TSX VENTURE: RRX
CALGARY, Oct. 20 /CNW/ - Ruby Red Resources Inc. ("Ruby Red" or the
("Company") is pleased to announce that it has agreed to acquire the remaining
30% interest in the Spirit Dream Property claims located in the Rocky
Mountains approximately 30 kilometres northeast of Cranbrook,
British Columbia. The Spirit Dream Property is 522 hectares in size and is
comprised of four mineral tenures (claims).
Ruby Red will acquire the remaining undivided 30% interest in and to the
Spirit Dream Property (which Ruby Red has been carrying on behalf of the
vendors) in consideration for the issuance of up to an aggregate of
80,000 common shares of Ruby Red. Of these common shares, 40,000 will be
issued to the vendors on closing and an additional 40,000 common shares will
be issued should Ruby Red be sold or the Spirit Dream Property be put into
The Spirit Dream Property is located on the northwestern slope of the
Wildhorse Creek drainage, an historical placer creek located 30 kilometres
east of Cranbrook, British Columbia. Visible gold mineralization has been
identified at several locations on the property and selected hand samples have
returned values ranging from 100 ppb to 30 grams of gold per tonne. Contour
soil geochemical sampling has also returned anomalous gold values coincident
with the surface showings of gold. Road access, trenching and drilling have
been permitted on the Spirit Dream Property and road access has already
commenced. The trenching and subsequent drilling program is planned for this
field season weather permitting.
Ruby Red also announces that it has terminated its Investor Relations
Agreement with Konemet Enterprises Ltd. effective November 14, 2008.
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 press 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 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 United States
and globally; industry conditions, including fluctuations in commodity prices;
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 rigs and
other services; the availability of capital on acceptable terms; the need to
obtain required 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 filings
available at www.sedar.com. Readers are cautioned that this list of risk
factors should not be construed as exhaustive.
The forward-looking statements contained in this press 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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED, AND DOES NOT ACCEPT
RESPONSIBILITY FOR, THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Randall Tronsgard, Vice-President, Corporate
Development of Ruby Red, at (403) 770-1346 or 1-866-257-4337