Ruby Red completes financing with MineralFields Group



    
    /NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OR TO UNITED
    STATES NEWS WIRE SERVICES./
    

    TSX VENTURE: RRX

    CALGARY, Sept. 8 /CNW/ - Ruby Red Resources Inc. ("Ruby Red") is pleased
to announce that it has completed its previously announced non-brokered
private placement of units ("Units") of Ruby Red to the MineralFields Group.
An aggregate of 2,500,000 Units were issued at a price of $0.20 per Unit for
gross proceeds of $500,000. Each Unit consisted of one common share issued on
a "flow-through" basis and one common share purchase warrant of Ruby Red. Each
warrant entitles the holder to purchase one additional common share of Ruby
Red at a price of $0.30 per common share for a period of 24 months from the
closing of the offering. The net proceeds from the offering will be used to
fund Ruby Red's exploration, development and acquisition programs.

    About MineralFields, Pathway and First Canadian Securities(R)

    MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to investors
throughout Canada during most of the calendar year, as well as hard-dollar
resource limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds. Information about MineralFields Group is
available at www.mineralfields.com. First Canadian Securities(R), a division
of Limited Market Dealer Inc., is active in leading resource financings (both
flow-through and hard dollar PIPE financings) on competitive, effective and
service-friendly terms, with investors both within, and outside of
MineralFields Group.

    About Ruby Red Resources Inc.

    Ruby Red was formed to participate in the acquisition, exploration and
development of mineral claims in the Fort Steele Mining Division of British
Columbia for the purpose of exploring for precious and base metals. Ruby Red
holds 100% working interests in 144 mineral claims (approximately 44,000
hectares), all located within 80 kilometres of Cranbrook, B.C. in the Purcell
and Rocky Mountains.

    Except for statements of historical fact, this news release contains
certain "forward-looking information" within the meaning of applicable
securities law. Forward-looking information is frequently characterized by
words such as "plan", "expect", "project", "intend", "believe", "anticipate",
"estimate" and other similar words, or statements that certain events or
conditions "may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those
anticipated in the forward-looking statements, which include but are not
limited to risks inherent in the mining industry, regulatory and economic
risks, and risks associated with Ruby Red's ability to implement its business
plan. Ruby Red undertakes no obligation to update forward-looking information
if circumstances or management's estimates or opinions should change except as
required by law. The reader is cautioned not to place undue reliance on
forward-looking statements.

    
    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED, AND DOES NOT ACCEPT
    RESPONSIBILITY FOR, THE ADEQUACY OR ACCURACY OF THIS RELEASE.
    

    %SEDAR: 00024735E




For further information:

For further information: Randall Tronsgard, Vice-President, Corporate
Development of Ruby Red, at (403) 770-1346

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RUBY RED RESOURCES INC.

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