.

July
Ruby Creek announces completion of a financing of $20,000 at $0.05 per unit.

August -- September
After review of the Company's existing project in Western Canada and review of potential projects in Mexico, Ruby Creek focuses its attention in Tanzania.

November
Ruby Creek announces a Joint Venture Agreement with Douglas Lake Minerals Inc. for a 70% interest in one third (125 sq km) of the 380 sq km Mkuvia Gold Project in southern Tanzania for a purchase price of $3 million in a series of cash and equity payments over a 3 year period.

Ruby Creek establishes an office in New York.

December
The Company completes a Debenture Financing of $100,000.

2010 January
Investor presentations are initiated in New York.

February
Ruby Creek announces the appointment of Myron Landin, CPA, as acting Chief Financial Officer.

Mr. Slavik initiates the first of several trips to Tanzania as part of the Company's due diligence process and conducts a number of meetings and discussions for infrastructure support and development of the Mkuvia Gold Project.

March
Ruby Creek announces the completion of its due diligence on the Mkuvia, and closes on its purchase of 125 sq km of the Mkuvia Gold Project, one of Tanzania's largest alluvial gold properties.

Ruby Creek announces the completion of a financing of $200,000 at $0.125 per unit.

April
The Company announces Porter, LeVay & Rose of New York has become its investor relations' agency.

Mr. Slavik presents Ruby Creek at the Chicago Resource Expo and initiates investor presentations and discussions in Chicago.

May
In London, UK, Mr. Slavik meets with Tanzania's High Commissioner to the United Kingdom, Madame H.E Mwanaidi Sinare Maajar. Madame Maajar is a strong supporter of the Tanzanian mining industry, and one of the architects of the 1998 Tanzanian Mining Act that was a major catalyst in the transformation of the Country's mining industry. Her message is very clear: Tanzania wants investment and development. Madame Maajar has been appointed Tanzania's new Ambassador to the United States in Washington, D.C. effective August 1, 2010.

Ruby Creek Tanzania establishes its corporate headquarters in Dar es Salaam, Tanzania's largest city, and retains the law firm of CRB Africa Legal, a leading full-service Tanzanian commercial law practice with expertise in the Tanzanian mining and commercial law sector.

Talks continue with logistics firms, equipment suppliers, security firms, aviation companies and environmental firms towards laying the groundwork for Ruby Creek Tanzania to commence test mining and ultimately active commercial production on the Mkuvia Gold Project.

June
Ruby Creek announces the incorporation of Ruby Creek Resources (Tanzania) Limited, a joint venture company owned by Ruby Creek Resources (70%), Douglas Lake Minerals, Inc. (25%), and Mr. Mkuvia Maita (5%).

Ruby Creek announces it has tripled the size of its mining property holdings by acquiring the exclusive mineral and mining rights to the additional 255 square kilometers of the Mkuvia Gold Project from Douglas Lake giving Ruby Creek the exclusive mineral and mining rights to the entire 380 square kilometers of the Mkuvia Gold Project. The purchase price is for $6 million, paid in a series of cash and equity payments over a 3-year period.

Ruby Creek Tanzania receives its Registration of the Mkuvia transactions from the Ministry of Energy and Minerals.

Ruby Creek announces it has retained the renowned geological expert Professor Dr. Abdulkarim Mruma, B.Sc., M.Sc., Ph.D., the CEO of the Geological Survey of Tanzania, to advise on geological issues within the Mkuvia and surrounding regions.

Ruby Creek hires an executive assistant and an IT specialist in its New York office.

Ruby Creek Tanzania initiates its Environmental Permitting process on the Mkuvia Gold Project.

Ruby Creek Tanzania continues expanding and retains a Geologist, Mining Engineer and Mining Contractor.

Ruby Creek Tanzania retains Mr. Mkuvia Maita as an Advisor to the Mkuvia operations.

Mr. Slavik embarks on a 29-day trip reviewing mining processes, mining equipment manufacturers, suppliers and laboratories in Johannesburg (South Africa), Harare (Zimbabwe), Bangkok (Thailand), Burnaby, Langley and Kamloops (Canada), Chicago (USA), Manchester (UK), Istanbul and Ankara (Turkey) before returning to Dar es Salaam on July 12.

July
Ruby Creek initiates investor presentations in Paris, Zurich and London.

Ruby Creek continues review of other Tanzanian gold and diamond opportunities.

Ruby Creek Tanzania becomes a donor to the Malaika Kids orphanage,
www.malaika-kids.co.uk
Mr. Slavik asks the readers of this review to please consider a direct donation to help.

Ruby Creek retains Mr. Toby Hansen in the dual roles of Corporate Communications for Ruby Creek Resources and Process Engineer for Ruby Creek Tanzania. Mr. Hansen joins the team at the Ruby Creek Mkuvia Camp for the month of August.

The Company continues expanding and hires initial staff for the Ruby Creek Mkuvia Camp; a Camp Accountant, a Transport and Supply Chief, a Civil Engineer advisor for camp and shop layout and construction and the first of 2 Security Chiefs.

Ruby Creek Tanzania begins shipping equipment for Mkuvia exploration with camp, prospecting and test mining equipment on July 28.

August
The first of several prospecting and test mining processing plants arrive at the Mkuvia.

Ruby Creek Mkuvia Camp development continues with existing access roads being improved, satellite dish installation for direct voice and data communication, additional security personnel and camp construction for 30 men.

Ruby Creek Tanzania offers to sponsor the primary school of 603 students in Kiegei, the nearest village to its operations.

Ruby Creek Mkuvia Camp for 30 men becomes operational.

Upgrades begin at the Camp by increasing and improving sleeping accommodation, hiring additional staff including a Camp Manager and security team members, as well as an external Security Advisor.

Ruby Creek completes a financing of $1,339,000 at $0.25 per unit.

A large capacity secondary concentrator is installed in Camp for on-site sample processing.

Site location for the test equipment is determined. The site is prepared, shop and security established and the first 2 test wash plants are assembled.

Site visit by Mr. David Bukzin, Special Advisor to the Board of Ruby Creek.

In store for September and October
Continued camp expansion to 50, continued expansion of support staff and security team, commissioning an on-site analysis laboratory, increasing the geological staff, drilling of 2 water wells, one for secure safe water at camp and one for additional clean water for test equipment, shop construction expansion, continuing road improvements, arrival of a 3rd test wash plant, completion of an airstrip adjacent to Camp for medical evacuation and access, and exploration mapping, sampling and drilling.

Mr. Slavik concludes, "A major turning point for Ruby Creek was the decision to focus our attention on mineral rich and business friendly Tanzania. We have made significant progress emerging from a being an inactive start-up company to acquiring what we believe is a significant gold asset. We have nearly completed the infrastructure required to support gold production with expanded exploration capacity. Ruby Creek expects to emerge from this final exploration stage as a fully permitted gold producer with several active Tanzanian projects. I fully expect the next twelve months will be very exciting for all of our stakeholders."

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 70% owned company, Ruby Creek Resources (Tanzania) Limited. Ruby Creek Tanzania is the operator of the Mkuvia Gold Project, is establishing infrastructure and has commenced the permitting process in support of the full development and commencement of 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.

Signed
"Robert Slavik"

Robert Slavik
President, Ruby Creek Resources, Inc.

Contact Information

  • Investor Relations Contact:
    Porter, LeVay & Rose, Inc.
    Michael Porter
    President
    212-564-4700
    www.rubycreekresources.com

    750 3rd Ave., 11th Floor
    New York, NY USA 10017

    6th Floor, Amani Place, Ohio St.
    Dar es Salaam, Tanzania