VANCOUVER, BC / June 25, 2019 / Ridgestone Mining Inc. (TSX.V: RMI) (OTCQB: RIGMF) ("Ridgestone Mining") is pleased to announce that it has entered into an agreement to purchase a 100% interest in 10 mining concessions adjacent to its Rebeico gold – copper project, Sonora, Mexico (the “Acquisition”).
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 deposit revealed by the Company’s exploration results obtained over the past year.
The terms of the Acquisition require Ridgestone to make a US$83,000 cash payment to the vendor, and issue five million common shares of Ridgestone (the "Acquisition Shares"). The Acquisition is subject to approval of the TSX Venture Exchange ("Exchange Approval"). 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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This news release contains forward-looking statements or information (collectively referred to herein as "forward-looking statements"). Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. In this news release such statements include but are not limited to any ongoing drilling programs or exploration results, or any results from the MarketSmart program. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including those described in the Company's regulatory filings available on www.sedar.com. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company's course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this news release are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
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