VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 12/03/13 — Red Eagle Mining Corporation (TSX VENTURE: RD)(OTCQX: RDEMF) is pleased to announce financial results for the third quarter ending September 30, 2013 and business highlights to date, including advancements at Red Eagle Mining-s San Ramon Gold Deposit in Antioquia, Colombia.
Third quarter highlights and significant subsequent events:
Work programme update:
Red Eagle Mining-s work programme for 2014 includes:
Selected financial data:
The following selected financial data is derived from our unaudited interim condensed consolidated financial statements for the nine month period ended September 30, 2013, as prepared in accordance with International Financial Reporting Standards (all amounts in CDN$).
For the three and nine month period ended September 30, 2013 Red Eagle Mining reported a net loss of $2.0 million and $9.2 million respectively, compared to net losses of $2.1 million and $8.4 million for the three and nine months ended September 30, 2012. The most significant contributions to the loss for the three and nine months ended September 30, 2013 was the cost of ongoing exploration of $1.8 million and $7.6 million respectively (2012: $1.6 million and $7.1 million).
This press release should be read in conjunction with the unaudited interim condensed consolidated financial statements and Management-s Discussion and Analysis for the three and nine months ended September 30, 2013. These documents can be found on -s website or profile at .
The PEA was prepared by Mine Development Associates in accordance with the definitions in Canadian National Instrument 43-101 („NI 43-101“). The PEA is considered preliminary in nature. It includes Inferred mineral resources that are considered too speculative to have the economic considerations applied that would enable classification as mineral reserves. There is no certainty that the conclusions within the PEA will be realised. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The technical information contained in this news release has been reviewed and approved by Red Eagle Mining-s Vice President of Exploration, Jeff Toohey P.Eng., who is a Qualified Person as defined under NI 43-101.
About Red Eagle Mining
Red Eagle Mining Corporation is a well-financed 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 320 km2 historic Santa Rosa Gold Project located in the Antioquia Batholith. Development will initially commence with the San Ramon Gold Deposit where a positive Preliminary Economic Assessment supports project advancement. Feasibility and permitting are currently underway.
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.
Contacts: Red Eagle Mining Ian Slater Chief Executive Officer +1 604 638 2545
Investor Relations James Beesley +1 604 682 4600 +1 855 682 4600 toll free +1 778 389 7715 mobile
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