VANCOUVER, March 10, 2015 /CNW/ - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF) is pleased to report that the Environmental License has been formally granted for Red Eagle Mining's 100% owned San Ramon Gold Mine, located in Antioquia, Colombia, in Resolution 160TH-1503-11577, dated March 9, 2015. The Environmental License was granted in full, without conditions. This was the final permit required for construction and mining of the San Ramon Gold Mine for the life of the mine.
A comprehensive Environmental Impact Assessment ("EIA") including an Environmental Management Plan ("EMP") was submitted on February 20, 2014 to Corantioquia (Department of Antioquia Environmental Agency). The EIA included an Environmental Baseline Study, which was prepared by two Colombian universities – the Universidad de Antioquia and the Universidad Catolica del Norte, based in Santa Rosa de Osos. The EIA was prepared by Tetra Tech, a leading international engineering firm. The Environmental License approved both the EIA and EMP.
As previously reported, the Secretary of Mines of Antioquia formally approved the Mining Technical Work Plan (Programa de Trabajo y Obras or "PTO"), which was submitted in November 2013, in Resolution 121146, dated August 12, 2014. This was the comprehensive approval required subject to receiving the Environmental License.
"Congratulations to our entire team in Santa Rosa de Osos and Medellin who have maintained frequent and transparent communications with all stakeholders since we commenced work at Santa Rosa in 2011," comments Bob Bell, Chief Operating Officer. "Corantioquia's Oficina Territorial Tahamies, based locally in the municipality of Santa Rosa de Osos, whom we have worked closely with over the last three years has shown exceptional professionalism and we look forward to partnering with them for many years to come."
Construction is scheduled to commence in mid-2015 upon completion of project financing with commercial production anticipated during 2016. Once constructed San Ramon will be the largest gold mine in Colombia and the first gold mine operating under modern environmental permitting legislation.
About Red Eagle Mining
Red Eagle Mining is a gold exploration and development company 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 is developing the 100 km² historic Santa Rosa Gold Project located in the Antioquia Batholith. Development will initially commence with the fully permitted San Ramon Gold Mine where a positive Feasibility Study supports project development. Construction is scheduled to commence during 2015, subject to the completion of project financing.
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 contact Ian Slater, Chief Executive Officer, or: Patrick Balit, Director Corporate Development, Suite 920 - 1030 West Georgia Street, Vancouver, BC, V6E 2Y3, +1 604 638 2545, [email protected], www.redeaglemining.com; James Beesley, Investor Relations, [email protected], +1 604 682 4600, +1 855 682 4600 toll free, +1 778 389 7715 mobile