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
For further information: on Red Eagle Mining Corporation please contact: Patrick Balit, Vice President Corporate Development, Red Eagle Mining Corporation, Suite 920 - 1030 West Georgia Street, Vancouver, BC, V6E 2Y3, +1 778 372 2558, +1 604 360 5722 mobile, email@example.com, www.redeaglemining.com