Red Metal Resources Receives Confirmation of Option Payment for Perth Property
May 1, 2014
THUNDER BAY, ON, May 1st, 2014 – Red Metal Resources Ltd. (RMES:OTCBB) (“Red
Metal”) is pleased to announce that it has received confirmation that Geoactiva SPA
(“Geoactiva”) will be continuing its option on the Perth Project. The April 30th payment for the
Perth project is US$50,000. We have also received results of the trenching, sampling and
drilling program completed on the Perth project and expect to analyze the results for release
in the next few weeks.
To earn 100%, Geoactiva will be required to make further payments totaling US$875,000
and incur a further US$3,000,000 in exploration expenditures over the next three years.
Red Metal’s Chilean subsidiary, Polymet Ltda, will retain a 1.5% net smelter royalty for all
copper, gold and cobalt exploited on the property derived from the minerals extracted as a
result of the exploitation of the property. Geoactiva may acquire 100% of the NSR once the
option agreement is completed by paying in one installment US$5.00 per inferred ounce of
gold and US$0.005 per inferred pound of copper in a resource estimate compliant with CIM
standards on Mineral Resources and Mineral Reserves and completed by an independent
third party agreed upon by Polymet and Geoactiva.
Geoactiva is a part of Mineria Activa, a private equity group focused on mining in Chile. The
Mineria Activa group manages projects from exploration to production stage using their inhouse
team of geologists and mining engineers.
Red Metal CEO Caitlin Jeffs stated, "We are excited that Geoactiva will continue to advance
Perth Project. Geoactiva’s work shows also the potential of our Farellon project which lies
next to the Perth Project."
About Red Metal Resources Ltd.
Red Metal Resources is a mineral exploration company focused on aggressive growth
through acquiring, exploring and developing copper-gold assets in Chile. Our projects are
located in the prolific Candelaria iron oxide copper-gold (IOCG) belt of Chile’s coastal
Cordillera, host to Freeport-McMoRan’s Candelaria Mine and Anglo American’s Mantoverde
Mine. Red Metal is a fully reporting US public company quoted on the OTCQB under the
symbol RMES. For more information, visit www.redmetalresources.com.
Except for the statements of historical fact, the information contained herein is of a forwardlooking
nature. Such forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause the actual results, performance or
achievement of the company to be materially different from any future results, performance
or achievements expressed or implied by statements containing forward-looking information.
Accordingly, you should not place undue reliance on statements containing forward looking
information. The U.S. Securities and Exchange Commission permits mining companies, in
their filings with the SEC, to disclose only those mineral deposits that a company can
economically and legally extract or produce. We may use certain terms in our press
releases, such as "measured," "indicated," and "inferred" resources, which the SEC
guidelines generally prohibit companies from including in their filings with the SEC. Investors
are urged to consider closely the disclosure in our Form 10-K, which may be obtained from
us, or from the SEC website.
Red Metal Resources Ltd.
Caitlin Jeffs, P.Geo, CEO