VANCOUVER, Nov. 7, 2016 /PRNewswire/ - Red Eagle Mining Corporation (TSX: R, OTCQX: RDEMF, BVL: R) is pleased to announce that it has poured first gold at the Santa Rosa Gold Project in Antioquia, Colombia.
"We are extremely proud to commence production, which is a historic milestone for both Red Eagle Mining and Colombia," comments Bob Bell, Red Eagle Mining, Chief Operating Officer. "As Red Eagle Mining completes this important step, we would like to thank our shareholders, stakeholders in the community, employees and contractors involved in delivering the Santa Rosa Gold Project from breaking ground to first gold pour in 14 months."
The Santa Rosa Gold Project was built on budget while maintaining a healthy cash balance of C$16 million. Commercial production is expected in the first quarter of 2017 as production ramps up.
About Red Eagle Mining
Red Eagle Mining is a well-financed gold producer and mine builder with an experienced operations and mine development team. Management is focused on building shareholder value through acquiring, developing and operating high grade 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 owns 100% of the Santa Rosa Gold Project, where production has commenced at the San Ramon Gold Mine. Red Eagle Mining also controls CB Gold which owns 100% of the Vetas Gold and Santa Ana Silver Projects and is actively consolidating additional high grade precious metal deposits in Colombia.
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.
SOURCE Red Eagle Mining Corporation