VANCOUVER, July 28 /CNW/ - Logan Resources Ltd. (the "Company") (TSXV:LGR) announces that it has signed a definitive option agreement dated July 27, 2010 (the "Agreement") with Ridgemont Capital Corp. ("Ridgemont") whereby Ridgemont can acquire up to 75% of the Company's 100% interest in the Redford Property (the "Project") on Vancouver Island, British Columbia (the "Transaction"). The terms of the Agreement were previously reported in a news release on June 1, 2010 announcing the signing of the letter of intent.
The Transaction is intended to be Ridgemont's "qualifying transaction", as such is defined under Policy 2.4 of the TSX Venture Exchange (the "Exchange"), and therefore the Transaction is subject to Exchange acceptance. Upon completion of the Transaction, Ridgemont expects that it will be classified as a mining issuer under the policies of the Exchange and will be engaged in the exploration and development of prospective gold properties, including the Project.
Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing Canadian mineral properties. For more information on the property portfolio and the Company, please visit www.loganresources.ca, www.sedar.com and www.sec.gov websites.
ON BEHALF OF THE BOARD
President and CEO
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.
SOURCE LOGAN RESOURCES LTD.
For further information: For further information: Seamus Young, President & CEO, firstname.lastname@example.org, T: 604-689-0299 x 223