18:43:32 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Ridgestone Mining Inc
Symbol RMI
Shares Issued 32,198,161
Close 2019-06-24 C$ 0.21
Market Cap C$ 6,761,614
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Ridgestone to acquire 10 concessions near Rebeico

2019-06-25 09:11 ET - News Release

An anonymous director reports

RIDGESTONE AGREES TO ACQUIRE ADDITIONAL LAND TO ENHANCE ITS REBEICO GOLD-COPPER PROJECT, SONORA, MEXICO

Ridgestone Mining Inc. has entered into an agreement to purchase a 100-per-cent interest in 10 mining concessions adjacent to its Rebeico gold-copper project, Sonora, Mexico.

The 10 concessions cover an area of 3,292 hectares located to the west of Ridgestone's existing Rebecio claims. Initial reconnaissance encountered numerous artisanal workings and mineralized outcrops, which were sampled and tested for copper and gold. Based on a review of government records, little to no modern exploration has been undertaken in recent years.

The concessions are considered a critical addition to the existing 167-hectare Rebeico gold-copper project, particularly given the evidence of a potential copper porphyry or IOCG (iron oxide/copper/gold) deposit revealed by the company's exploration results obtained over the past year.

The terms of the acquisition require Ridgestone to make an $83,000 (U.S.) cash payment to the vendor and issue five million common shares of Ridgestone. The acquisition is subject to approval of the TSX Venture Exchange. The acquisition shares issued to the vendor will be subject to a hold period of four months and one day.

About Ridgestone Mining Inc.

Ridgestone is a TSX Venture Exchange-listed junior mineral exploration company, with offices in Taipei and Vancouver, B.C. The company's focus is on precious metals and copper in Sonora, Mexico, and, specifically, the Rebeico gold-copper project.

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