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Final Phase Two Drilling Results Announced for Santa Rosa

Vancouver, BC, July 31, 2012 - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF) is pleased to announce that all assay results have now been received from the 24 hole, 5,400m phase two core drill program at the San Ramon gold system located within the Santa Rosa gold project in Colombia. Highlights from the remaining four holes (SR-062 to SR-065) include intercepts in hole SR-064 of 0.8 metres at 41.50 grams gold per tonne and in hole SR-065 of 23.3 metres at 1.44 grams per tonne gold. These latest results continue to show strong gold mineralisation over good widths. The most significant intercepts from phase two were previously released:

  • SR-042 - 66.9m at 3.06 g/t Au incl. 6.0m at 31.85 g/t Au
  • SR-045 - 35.5m at 2.28 g/t Au incl. 1.5m at 28.26 g/t Au and 1.9m at 14.36 g/t Au
  • SR-053 - 17.7m at 17.14 g/t Au incl. 7.0m at 41.53 g/t Au
  • SR-060 - 11.4m at 16.04 g/t Au incl. 2.0m at 30.73 g/t Au and 3.5m at 29.29 g/t Au.

"Our phase two delineation drilling at San Ramon was successfully completed along the entire 1.8km strike and discovered new high grade mineralisation over significant intercepts. Phase two was focused on delineating the primary mineralisation that could potentially be mined in an open pit from approximately 100m to 200m in depth. The average grade of the drilling intercepts from all core drilling to date has increased to 2.1 g/t Au from 1.2 g/t Au", comments Ian Slater, Chief Executive Officer. "We are now looking forward to releasing the results from this summer's phase three delineation drilling program which will focus on the oxide and transitional mineralisation from surface to up to 100m in depth. Together with the existing results this shallow drilling will culminate in an initial NI 43-101 resource report by the end of 2012."

The San Ramon structure trends east-west, dips 60°-70° to the north, extends over 1,800m, is up to 60m in width and is exposed at surface. Drilling intercepts to date average 2.1 g/t Au to a vertical depth of over 250m. The mineralisation extends to surface where oxide channel sampling has averaged approximately 1.0 g/t Au and is open at depth. The 2012 work program for San Ramon includes:

  • Phase two core drill program (24 holes totaling 5,400m) - complete
  • Phase three core drill program in the near surface oxides on 50m spacing (18 holes totaling 1,221m completed to date out of a 5,000m programme)  - commenced in June
  • Preliminary metallurgical test work - complete
  • Scoping study level metallurgical test work
  • Environmental base line studies; and
  • NI 43-101 compliant measured and indicated resource.

 

 

 

Table 1 - San Ramon Phase Two Drill Intercepts 

Hole ID From (m) To (m) Interval (m)   Au (g/t)
SR-041 68.4 75.4 7.0  1.96
incl.     74.9 75.4 0.5 22.10 
  113.0  147.6  34.6  0.63 
incl.     146.5  147.6  1.1   8.35
SR-042    138.7  205.6  66.9  3.06  
incl.    184.0 190.0  6.0  31.85  
SR-044      213.9 247.9  34.0   0.71
 SR-045       115.6  117.6  2.0  6.87 
   147.0  182.5   35.5 2.28 
 incl.     149.9  151.4  1.5  28.26  
incl.     173.9  175.8  1.9  14.36  
SR-047     162.0  168.0  6.0  0.44  
      174.0 223.0  49.0  1.08  
incl.      180.0  181.0 1.0   11.70
incl.     220.0 223.0  3.0   6.10
SR-048     114.8   125.9 11.1  1.77  
incl.    116.8 117.8 1.0   14.40
SR-049    127.0  131.8  4.8  6.14  
SR-050     95.2  98.6  3.4   1.21
SR-052     161.6  172.7  11.1  1.34  
 incl.   164.6 165.6   1.0  8.09  
 SR-053     52.5  54.5  2.0  2.37 
  137.6   141.6  4.0    0.67
    162.8 166.7  3.9   1.00  
      179.2  183.2  4.0  0.63 
    198.3  216.0  17.7  17.14 
 incl.   204.0  211.0  7.0  41.53 
  SR-055   212.7    213.2 0.5   8.31
     370.5  374.5  4.0  1.22  
 SR-056     128.5  147.1   18.6  1.52
  incl.    145.1  147.1    2.0  7.61
  SR-057    64.2  75.8  11.6  2.87 
     89.4 91.4  2.0   1.77
 SR-058     106.7  107.7   1.0 5.91 
   125.1 133.0   7.9     2.21
  incl.     131.1  131.6  0.5   17.80
SR-059    274.9 284.6  9.7  0.79  
 SR-060     143.3   154.7 11.4  16.04 
 incl.     143.3 145.3  2.0  30.73 
incl.      151.2 154.7  3.5  29.29  
    197.3 205.5  8.2  2.29  
  incl.      204.5 205.5  1.0  15.10 
    217.5   218.5 1.0   3.43  
SR-061     93.0  96.0  3.0  0.88  
    180.0   187.5 7.5   1.75
 incl.   185.1  185.6   0.5 20.70 
   195.5 196.2  0.7    3.70
 SR-063    238.2   243.5   5.3  1.48
 SR-064     41.8  42.8  1.0  4.69 
     136.7  140.0 3.3    10.66
incl.    138.2   139.0 0.8  41.50  
SR-065      136.3 159.6  23.3  1.44  

Table 2 - Drill Hole Specifications

Hole     Easting Northing Elevation (m)  Azimuth  Dip EOH (m) 
SR-041   857796 1223267 2445  180  -45 178  
SR-042    857796 1223267 2455  180  -70  239
 SR-043     856191  1223330  2462  na  -90  194
 SR-044     857907  1223294  2470   180  -65  290
 SR-045A  180    857694  1223258  2454   180  -75  199
 SR-046      856191  1223330  2462   180  -80  162
 SR-047    857604  1223297  2450   180 -70   264
 SR-048     857918  1223229  2467   180  -45  151
 SR-049      856204  1223390  2478   180  -45  148
 SR-050       857605  1223231  2464  175  -45  169
 SR-051      856204  1223390  2478   180  -75  227
 SR-052       856516  1223311  2471   180  -75  209
  SR-053     857493  1223275  2473   180  -75  250
  SR-054      856804  1223264  2475   180  -45  133
 SR-055       857402  1223391  2511   180 -70    404
 SR-056     856804  1223264  2475   180 -75   216
  SR-057      856583  1223279  2465   180  -45  111
 SR-058       856583  1223279  2465   180  -75  194
 SR-059     857232  1223325  2486   180  -75  321
  SR-060       857313  1223269  2510  180  -90  235
 SR-061     856965  1223269  2538  175  -75  214
 SR-062     857008  1223437  2507    170  -45  330
  SR-063      856909  1223292  2522  185 -75    253
 SR-064      856909  1223292   2522  190  -45  170
  SR-065     856724  1223287  2463  180  -75  187
                   

Table 1 summarizes the significant (+0.20 g/t) uncut gold intercepts from all phase two core drill holes (see Figure 1 - Drill Hole Plan andFigure 2 - Long Section). All results have been previously released except for SR-062 to SR-065, which are released herein. True widths are estimated to be 70-90% of the intercepts and vertical depths are estimated to be 70-90% of the drilled depths reported below. Internal dilution within intercepts is limited to the inclusion of runs of no more than 6m below cut-off. Holes SR-043, SR-046, SR-051, SR-054 and SR-062 did not intercept economic mineralisation. For pictures of the drill core see Red Eagle's photostream on flickr.

Quality Control and Assurance (QC/QA)

All drill samples were collected with diamond core drill rigs using approximately one metre sample intervals and following standard industry practice. Acme Analytical Laboratories prepped and screened samples in Medellin, Colombia and assayed samples in Santiago, Chile. Gold values were determined by fire assay of a 30g charge with an AA finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. QC/QA included the insertion and continual monitoring of standards and blanks into 10% of the sample stream batches, along with check assays conducted at alternate accredited laboratories.

The scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson P.Geo., who is a "Qualified Person" as defined under National Instrument 43-101.

About Red Eagle Mining

Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced exploration and management team. Red Eagle Mining is currently developing the Santa Rosa gold project in Colombia. Santa Rosa is an intrusive hosted structurally-controlled quartz stockwork system within the prolific Cretaceous Antioquia Batholith. Gold mining within the Santa Rosa project pre-dates the 16th century when an estimated 30 million tonnes were mined. Santa Rosa is located 70km north of Medellin near the town of Santa Rosa de Osos in a region characterized by gently rolling hills and excellent infrastructure. Santa Rosa is also located 50km west of AngloGold Ashanti's Gramalote gold deposit (2.5 million ounce M&I resource grading 0.8 g/t Au) and 60km east of Continental Gold's Buritica gold deposit (630,000 ounce M&I resource grading 17.8 g/t Au). Red Eagle Mining also holds an extensive package of exploration ground in Colombia, including the Pavo Real project in the Mid-Cauca gold belt. For further information on Red Eagle Mining please refer to our website www.redeaglemining.com, contact Ian Slater, Chief Executive Officer, or contact:

James Beesley 
Sequoia Partners - Investor Relations 
james@sequoiapartners.ca 
+1 604 682 4600, +1 855 682 4600 toll free, 
+1 778 389 7715 mobile 

 

 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.

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