RDG Ridgeline Minerals Corp

Ridgemont Iron Ore Corp. (TSX VENTURE:RDG)(OTCQX:RIOOF)(PINKSHEETS:RIOOF)
("Ridgemont" or the "Company") is pleased to announce that, further to the press
release by the Company on March 21, 2012, it has closed the transaction with
IronOne Inc. ("IronOne") to acquire all of its issued and outstanding common
shares (the "Transaction"). IronOne has an interest in two iron ore projects
located in Labrador and Nunavut. Under the terms of the Transaction, Ridgemont
has acquired all of the outstanding shares of IronOne in exchange for
$11,970,000, payable in common shares of Ridgemont based on a price of $0.40 per
Ridgemont share. 


Brian Penney, Ridgemont's President and CEO, said: "We are extremely pleased to
have concluded the acquisition of IronOne. We are planning an aggressive
exploration program on the Lac Virot property for the summer of 2012 and plan to
rapidly advance the property."


Transaction Details

Pursuant to the terms of the Transaction, Ridgemont has acquired all of the
outstanding shares of IronOne in exchange for $11,970,000, payable in 29,925,000
common shares of Ridgemont based on a price of $0.40 per Ridgemont share. Of
this total, approximately 750,000 common shares of Ridgemont have been issued to
Delano Capital Corp. as an advisory fee. The balance of approximately 29,175,000
common shares of Ridgemont have been distributed to the holders of shares of
IronOne on a pro rata basis. The Transaction was completed by way of a share
exchange (the "Share Exchange"). Pursuant to the Share Exchange, holders of
shares of IronOne have received Ridgemont shares which are listed on the TSX
Venture Exchange (the "Exchange"). Pursuant to the terms of the Share Exchange,
all warrants and options of IronOne have been cancelled. The Transaction is not
a non-arm's length transaction.


A total of 9,549,729 Ridgemont shares issued to IronOne shareholders will be
subject to transfer restrictions for a period of 12 months. 25% of these shares
will become freely transferable on the dates that are three, six, nine and 12
months from the closing date. In addition, a further 650,000 Ridgemont shares
issued to IronOne shareholders will be not be freely transferable until four
months and one day after the closing date.


Ridgemont has also agreed to acquire certain other Nunavut claims forming part
of the Maguse River Iron Project in exchange for 75,000 common shares of
Ridgemont.


About IronOne Inc. 

The assets of IronOne include the Lac Virot Iron Project located in Labrador and
the Maguse River Iron Project located in Nunavut.


Lac Virot Iron Project

IronOne has an option to earn a 100% interest in the Lac Virot Iron Project,
subject to a 2% net smelter return royalty. The Lac Virot Iron Project is
comprised of approximately 114 square kilometres of map staked mineral licenses
located in the southern Labrador Trough, Canada's foremost iron ore mining
region. Four major mines (Mont-Wright, Carol, Scully and Lac Bloom) are located
within 20km of the project. 


IronOne has completed a 2,271 line-kilometres airborne magnetic survey, as well
as a reconnaissance mapping and surface sampling program on the project. The
program was conducted to ground check historically mapped iron occurrences, as
well as previously identified magnetic anomalies. Analytical results from
thirty-three (33) grab and chip samples collected from exposed iron formation
outcrops ranged from 16.57 to 60.5% Fe as Total Iron, with an average for all
samples collected of 30.59% Fe. Exploration activities completed last year
confirmed the presence of outcropping iron formation along three magnetic trends
at Neal Lake, Emma Lake, and Sunday Lake which exhibit apparent strike lengths
ranging from 1 km to over 5 kms. 


This program was supervised by senior field geologists from MPH Consulting
Limited, of Toronto, Ontario, who were contracted to provide exploration
services to IronOne. The surface grab and chip samples described above were
selective by nature and limited by the extent of outcrop exposure at the
locality sampled. The resultant assay data may not be representative of the iron
formation units occurring on the property.


Further information on the Lac Virot Project can be found in the National
Instrument (NI) 43-101 Technical Report titled "Technical Report on the Lac
Virot Iron Ore Property, Labrador West, Newfoundland & Labrador" dated March 25,
2012 and filed on SEDAR at www.sedar.com.


Maguse River Iron Project

IronOne and Ridgemont hold a 100% interest in the Maguse River Iron Project
located in southern Nunavut. The Maguse River Iron Project comprises owned
claims and claim applications covering a nearly 200 kilometre strike length of
folded, magnetite-rich, metasedimentary rocks of the Archean-aged Rankin-Ennadai
Greenstone Belt.


About Ridgemont 

Ridgemont is a Canadian exploration company looking to acquire, explore and
develop iron ore mineral properties. Ridgemont, through its 100% owned
subsidiary IronOne Inc., has an option to acquire a 100% interest in the Lac
Virot Iron Project located in the southern Labrador Trough and a 100% interest
in the Maguse River Iron Project located in Nunavut. Ridgemont also has an
option to acquire up to 75% interest in the Redford iron ore property, comprised
of 26 claims covering 10,821 hectares and located 22 kilometres northeast of
Ucluelet, in the Alberni Mining Division, Vancouver Island, British Columbia. 


Edward Lyons, P.Geo., the VP Exploration for Ridgemont and a Qualified Person as
defined by NI 43-101, has reviewed and approved the technical information
contained in this news release.


RIDGEMONT IRON ORE CORP. 

On behalf of the Board

Mark J. Morabito, Executive Chairman

Cautionary Note Regarding Forward-Looking Information

Information set forth in this news release may involve forward-looking
statements under applicable securities laws. Forward-looking statements are
statements that relate to future, not past, events. In this context,
forward-looking statements often address expected future business and financial
performance, and often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other similar
expressions. All statements, other than statements of historical fact, included
herein including, without limitation; statements about the exploration potential
of the IronOne properties are forward-looking statements. By their nature,
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause our actual results, performance or achievements,
or other future events, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Such factors include, among others, the following risks: the need
for additional financing; operational risks associated with mineral exploration;
fluctuations in commodity prices; title matters; environmental liability claims
and insurance; reliance on key personnel; the potential for conflicts of
interest among certain officers, directors or promoters with certain other
projects; the absence of dividends; competition; dilution; the volatility of our
common share price and volume and the additional risks identified in the
management discussion and analysis section of our interim and most recent annual
financial statement or other reports and filings with the TSX Venture Exchange
and applicable Canadian securities regulations. Forward-looking statements are
made based on management's beliefs, estimates and opinions on the date that
statements are made and Ridgemont undertakes no obligation to update
forward-looking statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable securities laws.
Investors are cautioned against attributing undue certainty to forward-looking
statements.

Grafico Azioni Ridgeline Minerals (TSXV:RDG)
Storico
Da Ago 2024 a Set 2024

Grafico Azioni Ridgeline Minerals (TSXV:RDG)
Storico
Da Set 2023 a Set 2024