Business
Radisson Mining Announces Termination of Arianne Option on Massicotte Property
Radisson Mining Announces Termination of Arianne Option on Massicotte Property
About this update from Radisson Mining Resources Inc.
[{"type":"text","content":"\nRadisson Mining Announces Termination of Arianne Option on Massicotte Property\n\n\n Sep. 2, 2009 (Baystreet.ca) -- ROUYN-NORANDA, QUEBEC -- Radisson Mining Resources Inc. (TSX VENTURE: RDS) (\"Radisson\" or the \"Company\") announced today that the option agreement whereby Arianne Resources Inc. was to earn a 50% interest in Radisson's 100%-owned Massicotte property has been terminated. Since entering into the option agreement in 2006 with Radisson, Arianne has spent approximately $770,000 in exploration on the Massicotte claims, made cash payments of $50,000 and has issued to Radisson 30,000 shares of Arianne that now trade on the TSX Venture Exchange at $0.175.\n\nThe Massicotte property of Radisson covers a total of 24,664 hectares in the prolific Abitibi Greenstone Belt in northwestern Quebec and the 602 claims comprising this property are located approximately 12 kms east of Detour Gold Corporation's near-producing Detour Lake gold mine. Detour Gold Corporation has announced measured, indicated and inferred gold resources of 13.2 million contained ounces on this property. The regional gold-bearing Detour/Sunday Lake/Massicotte deformation zone crosses from the Detour Lake gold mine property into the Massicotte property where previous exploration and drilling has identified the Lynx, Rambo and Lap-3 gold zones with respective historical drill grades of 7.8 g/t gold over 7.2 metres, 6.3 g/t over 2.7 metres and 24.1 g/t over 2.4 metres. \nAbout Radisson Mining: Radisson is a Quebec-based exploration company, with an office in Toronto, Ontario, specializing in the discovery of gold, molybdenum and base metals, with an interest in seven properties in northwestern Quebec and one property in northwestern Ontario. The main asset of Radisson, the O'Brien Mine Property comprises 617.48 hectares in the western part of Cadillac Township, Quebec in the heart of the Abitibi Gold belt. This Property contains the former O'Brien Mine, the highest grade and the most important gold producer in the Cadillac Mining Camp in Quebec when it was producing from the early 1930s to the mid 1950s. Radisson now has established a new zone, the 36 East Zone, 2500' east of the old producing zone of the O'Brien Mine, with comparable high grades of gold. The Company completed a successful drill program in 2008 on the O'Brien Mine property and the contiguo...