SOURCE: Running Fox Resource Corp.

September 21, 2009 09:16 ET

Running Fox Resources: To Acquire Diamond Drilling Company

VANCOUVER, BC--(Marketwire - September 21, 2009) - RUNNING FOX RESOURCE CORP. TSX-V "RUN" OTC "RFXRF" Frankfurt "C8Q"

Wayne Waters, Director, reports:

Running Fox has entered into an exclusive arrangement that would enable it, following successful asset review, to acquire an operating Canadian diamond drilling company. The private company is technically advanced and operates one to three drill systems depending on the size of a drilling contract, with current capabilities down to 6,000 feet, including in very rough terrain. This acquisition would mark the beginning of a plan for Running Fox to be more active with the drill bit.

The drilling company would operate as a subsidiary of Running Fox and ideally conduct drilling operations for Running Fox and partners' resource projects, and secondly to continue drilling for profit on contract for third party resource companies.

The drilling company has extensive experience and would be available for drilling projects in Canada and the United States.

The principals of the drilling company are well versed in assessing resource projects and, if the deal consumates, are pleased to be receiving only Running Fox shares as consideration for their company and are looking forward to Running Fox drilling their High-Grade Gold Development- Brett Gold Project, Okanagan Valley, British Columbia. Gold Mining Canada Silver Mining Gold Gravity Concentrator.

Running Fox looks forward to follow-up on previous drillhole # RC93-19, which returned a significant intersection of :

55 feet of 1.045 oz Au/ton (16.76 m grading 35.79 gms Au/tonne ) including 3.048 m grading 57.88 gms Au/tonne (1.69 oz Au/ton) and 4.57 m grading 107.88 gms Au/tonne (3.15 oz Au/ton) within the main shear zone.

(see 43-101 Technical and Brett Gold Assessment Reports located under the www.foxgold.ca website "Brett Property" tab.)

In our last drilling program 15 out of the 17 holes drilled intersected significant gold bearing intersections including the following : Diamond drill Hole # 04-01 intersected 33.5 feet grading 0.154 oz/t Au including 5.5 feet grading 0.640 oz Au/ton; and Diamond drill Hole # 04-02 intersected 38.1 feet grading 0.303 oz Au/ton including 10.2 feet of 0.992 oz Au/ton. In both of these high grade intercepts visible gold was observed and a metallic assay was performed.

More importantly, Diamond drill hole # 04-12 intercepted 4.3 feet grading 5.104 ounces per ton gold, (check assay performed) plus two other significant but lower-grade (0.03 ounce to 0.07 ounce per ton gold) intercepts. This new zone, located on a tuffaceous bed, is located 160 feet (53 metres) east of the main shear zone and represents a totally new zone as none of the previous drill holes went as far east as this hole. The zone is cut off by several postmineral dikes in the core, possibly indicating the presence of a second parallel shear structure. If so, this would be the first confirmation of bonanza high-grade gold values (greater than one ounce per ton gold) on a parallel shear structure, opening the possibility that similar high-grade zones may be present, along the numerous other shears identified during surface work. The entire strike length of the shear zone is unexplored as none of the previous drill holes were near its projection.

The program opened up large areas for exploration and the development of additional gold bearing zones.

Complete maps, geochem, and drilling history are available for review/download on the Running Fox website.

The project has significant early stage block calculations on a small portion of one shear zone-- and there are many shear zones, running under large undrilled geochem zones with good gold values over large areas, (see geochem in Assessment Report).

Oilfield Services and Technology Division:

The Company's oilfield services division has identified several potential acquisition partners, with seperate revenues exceeding $10 million, and the group's combined, consolidated revenues would be more stable following any potential acquisition of these operating partners.

The acquisitions would also be funded by Running Fox common shares, without any cash component, as the new partners believe in the prospective future of the Running Fox group and choose to receive their compensation in shares rather than cash.

These potential acquisitions would assist Running Fox to continue its diversification, and when finances allow to further improve its proprietary WireDryer recycling technology. Recently there has been interest in the WireDryer system for a new application and Claymore is pursuing that potential. There has also been talk in the oil patch of various mergers that may involve parts of Running Fox.

The Company has upside leverage to important commodities: oil/gas, uranium, and gold.

Running Fox is a Canadian growth-oriented small cap company developing four key divisions:

1. Uranium and Gold Exploration Mineral Projects;

2. Oil and Natural Gas Exploration and Production;

3. Energy Sector Oilfield Services and Technology; and

4. Environmental Services: Encapsulation and Remediation.


The Company has approx. 41 million shares issued and outstanding and trades on the Toronto Stock Exchange- Venture

* Note: Source for all drill intercepts are 43-101 Technical and Brett Gold Assessment Reports available at www.foxgold.ca and on SEDAR.

On behalf of the Board of Directors: 
Wayne Waters
Director, Running Fox Resource Corp.
1 403 742 0500              
www.foxgold.ca

The Company relies on legislation applicable to forward looking statements, seeking safe harbour

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Copyright © Hugin AS 2009. All rights reserved.

Contact Information

  • Wayne Waters
    Director, Running Fox Resource Corp.
    1 403 742 0500
    www.foxgold.ca