VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 30, 2012) - Ridgemont Iron Ore Corp. (RDG.V)(RIOOF) ("Ridgemont" or the "Company") is pleased to announce the appointments of Mr. Tayfun Eldem, P. Eng., and Mr. Adrian Bray, P. Geo., to its Board of Directors and Ms. Evelyn Cox as Vice President Corporate Development, effective immediately.
Mr. Eldem currently serves as the President and CEO of Alderon Iron Ore Corp. and brings significant iron ore expertise to the Board. Mr. Eldem worked for the Iron Ore Company of Canada ("IOC"), a Rio Tinto subsidiary, for more than 20 years, including three years as a Director on the joint-venture Board. During this period, Mr. Eldem held many senior roles including Vice President, Expansion Projects & Engineering and Vice President, Operations & Engineering. Mr. Eldem was accountable for the development and delivery of a nearly $2.0 billion program of green and brown fields expansion projects. Prior to his Projects role, Mr. Eldem was responsible for all of IOC's Operations including the mine, process plants, rail and port facilities. Mr. Eldem led a team of about 2,000 to deliver two consecutive years of record annual material movement at the mine and record ore processing through the concentrator. Mr. Eldem holds a Bachelor of Engineering degree from Dalhousie University along with Operations & Strategic Management Certificates from Richard Ivey School of Business and London Business School.
Mr. Bray, P. Geo., Q.M.C., is Executive Vice President and Senior Geologist for Forbes West Management Corp. Mr. Bray has 25 years of experience on national and international projects including grass roots through to advanced exploration and mining, due diligence, project evaluation and the implementation of quality systems and monitoring of quality control. He has worked for numerous public companies such as Lac Minerals Ltd., where he was involved in the discovery and advancement to pre-feasibility of the Red Mountain structurally controlled gold deposit. Mr. Bray was also involved in the initial drilling of the Kemess North porphyry Cu-Au deposit discovery for Northgate Minerals Corp. His memberships include the Geological Association of Canada, B.C. & Yukon Chamber of Mines, and the Prospectors and Developers Association of Canada.
Messrs. Eldem and Bray will replace Board members Mr. Rene Bharti and Mr. Aaron Wolfe, effective immediately. Ridgemont would like to thank Mr. Bharti and Mr. Wolfe for their efforts and continued support for Ridgemont.
Ms. Cox, B.Sc., is currently Executive Vice President Corporate Development for Forbes West Management Corp, overseeing all facets of corporate communications and corporate development for a number of companies within the Forbes West portfolio. With over 10 years of corporate experience in the mineral exploration sector, Ms. Cox is also active on several boards of junior exploration companies. Ms. Cox holds a Bachelor of Science degree (Honours) in Geology and a minor in German from the University of British Columbia and has also completed the Economic Guidelines for Mineral Exploration Course at Queen's University.
In connection with these appointments, Ridgemont has granted certain directors and officers, under the terms of its stock option plan, options to purchase up to 3,595,000 common shares at a price of C$0.38 per share. The options are subject to a vesting period of two years and have an expiry date of July 27, 2017.
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.
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 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.