VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 10, 2010) - Red Mile Minerals Corp. (TSX VENTURE:RDM) ("Red Mile") is pleased to announce the commencement of diamond drilling on its Blue Quartz Property.
Cabo Drilling Ontario Corporation has been awarded the surface diamond drilling contract for approximately 1500 meters of NQ diamond drilling over 6 holes. The program is designed to test Blue Quartz auriferous structures associated with the Pipestone fault at depth below the current underground workings and along strike to the north west of existing workings as outlined in the NI 43-101 Technical Report by Luc Rioux P.Geo. (Amended July 27th, 2009), and filed on Sedar. Total budget for the program is $200,000 and once complete will constitute the final requirement stipulated by the TSX Venture Exchange for minimum listing requirements (MLR) for Red Mile as a Tier 2 issuer.
Red Mile is earning a 100% interest in the Blue Quartz Property (the "Property") under the terms of an Option and Assignment Agreement dated September 1st, 2008, whereby Russet Lake Resources "Assignor", a private Ontario based Corporation, assigned the irrevocable right and option to acquire a 100% interest in the property from the Thundermin Resources Inc., and Wesdome Goldmines Inc., "Optionors". The Optionors each currently hold a 50% interest in the property.
The Blue Quartz property is located approximately 12 kilometres north-northeast of Matheson, 73 kilometres east-northeast of Timmins, Ontario. The property is comprised of 25 patented mining claims, consolidated into Parcel 23623.
The Property covers 400 hectares (4.0 square kilometers) of Early Precambrian gold mineralized rocks belonging to the Abitibi Greenstone Belt, located in the north central part of the Beatty Township. Gold was first discovered on the Property in 1907. In 1913 a vertical two compartment shaft was sunk to investigate the potential of gold mineralized veins exposed on surface. In 1921 the original shaft was deepened and surface and underground exploration continued until 1928. 1n 1933, Amalgamated Goldfields produced 30 ounces of gold from the underground workings and the surface dump. Since then, there has been sporadic exploration, including a 4-hole diamond drill program carried out by Russet Lake in 2008.
In addition, the Company announces that it has engaged RM Communications to oversee the Company's internet and presentation branding mandate. The Company will settle part of RM Communications invoice by issuing 180,000 shares, subject to approval by the TSX Venture Exchange.
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.