Stock Options Granted
Vancouver, BC, September 16, 2011 - Red Eagle Mining Corporation (TSX-V: RD), (the "Company"), is pleased to announce that James Howson has been appointed Chief Financial Officer of the Company and Surita Banger has been appointed Corporate Secretary of the Company. Both positions are effective as of October 1, 2011.
The Company also wishes to clarify its August 16, 2011 press release regarding its option agreement with Miranda Gold Corp. in respect of the Company's right to acquire up to a 70% interest in the Cajamarca project in Colombia. The Company has an option to earn 51% by spending US$4,000,000 on exploration over five years. The Company may also elect to earn an additional 19% (70% total) by spending a minimum of US$1,000,000 per year on exploration and either completing a definitive feasibility study within eight years or spending US$10,000,000 within ten years. The Company must also make escalating annual cash and share payments of up to US$30,000 and 30,000 shares on signing and increasing up to $US 180,000 and 300,000 shares in year six until a 43-101 compliant resource is defined. The August 16, 2011 press release erroneously stated that the year six cash and share payments were $US 60,000 and 100,000 total, when in fact that is the amount for each of the three underlying option agreements.
About Red Eagle Mining Corporation:
Red Eagle Mining Corporation is a well-financed gold exploration and development company with two flagship properties in Colombia, Santa Rosa and Pavo Real, and an experienced exploration and management team. Santa Rosa is located within 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. Pavo Real is located within the Cauca gold belt which is host to numerous porphyry and epithermal gold deposits.