|By Marketwired .||
|December 23, 2013 05:00 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/23/13 -- Red Eagle Mining Corporation (TSX VENTURE: RD) (OTCQX: RDEMF) is pleased to announce that Liberty Metals & Mining Holdings LLC ("LMM"), a subsidiary of Liberty Mutual Insurance, has completed the purchase of a 1% net smelter royalty (the "Royalty") on a portion of Red Eagle Mining's Santa Rosa Gold Project for $4,166,666. This is in addition to the 2% net smelter royalty purchased by LMM on October 22, 2012 on the same mineral Concessions. For a period of two years from the date of first gold production, Red Eagle Mining may repurchase 1% of the Royalty for $8,333,333. The Royalty does not apply to the mineral Concessions acquired from Grupo de Bullet on October 25, 2012 for a 1.5% net smelter royalty on those particular Concessions.
Separately, Mr. Noel Dunn has stepped down as a director of Red Eagle Mining following his departure from LMM. Mr. Dunn joined the Red Eagle Mining Board as LMM's nominee director in connection with LMM's acquisition of a 19.9% interest in Red Eagle Mining on October 22, 2012. LMM will nominate a replacement in due course. Red Eagle Mining's Board would like to thank Mr. Dunn for his contribution over the past year and wish him all the best with his future endeavours.
About Red Eagle Mining
Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced mine-development team. Management is focused on building shareholder value through discovering and developing gold projects with low costs and low technical risks in Colombia, a jurisdiction with prolific historic production but until recently limited modern exploration. Red Eagle Mining is developing the 320 km2 historic Santa Rosa Gold Project located in the Antioquia Batholith. Development will initially commence with the San Ramon Gold Deposit where a positive Preliminary Economic Assessment supports project advancement. Feasibility and permitting are currently underway.
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.