VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 19, 2012) - Ridgemont Iron Ore Corp. (RDG.V)(RIOOF) ("Ridgemont" or the "Company") is pleased to announce that it has commenced the drilling component of the first phase of its 2012 exploration program on the Lac Virot Iron Ore Project, in Labrador. This first, approximately C$3 million phase consists of a drilling campaign of up to 26 holes, totaling 5,000 metres, as well as an 882 line-km airborne geophysical gravity survey.
Brian Penney, Ridgemont's President and CEO, said: "We are excited to kick-off our 2012 exploration program at Lac Virot. The property's potential, located within 20 km of four producing iron ore mines within the Labrador Trough, was one of the key factors that led us to pursue the acquisition of IronOne. We have designed this year's exploration program to be flexible so that we can quickly capitalize on positive results as they are received in order to advance the property as rapidly as possible."
This year's program is focused on following up the positive, coincident airborne magnetic survey and surface sampling results from last year. Analytical results from 33 grab and chip samples collected during the 2011 field program from exposed iron formation outcrops ranged from 16.6 to 60.5% Fe as Total Iron, with an average for all samples collected of 30.6% Fe (see news release dated March 21, 2012).
Major Drilling International of Winnipeg, MB has been contracted to supply two helicopter-portable drill rigs for the project. The airborne geophysical gravity survey is being conducted by Fugro Airborne Surveys of Ottawa, ON.
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 Lake, Scully and Bloom Lake) are located within 20 km of the project.
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.
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 holds a 100% interest in the Maguse River Iron Project located in Nunavut. Ridgemont continues to hold 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 2012 exploration program, the advancement of the Lac Virot property and the exploration potential of the 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.
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