Red Pine Exploration Acquires Gold Property from Goldcorp Canada Ltd in Coppell and Newton Townships, Swayze Greenstone Belt
News Release
TORONTO, ON, May 18, 2010—Red Pine Exploration Inc. (“Red Pine” or the “Company”) (TSX VENTURE:RPX), further to its news release of March 16, 2010 in which it announced the acquisition of certain mineral properties in the Timmins area, has acquired an additional mineral property in the region. Red Pine announces today it has executed an agreement with Goldcorp. Canada Ltd. (“Goldcorp”), a wholly owned subsidiary of Goldcorp Inc., to purchase a highpotential gold property (the “Property”) in Coppell and Newton Townships, Porcupine Mining Division, located southwest of Timmins, Ontario. The property consists of 6,372 hectares of mining lands contiguous to the Orifino and Rundle Mines.
The agreement with Goldcorp provides that Red Pine will acquire a100% interest in and to the fee simple mining rights in the Property for a purchase price of $75,000 in cash. Red Pine has agreed to grant to Goldcorp a right of first refusal to reacquire the property in the event that Red Pine receives an offer to purchase, joint venture or option the Property from a third party in the future. Goldcorp retains a 2% net smelter return royalty (the “NSRR”) on any production from the Property which is subject to Red Pine’s option to re-purchase one half, or 1%, of the NSRR for $1,500,000. In addition, the closing of the transactions contemplated in the agreement is expected on or before May 31, 2010.
The Company will be providing shortly a full update which will outline the 2010 exploration program planned to commence this Spring.
For further information: please contact Brent Nykoliation, Vice President of Business Development (416) 364-7024, (416) 364-2753 (FAX)
[email protected]; http://www.redpineexp.com or Kirk McKinnon, President & CEO, or Richard Schler, Chief Operating Officer & CFO
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