By Market Wire, October 03, 2013, 08:00:00 AM EDT
ROUYN-NORANDA, QUÉBEC -- (Marketwired) -- 10/03/13 --
Radisson Mining Resources Inc.(TSX VENTURE:RDS) ("Radisson") is pleased to announce that it closed a $ 180,000 private placement for development of the O'Brien/Kewagama project and of its new Lac Gouin SSO property with phosphate potential.
In connection with this placement, Radisson issued 1,000,000 flow-through shares at a price of $0.18. These shares are divided among 10 private investors. One insider has participated in this placement for an amount of $10,000. No cash compensation is linked to the placement and the shares issued are subject to a hold period of four months and one day.
Radisson's management intends to pursue its business plan and use the proceeds of this placement to complete the update of the resource estimate for Zone 36 East of the O'Brien property and initiate the metallurgical study.
The proceeds will also be used for prospecting on the Lac Gouin SSO property, located about 65 km southeast of Arianne Phosphate Inc.'s Lac à Paul deposit. The Lac Gouin SSO property is located approximately 115 km north of Lac Saint-Jean, in the province of Québec, and is easily accessible by logging roads.
The objective of this first phase of exploration work on Radisson's property is to find, confirm and define the scope and nature of the mineralization of the historical iron and apatite showing discovered by mapping by the Ministère des Ressources naturelles du Québec in 1962.
For further information about Radisson Mining Resources and its projects, please visit the Company's new website (www.radissonmining.com).
ABOUT RADISSON MINING RESOURCES:
Radisson is a Québec-based mineral exploration company. The adjoining O'Brien and Kewagama properties, cut by the regional Cadillac Break, are Radisson's main asset. They contain the O'Brien Mine, which is considered to have been the highest grade gold producer of the Abitibi Greenstone Belt (production of 1,310,356 short tons at 0.448 oz/t from 1925 to 1956; RPA, May 2007). The Company is focusing exploration efforts on Zone 36 East, located approximately 2,000 feet (610 metres) east of the main shaft of the old O'Brien mine.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: www.radissonmining.com.
President and CEO
Donald Lacasse, Eng.
Vice President, CFO and Secretary-Treasurer
Source: Radisson Mining Resources Inc.