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July 4, 2008
News from the desk of Ken Murton
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RADISSON MINING PROVIDES ITS PRESENTATION
TO THE RECENT SHAREHOLDERS ANNUAL MEETING
. Rouyn-Noranda, Quebec. The following is a summary
of a presentation on Radisson Mining made by Dale M. Hendrick,P.Eng., Chairman
of the Board and a Qualified Person as per National Requirement 43-101 Policy,
to the Annual Special and General Meeting of Shareholders on June 26, 2008.
Quote : Fellow Shareholders, the past year
ending in 2007 and the first half of this year has been an active one. And in
spite of carrying out a busy exploration program, significant for a listed
junior on the TSX Venture exchange, I am disappointed that our stock traded in
the range of 12.5 cents to 45 cents per share. For a 50 million share company
the range of cap value is between $6 million $22 million and to me, and I know
also to you as shareholders, this is unacceptable.
Our principal asset base consists of the 36East
new discovery zone within the OBrien/Kewagama mine property. This property has
a 43 101 reported indicated resource of 270 thousand tons with an average uncut
gold grade of 0.56 ounces per ton ("opt") and an inferred resources
of 182,000 tons with an average uncut gold grade of 0.37 opt. The historical
recovered mine grade of the original O'Brien Mine was 0.45 opt produced from
1.3 million tons processed from 1933 to 1956. The close comparison in grades in
my opinion is more than coincidence.
At the moment, we are awaiting a decision from
Aurizon Mines Ltd, a successfull operating gold mining company with 40 million
$ in cash operating a producing mine in the Casa Berardi area of Abitibi,
Quebec. If our Letter of Intent with Aurizon proceeds to a firm commitment,
Aurizon can carry out exploration and a pre feasibility study leading to
production that will earn Aurizon a 50 % interest in the O'Brien Kewagama
property.
To fully earn a 50% interest, we estimate that
Aurizon will expend exploration funds on the O'Brien property in the order of
$30 million or more.
Because of the Aurizon entrance into the
Radisson corporate structure, a flow through financed surface drill program in
progress during the year was discontinued. The shallow drill program on the 36
East Zone intersected typical visible gold hits in the main zone but in
particular the last 3 holes going East onto Kewagama intersected new gold
intersections not included in the 43 101 Mineral Reserve.
I am pleased to mention our Massicotte Joint
Venture with D'Arianne (DAR-TSXV) up in the Detour Lake and Casa Berardi
regions of Ontario and Quebec. An airborne geophysical survey by D'Arianne
indicates extension of the Detour Gold mineralized structure into Quebec and
our Massicotte property. Detour Gold has a market cap of $800 million and
trades around $21 per share. The open pit Detour Gold property, 15 km west of
Massicotte, has an open pit mineral resource of 150 million tonnes containing
7.8 million oz. of gold. Drilling of our Massicotte Joint Venture targets is
anticipated for this coming August.
As a result of high commodity prices in the
past year, Radisson acquired molybdenum properties in the Dryden Ontario and La
Reine Quebec areas. Work on these projects, including drilling at Dryden, did
not yield commercial encouragement so these projects have been dropped.
The success of Noront with a base metal
discovery in the James Bay area Ontario directed our exploration attention to
base metal targets in Quebec and in particular the Chibougameau area. To this
end, we acquired through prospecting the Potrack copper/zincproperty that
warrants ground geophysics and we hope drilling this Fall.
As mentioned , last year was a bad year for
Radisson's exploration and acquisitions and stock price. The small but high
grade RM Nickel property near Rouyn/Noranda did not provide decent
metallurgical recoveries and had to be abandoned. We had hoped that this
nickel/copper project would be amenable to milling at our sulphide flotation
O'Brien Mill but this was not to be.
However, our Mill when refurbished will be a
sulphide flotation circuit of 500 tons per day capacity. Globex Mining because
of its neighbouring Ironwood gold sulphide property and Victory Nickel with its
rich nickel/copper deposit north of Mattagami Lake have both shown serious
interest in using our mill.
For 2008, I, as your Chairman and a Director of
Radisson, and also a shareholder, will recommend to your board a strategy
whereby for new growth a number of new initiatives will be considered. These
will include:
1) A re-look at data within our in-house
Duquesne property. It is interesting to note that this property straddles the
highly prospective Porcupine Destor Fault. In 1990 the adjoining property was a
joint venture operated by Radisson which produced 100,000 tons of ore that was
milled, ironically, at the Aurizon Sleeping Giant Mill and graded 0.29 opt
gold. Six drills are now operating to the West of our Duquesne Destor property
on behalf of Clifton Star Resources .Clifton Star has recently published very
encouraging drill results on this exploration program. It is recommended that
we at Radisson review historical data and identify new drill targets on
Radisson's Duquesne claim blocks comprising 22 claims/330ha and 8 claims/195ha.
2) Coal is or has become a very valuable
commodity, so valuable that a high purchase price on a global basis for clean
coal, both metallurgical coal and steam coal, has pushed uranium and nuclear
power to the "back of the bus". It will be recommended to your board
that we engage expertise in coal production, marketing and acquisition to
assess economic potential of projects on behalf of Radisson.
3) Investigate by informal discussions
possibilities of joint venture opportunity with previous past producers that
may be economic at these gold prices. Such a project might vie with the
O'Brien/Kewagama and, perhaps, the Duquesne or the Massicotte property as the
single most important asset in the Radisson portfolio.
Finally, Ken Murton and I are serious and major
investors in Radisson Mining. We intend to do everything within our power to
reward our shareholders.
Meanwhile, on behalf of Radisson Mining, our
Board of Directors and Officers, thank you for your attendance and support.
Unquote.
. We at Radisson should be pleased to answer any
questions you may have with regard to our exploration and development plans.
Sincerely,
Ken Murton
President/CEO
Tel: 416-920-2748
kmurton@radissonmining.com
www.radissonmining.com
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