TSX VENTURE: RRX
CALGARY, June 3 /CNW/ - Ruby Red Resources Inc. ("Ruby Red" or the
"Company") is pleased to announce that Robert (Bob) Thompson, PhD, formerly of
the Geological Survey of Canada ("GSC"), will head the 2009 field program for
the Company in the Kimberley Gold Trend ("KAT"). Ruby Red anticipates spending
up to $1,000,000 this year to pursue gold and base metal targets in the KAT.
Ruby Red is a small company with a large land position (44,000 ha.) in
south-eastern British Columbia, Canada. Our mission: to define quality mineral
exploration opportunities that can be developed in a sustainable and
environmentally responsible manner and that can contribute to the economic and
social well-being of local communities.
Dr. Thompson is a field geologist with more than 35 years experience. In
the course of managing major multi-parameter geological programs for the GSC,
he has mapped extensively in the Yukon, north-eastern British Columbia, the
Queen Charlotte Islands, south-central British Columbia and the Kootenays.
From each project came innovative ideas that underscored geological
understanding, new models, and resource potential. Most recently, he
spearheaded a massive mapping and compilation project in southern British
Columbia that is influencing the way we interpret Cordilleran evolution and is
opening new mineral exploration frontiers.
Dr. Thompson is a graduate of Queen's University; BSc (hons) in 1968 and
a PhD, PEng in 1972. In 1998, The Canadian Society of Petroleum Geologists
awarded him the R.J.W. Douglas medal for outstanding contributions to the
understanding of sedimentary geology in Canada.
The 2009 program will focus on the Company's Eddy, Spirit Dream, Zinger
and Zeus properties within the KAT trend exploiting the known gold
mineralization and developing drill targets on the properties. The Company
anticipates performing detailed geological mapping supported by soil
geochemistry and limited geophysical surveys to develop these targets. Diamond
drilling of the targets is anticipated this field season. Permitting for road
/ trail construction, trenching and diamond drilling is underway on all of the
Company's properties including the Lov, Gar and Robocop.
Financing for the 2009 exploration program is being funded in part by the
previously announced private placement of 10,000,000 Units (each, a "Unit") of
the Company at $0.10 per Unit. Each Unit consists of one common share and one
non-transferable common share purchase warrant entitling the holder to acquire
one additional common share at a price of $0.15 per common share for a period
of 24 months from the date of issuance. The Company completed the first
tranche of this private placement on June 2, 2009. Ruby Red issued 1,595,000
Units at a price of $0.10 per Unit for gross proceeds of $159,500. In
connection with the first tranche of the financing, the Company paid finder's
fees totalling $2,400 and issued 24,000 finder's fee warrants which are
exercisable into 24,000 common shares of the Company at a price of $0.15 per
common share for a period of 24 months from the date of issuance. All of the
common shares and warrants issued under the financing are subject to a hold
period expiring on October 3, 2009. The Company anticipates additional
closing(s) on or before June 26, 2009.
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.
Certain statements contained in this news release constitute
forward-looking statements (the "forward-looking statements"). These
statements relate to future events or our future performance. All Statements
other than statements of historical fact are forward-looking statements.
Forward-looking statements are often, but not always, identified by the use of
words such as "anticipate", "budget", "plan", "continue", "estimate",
"expect", "forecast", "may", "will", "project", "potential", "target",
"intend", "could", "might", "should", "believe" and similar expressions.
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. Although we believe that the expectations reflected in the
forward-looking statements are reasonable, there can be no assurance that such
expectations will prove to be correct. We cannot guarantee future results,
level of activity, performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same, in whole or
in part, as those set out in the forward-looking statements and information.
Some of the risks and other factors that could cause results to differ
materially from those expressed in the forward-looking statements include, but
are not limited to: general economic conditions in Canada, the governmental
regulation of the mining industry, including environmental regulation;
geological, technical and drilling problems; unanticipated operating events;
competition for and/or inability to retain drilling approvals from regulatory
authorities; stock market volatility; volatility in market prices for
commodities; liabilities inherent in mining operations; changes in tax laws
and incentive programs relating to the mining industry; and the other factors
described in our public filing available at www.sedar.com. Readers are
cautioned that this list of risk factors should not be construed as
The forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. We undertake no duty to
update any of the forward-looking statements to conform such statements to
actual results or to changes in our expectations except as otherwise required
by applicable securities legislation. The reader is cautioned not to place
undue reliance on forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILTY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Gordon Turner, President & CEO,
firstname.lastname@example.org; or Randall Tronsgard, Vice-President, Corporate
Development, email@example.com, (403) 770-1346 or