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Operations Update at Santa Rosa
February 8, 2018 – Red Eagle Mining Corporation (TSX: R, BVL: R, OTCQX: RDEMF) is pleased to provide an update on operations at the Santa Rosa Gold Project, Antioquia, Colombia. The mill successfully started-up on January 2, 2018 as planned and has been operating continuously ramping up to 750 tonnes per day currently. A test gold pour was successfully completed at the end of January with the first commercial pour scheduled for the end of February. 1,500 – 2,000 ounces of gold are estimated to be poured in February during ramp up with 2018 production estimated to be 45,000 – 50,000 ounces of gold.
Underground development at the San Ramon Gold Mine continues to advance according to plan with 436 metres in January. Development during January was primarily focused on secondary access ramps and attack ramps on levels -100, -125 and -150 metres, measured from surface.
San Ramon currently has 23 attack ramps with 19 in production (which provided 35 active production faces in January) and the remaining attack ramps in breasting, backfill or development. The attack ramps in breasting, backfill and development in January are expected to provide 15 additional production faces in February. Stope mining operations continued to ramp up in January with 7,560 tonnes at 4.3 grams per tonne gold mined during the month but were below plan due to scoop availability. New equipment arrived at site and was put into operation at the end of January supporting increased production in February. The final two new scoops are due for delivery at the end of February. 9,382 tonnes at 5.6 grams per tonne gold remain stockpiled at January 31.
About Red Eagle Mining
Red Eagle Mining is a gold producer focused on building shareholder value through acquiring, developing and operating gold and silver projects in Colombia, a jurisdiction with prolific historic production but until recently limited modern exploration. Red Eagle Mining owns 100% of the Santa Rosa Gold Project and controls Red Eagle Exploration which owns 100% of the Vetas Gold, California Gold and Santa Ana Silver Projects.
For further information on Red Eagle Mining please contact:
Vice President Corporate Development
Red Eagle Mining Corporation
Suite 2348 – 666 Burrard Street
Vancouver, BC, V6C 2X8
+1 778 372 2558
+1 604 360 5722 mobile
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 Red Eagle Mining 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.