Red Pine and Flying Post First Nation Sign Exploration Agreement
13 Gennaio 2014 - 2:00PM
Marketwired
Red Pine and Flying Post First Nation Sign Exploration Agreement
TORONTO, ONTARIO--(Marketwired - Jan 13, 2014) - Red Pine
Exploration Inc. ("Red Pine" or the "Company") (TSX-VENTURE:RPX)
announces the signing of an Exploration Agreement ("EA") effective
December 1, 2013 between the Flying Post First Nation Community
("FPFN") and the Company in connection with the exploration and
development of its Cayenne-Chili Property located about 110
kilometres south-west of Timmins.
The EA outlines the
working relationship between the Parties with respect to
exploration activities within an Area of Interest, which falls
entirely within the FPFN Traditional Territory. The Area of
Interest includes all claims and surrounding area forming the
Cayenne-Chili Property, which is the focus of the Company's current
exploration activity.
The EA remains in
effect until such time as the Company or its designate and the
Flying Post First Nations have entered into an Impact Benefit
Agreement.
The agreement
includes specific terms that underline each Party's mutual respect
for the land and a responsible approach to exploring in FPFN's
Traditional Territory. In addition to Community support and input,
the agreement also provides the Company with unencumbered access to
and on the property in order to conduct all activities related to
its exploration and development programs.
In conjunction with
the signing of this agreement and in recognition of Flying Post
First Nations inherent Aboriginal and Treaty rights, the Company
has primarily agreed to provide compensation and consideration to
the Community as follows, subject to the occurrence of specific
thresholds. The agreement also includes terms and conditions
outlining environmental protection, employment, training and
business opportunities, and mitigation of impacts on the
traditional pursuits of Flying Post First Nations members.
- Issuance of up to 300,000 common shares. (see Note 1)
- Issuance of up to 700,000 common share purchase warrants with a
5 year term at an exercise price to be determined as at the date of
issuance. (see Note 1)
- Lump sum cash payment s of up to $15,000
- On-going cash contribution equal to 2% of all assessment
eligible exploration expenditures incurred on the property to a
maximum of $50,000 per agreement year
NOTE 1: All
securities issued in connection with this agreement are subject to
TSX Venture Exchange approval and a hold period of 4 months and a
day from date of issuance
We would like to
take this opportunity to sincerely thank Chief Murray Ray and the
FPFN Community as well as the Wabun Tribal Council for their
considerations and assistance in reaching this accord. We look
forward to working with the Community and to build a mutually
beneficial relationship over the coming years.
GEOPHYSICAL CREWS MOBILIZED TO CAYENNE-CHILI PROPERTY
The Company has resumed exploration on its Cayenne-Chili
property, southwest of Timmins, Ontario. Crone Geophysics and
Clearview Geophysics have both mobilized to the camp and will
initiate electromagnetic and down-hole IP surveys of selected
historic and recent boreholes. This program is expected to be
completed within 2-3 weeks.
Drilling by Norex will resume again upon completion of the
geophysical surveys. Further updates will be provided once initial
assay results from the previous 3 holes drilled late last year are
received and analyzed which are expected in late January or early
February 2014.
Qualified person
Quentin Yarie, PGeo, is the qualified person in regard to the
technical data contained within this news release and will be
responsible for overseeing all aspects of the company's exploration
programs.
About Red Pine Exploration Inc.
Red Pine Exploration is a gold and base-metals exploration
company headquartered in Toronto, Ontario, Canada. The
Cayenne-Chili Property consists of 57 contiguous mining claims
totaling 8704 hectares. The Company's common shares trade on the
TSX Venture Exchange under the symbol "RPX".
This News Release contains forward-looking statements.
Forward-looking statements are statements which relate to future
events. In some cases, you can identify forward-looking statements
by terminology such as "may", "should", "expects", "plans",
"anticipates", "believes", "estimates", "predicts", "potential" or
"continue" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors that may
cause our or our industry's actual results, levels of activity,
performance or achievements to be materially different from any
future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements.
Red Pine Exploration Inc.Quentin YariePresident & COO(416)
364-7024(416) 364-2753qyarie@redpineexp.comwww.redpineexp.com
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