THUNDER BAY, ON, May 3 /CNW/ - Red Metal Resources Ltd. (OTCBB: RMES), a
mineral exploration company with copper-gold assets in Chile, today
announced that it has completed the purchase of the Che I & Che II
mining claims for approximately USD$20,000. These claims cover 76
hectares within Red Metal's existing Mateo copper-silver-gold project
in the Candelaria Iron Oxide Copper-Gold (IOCG) belt in Chile III
The Mateo project is made up of approximately 2,122 hectares (5,244
acres) of combined mining and exploration licenses. Three of the mining
licenses, the Irene, Margarita and Santa Therese, cover ground with a
history of artisanal mining and some exploration work. Mateo lies
within the Candelaria IOCG belt, 10 kilometers east of the city of
Vallenar and only 15 kilometers from the closest Empresa Nacional de la
Mineria (ENAMI) processing plant. Geologically the Mateo project is
located within the brittle-ductile NS trending Atacama Fault System
that is known to host many of the major deposits in the IOCG Belt.
A map of the Che mining claims and the larger Mateo project can be
Red Metal recently closed a $2 million equity financing and expects to
undertake an initial exploration program on Mateo and a drilling
program on its advanced Farellon project in the second quarter of 2011.
About Red Metal Resources Ltd.
Red Metal Resources is a mineral exploration company focused on
aggressive growth through acquiring, exploring and developing
copper-gold assets in Chile. Our projects are located in the prolific
Candelaria iron oxide copper-gold (IOCG) belt of Chile's coastal
Cordillera, host to Freeport-McMoRan's Candelaria Mine and Anglo
American's Mantoverde Mine. Red Metal is a fully reporting US public
company quoted on the OTCBB under the symbol RMES. For more
information, visit www.redmetalresources.com.
Except for the statements of historical fact, the information contained
herein is of a forward-looking nature. Such forward-looking information
involves known and unknown risks, uncertainties and other factors that
may cause the actual results, performance or achievement of the company
to be materially different from any future results, performance or
achievements expressed or implied by statements containing
forward-looking information. Accordingly, you should not place undue
reliance on statements containing forward looking information. The U.S.
Securities and Exchange Commission permits mining companies, in their
filings with the SEC, to disclose only those mineral deposits that a
company can economically and legally extract or produce. We may use
certain terms in our press releases, such as "measured," "indicated,"
and "inferred" resources, which the SEC guidelines generally prohibit
companies from including in their filings with the SEC. Investors are
urged to consider closely the disclosure in our Form 10-K, which may be
obtained from us, or from the SEC website at http://www.sec.gov/edgar.shtml.
SOURCE Red Metal Resources Ltd.
For further information:
Red Metal Resources Ltd.
604-648-0513 or 1-866-907-5403