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Preliminary Metallurgical Results for Santa Rosa
Vancouver, BC, June 19, 2012 - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF) is pleased to announce that it has received positive results for its initial metallurgical testwork on material from the San Ramon gold system in the Santa Rosa gold project in Colombia. The tests were conducted at the Acme Metallurgical Laboratory in Vancouver, Canada.
The oxide sample with a grade of 7.4 g/t Au produced leach results over six days of between 70% and 86.3% gold recovery depending on the crush size from 2 inches to 0.25 inch (see Table 1). The optimum result is 85.3% Au recovery at a 0.5 inch crush size, which is easily achievable as the material is friable. Reagent consumptions are within the bounds of conventional heap leach operations. The sample was taken from a near surface adit. As the gold grade of this sample was somewhat high, another sample composited from near surface adits and an outcrop across the shear has been submitted for testing with results pending.
The primary (non-oxidised) sample with a grade of 0.9 g/t showed that over 25% of the gold could be recovered by gravity concentration. The sample was taken from a recently mined crosscut in fresh rock which exposed the shear. Further testwork involving bench scale flotation and carbon in leach (CIL) tests is now being conducted.
Additionally, a sample with a grade of 24.3 g/t Au was taken from a vein to test the recovery characteristics of the sulphide material. A 48 hour leach test after grinding to 80% passing 74 microns produced a 94.6% gold recovery (see Table 2). In addition, the laboratory reported that the kinetic results showed that 91% of the gold is recovered within the first 24 hours of leaching. As a consequence of this relatively quick high recovery rate, combined with centrifugal gravity results showing that free-gold may be recovered by gravity prior to cyanide leaching, the overall cyanide leach time and chemical consumption may be reduced.
"Based on the positive metallurgical results to date showing gold recoveries of 85% to 94%, we are commencing a bulk sampling program for a PEA level study", comments Ian Slater, Chief Executive Officer. "These preliminary test results indicate that the processing routes will likely be heap leach for the oxidised material and gravity followed by flotation and CIL for the primary material which will improve recoveries of this higher grade material."
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 Colombian gold exploration and development company with an experienced exploration and management team. Red Eagle Mining is currently exploring two properties in Colombia, Santa Rosa and Pavo Real. 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). Pavo Real is an extensive project within the Mid-Cauca gold belt containing both a sedimentary hosted gold system and a 15km long copper/gold/silver skarn formation hosting significant high grade brownfield mines.
For further information on Red Eagle Mining please refer to our website www.redeaglemining.com, contact Ian Slater, Chief Executive Officer or contact:
Manager Corporate Communications
+1 778 372 2556
Sequoia Partners, Investor Relations
+1 604 682 4600, +1 855 682 5888 toll free
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.