Radisson resumes exploration at the O’Brien gold project
Rouyn-Noranda, Quebec: Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF): (“Radisson” or the “Company”) announces today that in line with the Governement of Quebec announcement on May 7, 2020, it is resuming exploration activities at the O’Brien gold project. The 100% owned O’Brien gold project is located along the Larder-Lake-Cadillac Break, halfway between Rouyn-Noranda and Val-d’Or in Abitibi-Témiscamingue, Quebec. Pursuant to the Government of Quebec directives, the head-office remains closed and teleworking remains in place for all departments else than for exploration activities at the O’Brien gold project.
To date, Radisson has had no suspected or confirmed cases of COVID-19 and had implemented a specific COVID-19 protocol on March 12 to protect its employees. The health and safety of Radisson’s employees, their families and the communities in which we operate remains the main priority of the company.
Starting today, the company’s exploration team and drilling contractors will be gradually mobilized at O’Brien to implement COVID-19 working procedures in line with recommendations from the Public Health and reference center (INSPQ) and the Commission des normes, de l’équité, de la santé et de la sécurité du travail (CNESST). Drilling is expected to restart and ramp-up following implementation of the necessary health and safety precautions. The Company estimates drilling activites will restart over the next 5 to 7 days.
60,000 m drilling program
Since August 2019, 24,527 m of drilling have been completed. The primary objectives of the 2019/20 drill program are,
- To validate the 2019 lithostructural model for O’Brien
- Resource expansion and conversion within and outside the July 2019 resource boundary
- High-priority exploration targets established down-plunge of high-grade enrichment vectors.
Strong balance sheet and Insiders buying
Radisson is fully funded to complete the 60,000 m drill program
- Current cash balance of $6.6 M1
- All-in drill costs at O’Brien are averaging $110 – $120/m, well below the industry average.
1 As at May 7, 2020.
Since the beginning of the year, insiders of the Company have acquired a total of 1,341,919 shares of the Company on the TSX Venture Exchange. Management and Insiders ownership currently stands at 10.88%.
Modification to the stock options regime and stock options grant
On April 27, 2020, pursuant to its stock option plan, the company granted 50,000 stock options to an employee to acquire 50,000 Class A shares at an exercise price of $0.17 per Class A share for a term of five years. The company also announces that its Board of directors has approved a modification to the stock option plan of the Company from 12,000,000 issuable stock options up to 18,000,000 stock options, which represents less than 10% of the 189,995,570 outstanding shares. This modification is subject to regulatory approval, including the TSX Venture stock exchange.
Richard Nieminen, P. Geo, Exploration manager, acts as a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the technical information in this press release.
Radisson Mining Resources Inc.
Radisson is a well-financed gold exploration company focused on its 100% owned O’Brien project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Quebec. The Bousquet-Cadillac mining camp has produced over 21,000,000 ounces of gold over the last 100 years. The project hosts the former O’Brien Mine, considered to have been the Abitibi Greenstone Belt’s highest-grade gold producer during its production (1,197,147 metric tons at 15.25 g/t Au for 587,121 ounces of gold from 1926 to 1957; Kenneth Williamson 3DGeo-Solution, July 2019). For more information on Radisson, visit our website at www.radissonmining.com or contact:
On behalf of the board of directors
President and CEO, director
For more information on Radisson, visit our website at www.radissonmining.com or contact:
Director, Corporate development
Certain information contained in the press release are subject to receipt of all regulatory approvals. 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.
All statements, other than statements of historical fact, contained in this press release including, but not limited to, those relating to the intended use of proceeds of the Offering, the development of the O’Brien project and generally, the above “About Radisson Mining Resources Inc.” paragraph which essentially describes the Corporation’s outlook, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements and future events, could differ materially from those anticipated in such statements. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward looking information can be found in Radisson’s disclosure documents on the SEDAR website at www.sedar.com.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s endeavours to develop the O’Brien project and, more generally, its expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.