VANCOUVER,
Oct. 17, 2011 /PRNewswire/ - Red
Eagle Mining Corporation (TSX-V: RD), is pleased to announce
that excellent progress is being made on several fronts at the
Santa Rosa project in Colombia. A 20,000 metre diamond core
drilling program with two rigs commenced in early September at the
initial target in the south east sector of the property. To date,
four holes have been completed totaling 1,820 metres, with the
fifth and sixth holes underway. Inspection of the core to date
confirms the initial four holes have intersected shear and stock
work zones believed to be associated with gold mineralization.
Assay results are pending for all holes but will be released
throughout the drill program as they become available.
The recent induced polarisation (IP) survey
across the south east sector has now been interpreted and has
identified a major east west anomaly. The IP results again confirm
and are coincident with the previous data on historic mine
workings, potassic alteration, anomalous aerial magnetics and
surface geochemistry. Drill targets are orientated to intersect
both the shear zone host targets and the IP anomaly. The survey is
currently being extended (with 55 line kilometres) through the
central and northwest sectors of the property in preparation for
the drill program to commence in those sectors. Detailed mapping in
the central sector of the property has confirmed the presence of
the strong north west trending anomaly that was identified in the
aerial magnetic survey. Maps showing results of the IP survey
in the south east sector of the property and the plan for phase two
of the program are detailed on our website.
About Red Eagle Mining
Corporation:
Red Eagle Mining Corporation is a well-financed
gold exploration and development company with two flagship
properties in Colombia, Santa Rosa
and Pavo Real, and an experienced exploration and management team.
Santa Rosa is located within an intrusive hosted
structurally-controlled quartz stockwork system within the prolific
Cretaceous Antioquia Batholith. Gold mining within the Santa Rosa
project pre-dates the 16th century. Pavo Real is
located within the Cauca gold belt which is host to numerous
porphyry and epithermal gold deposits. For further information on
Red Eagle Mining Corporation please refer to our website
www.redeaglemining.com.
The scientific and technical information
contained in this news release has been reviewed by Rob Pease P.Geo., who is a "Qualified Person" as
defined under National Instrument 43-101. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. This
news release includes forward-looking statements that are subject
to risks and uncertainties. All statements within, other than
statements of historical fact, are to be considered forward
looking. Although the Company believes the expectations expressed
in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
There can be no assurances that such statements will prove accurate
and, therefore, readers are advised to rely on their own evaluation
of such uncertainties. We do not assume any obligation to update
any forward-looking statements.
SOURCE Red Eagle Mining Corporation