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28.4 Meters Commencing from Surface at 1.96 Grams Gold Per Tonne in Oxides Intercepted at Santa Rosa

Vancouver, BC, October 30, 2012 - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF) is pleased to announce additional assay results from the latest drill programme. Phase Three drilling is targeting the shallower oxide mineralisation at the San Ramon gold system, Santa Rosa project located in Colombia. Highlights from 42 holes (SR-077 to SR-118) include intercepts:

  • SR-078 - 39.6 metres at 0.41 g/t Au from surface
  • SR-080 - 38.5 metres at 0.51 g/t Au from 6.2 metres down hole
  • SR-083 - 2.6 metres at 18.01 g/t Au from 69.0 metres down hole
  • SR-093 - 5.7 metres at 3.78 g/t Au from 2.6 metres down hole
  • SR-097 - 6.9 metres at 3.09 g/t Au from 13.7 metres down hole
  • SR-103 - 2.6 metres at 6.07 g/t Au from 12.6 metres down hole
  • SR-108 - 3.4 metres at 8.75 g/t Au from 15.5 metres down hole
  • SR-109 - 19.6 metres at 2.32 g/t Au from 9.7 metres down hole
  • SR-110 - 28.4 metres at 1.96 g/t Au from surface 
  • SR-111 - 22.1 metres at 2.17 g/t Au from 13.2 metres down hole 
  • SR-112 - 23.7 metres at 2.09 g/t Au from 10.0 metres down hole 
  • SR-113 - 18.3 metres at 1.31 g/t Au from 19.0 metres down hole

 

"Our recently completed Phase Three delineation drilling confirms strong gold mineralisation from surface in the oxidised material at San Ramon", comments Ian Slater, Chief Executive Officer. "With our recent financing completed we are looking forward to commencing the Phase Four drill programme to test the gold system down dip, where typically higher grades have been intercepted, and complete a resource estimate and PEA."

The San Ramon structure trends east-west, dips 60°-70° to the north, extends over 1,800m, is up to 60m wide and is mineralised from surface. Phase One and Two drilling intercepts averaged 2.1 g/t Au (using a 0.20 g/t Au lower cut and no upper cut) to a vertical depth of over 250m with mineralisation remaining open at depth. The Phase Three 5,000m, 74 core drill hole programme delineated shallower mineralisation on 50m centres. Assays are pending on the remaining 21 holes (SR-119 to SR-139). The work program for the remainder of 2012 and Q1 2013 includes:

  • 17,000 metre Phase Four drill programme to infill to 50m centres and test mineralisation from 250m to 500m depth;
  • NI 43-101 compliant resource estimate (to be released December 2012); 
  • Preliminary Economic Assessment (to be released Q1 2013).

 

Table 1 summarizes the significant (+0.20 g/t) uncut gold intercepts from Phase Three core drill holes SR-077 to SR-118 (see Figure 1 - Drill Hole Plan and Figure 2 - Long Section). True widths are estimated to be 70-90% of the intercepts and vertical depths are estimated to be 70-90% of the drilled depths reported below. Internal dilution within intercepts is limited to the inclusion of runs of no more than 6m below cut-off. Holes SR-106, 107, 114 and 115 did not intercept economic mineralisation. For pictures of the drill core see Red Eagle`s photostream on flickr.

Table 1- San Ramon Phase Three Drill Intercepts 

Hole ID From (m) To (m) Interval (m)   Au (g/t)
SR-77 .00 29.0 29.0 0.44 
  43.0 49.0 6.0 1.07
   59.9 63.0  3.2  4.27
 SR-078 0.0  39.6  39.6  0.41
  48.7  60.2  11.5  0.46 
 SR-079 0.0  4.9   4.9  0.51
   20.2 29.2  9.0  0.85 
  47.2  48.3  1.1  0.57 
  53.7  61.4  7.6  1.07 
  75.4  80.3  4.8  0.25 
  86.1  96.0  9.9  .081 
   101.4 102.4 1.0  0.58 
SR-080  6.2  44.7  38.5  0.51
SR-081  3.8  31.5  27.8  0.35 
   39.5 70.4 30.9  0.36 
SR-083  46.0  52.0  6.0  1.73 
  69.0 71.6  2.6  18.01 
  89.3  93.2 3.9  2.38 
 SR-084 3.0  11.2  8.3  .051 
  35.7  37.2  1.5  0.74 
SR-085 0.0  16.6  16.6  0.30 
   31.0 38.0  7.0  .044 
  56.7  67.8  11.1  0.97 
SR-86  0.0  1.8  1.8  1.00 
  13.8  28.9  15.1  0.33 
SR-087  1.8  5.2  3.4  1.13 
  16.6 18.0 1.5  1.21 
SR-088  4.4  19.8  15.5  0.37 
  28.8  43.2  14.4  0.75 
  71.1  73.4  2.3  5.01 
 SR-089 0.0  24.0  24.0  0.38 
  43.4  48.8  5.4  0.36 
SR-090  0.2  15.4  15.2  0.27 
  29.8  34.0  4.3  3.06 
 SR-091  1.6 7.6 6.0 0.58
  40.3  44.5  4.3  3.06 
SR-092  1.6  6.7   5.1 1.01 
  2.6  27.9 1.9  5.20 
 SR-093 2.6  8.3  5.7  3.78 
  35.5  44.9  9.4  0.39 
SR-094  2.0  5.9  4.0  0.22 
SR-095  4.6  17.1  12.5  0.50 
  30.8  36.0  5.2  .074 
SR-096  0.8  16.7  15.9  0.68 
 SR-097 4.6  5.7  1.1  0.56 
  13.7  20.6  6.9  3.09 
incl.  15.5  16.5  1.0  14.5 
SR-098  8.0  9.0  1.0  0.70 
SR-099  20.5  21.6  1.1  0.80 
  36.6  42.8  6.2  0.27 
SR-100  6.1  7.4  1.3  1.06 
  26.6 28.1  1.5  1.86 
SR-101   6.1 7.4  1.3  1.06 
  43.4  48.0  4.6  .043 
  53.4  56.4  3.0  1.36 
SR-102  6.9  9.4  2.5  0.51 
  27.0  51.6  24.6  0.31 
SR-103  12.6  15.1  2.6  6.07 
  52.7  61.0  8.3  0.31 
SR-104  33.3  42.6  9.3  1.01 
SR-105  6.1  12.3  6.2  1.02 
  24.4  26.4  1.0  1.02 
  41.5  45.7  4.3  0.73 
  453.4  67.7  14.3  0.67 
SR-108  5.3  9.6  4.3  0.59 
  15.5  18.9  3.4  8.75 
SR-109  9.7  29.3  19.6  2.32 
SR-110  0.0  28.4  28.4  1.96 
SR-111  13.2  35.3  22.1  2.17 
SR-112  10.0  33.7  23.7  2.09
incl. 10.0 11.1 1.2 31.20
SR-113 19.0  37.3  18.3 1.31 
incl.  36.3  37.3  1.0  15.7 
SR-116  4.9  18.8  14.0  0.61 
SR-117  2.1  18.5  16.4  0.49 
SR-118  2.4  6.1  3.7  0.31 
  14.3  17.6  3.3  0.40 
  23.5  31.5  8.0  0.27 

   

 

Table 2 - Drill Hole Specifications

Hole Easting Northing Elevation (m) Azimuth  Dip  EOH (m) 
SR-077 857763 1223146 2470  180  -70  73
SR-078 857723 1223168 2473  180  -50  70
 SR-079  857723  1223167  2473  180  -75  104
 SR-080  857675  1223175  2480  180  -50  88
 SR-081  857675  1223176  2480  180  -70  98
 SR-082  857627  1223191  2464  180  -75  98
 SR-083  857627  1223191  2464  180  -50  112
 SR-084  857573  1223180  2465  180  -50  70
 SR-085  857573  1223181  2465  180  -75  96
 SR-086  857589  1223141  2479  10  -65  47
 SR-087  857589  1223138  2479  190  -50  87
 SR-088  857507 12223182  2468  180  -50  79
 SR-089  857507  1223182  2468  180  -70  49
 SR-090  857434  1223162  2475  180  -75  64
 SR-091  857434  1223162  2475  180  -50  52
 SR-092  857393  1223159  2481  180  -50  70
SR-093   857393  1223160  2481  180  -75  56
 SR-094  857344  1223144  2489  180  -50  61
 SR-095  857344  1223144  2489  180  -70-  61
 SR-096  857295  1223139  2491  180  50  55
 SR-097  857295  123139  2491  180  -70  53
 SR-098  857247  1223146  2500  180  -50  73
 SR-099  857248  1223146  2500  180  -70  72
 SR100  857214  1223162  2496  180  -50  63
 SR-101  857214  1223162  2496  180  -80  72
 SR-102  857162  1223178  2485  180  -50  62
 SR-103  857162  1223179  2485  180  -75  76
 SR-104  857123  1223204  2457  180  -50  43
 SR-105  857123  1223205  2485  180  -60  81
 SR-106  857123  1223205  2485  180  -80  55
 SR-107  857125  1223239  2463  180  -50  69
 SR-108  857006  1223174 2485  180  -50  62
 SR-109  857006  1223174  2485  180  -70  64
 SR-110  857038  1223178  2485  180  -55  58
 SR-111  857038  1223178  2485  180  -70  61
 SR-112  857084  1223184  2471  180  -50  46
 SR-113  857093 1223185  2471  180  -70  46
 SR-114  856949  1223149  2505  180  -50  59
 SR-115  856949  1223149  2505  180  -70  27
 SR-116  856893  1223173  2492  180  -50  58
 SR-117  856893  1223173  2492  180  -70  59
 SR-118  856851  1223195  2483  180  -50  58
 

Quality Control and Assurance (QC/QA)

All drill samples were collected with a diamond core drill rig using approximately one metre sample intervals of whole core and following standard industry practice. Acme Analytical Laboratories prepped and screened samples in Medellin, Colombia and assayed samples in Santiago, Chile. Gold values were determined by fire assay of a 50g charge at 250 mesh pulp with an AAS finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. The coarse crush split reject (<16mm) was retained for metallurgical testwork. 10% of a range of selected assays over 0.2 g/t Au, with an average of approximately 1.0 g/t Au were taken from the middling split reject and submitted for metallic screening analysis at 150 mesh pulp followed by fire assay and both AAS and gravimetric finish. Any discrepancies were reanalysed from the remaining middling reject by gravity concentration and acid digest. QC/QA included the insertion and continual monitoring of standards and blanks into 10% of the sample stream batches, along with check assays conducted at alternate accredited laboratories.

The scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson P.Geo., who is a "Qualified Person" as defined under National Instrument 43-101.

About Red Eagle Mining

Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced mine development team. Red Eagle Mining is currently developing the 390 km² Santa Rosa gold project located in Colombia. Santa Rosa is an intrusive hosted structurally-controlled quartz stockwork system within the prolific Cretaceous Antioquia Batholith. Gold mining within the Santa Rosa project pre-dates the 16th century when an estimated 30 million tonnes were mined. Santa Rosa is located 70km north of Medellin near the town of Santa Rosa de Osos in a region characterized by gently rolling hills and excellent infrastructure. Santa Rosa is also located 50km west of AngloGold Ashanti's Gramalote gold deposit (2.5 million ounce M&I resource grading 0.8 g/t Au) and 60km east of Continental Gold's Buritica gold deposit (1.6 million ounce M&I resource grading 13.6 g/t Au). Red Eagle Mining also holds an extensive package of exploration ground in Colombia, including the Pavo Real project in the Mid-Cauca gold belt.

For further information on Red Eagle Mining please refer to our website www.redeaglemining.com, contact Ian Slater, Chief Executive Officer, or contact:

James Beesley 
Sequoia Partners - Investor Relations 
james@sequoiapartners.ca 
+1 604 682 4600 
+1 855 682 4600 toll free 
+1 778 389 7715 mobile

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. 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 the Company 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.

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