VANCOUVER, Feb. 26, 2016 /CNW/ - Red Eagle Mining
Corporation (TSX-V: RD, OTCQX: RDEMF, SSE-V: RDCL) clarifies
the Colombian Constitutional Court ruling (the "Ruling") on
mining activity within the páramos, Colombia's high-altitude ecosystems, has no
impact on Red Eagle Mining's Santa Rosa Gold Project. The San
Ramon Gold Mine, is fully permitted, fully-financed, has been in
construction since mid-2015 and is expected to be in production
during the second half of 2016.
The Ruling has a relatively minor impact on the Vetas Gold
Project, which has been reduced from 352 hectares to 299
hectares. The purchase agreement on that particular concession
has been amended, reducing the purchase price to reflect the area
lost. No exploration has been conducted in the affected
area. The Ruling does not impact development plans for the
Vetas Gold Project.
About Red Eagle Mining
Red Eagle Mining is a well-financed gold exploration and
development corporation with an experienced mine development
team. Management is focused on building shareholder value
through discovering and developing gold projects with low costs and
low technical risks in Colombia, a
jurisdiction with prolific historic production but until recently
limited modern exploration. Red Eagle Mining owns 67% of the
Vetas Gold Project and 100% of the Santa Rosa Gold Project, where
construction is underway at the fully permitted and fully financed
San Ramon Gold Mine with production expected to commence in the
second half of 2016.
Neither the 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. This news
release does not constitute an offer to sell or a solicitation of
an offer to sell any securities in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Red Eagle Mining Corporation