Mining at the Red Eagle Mining Corp.'s Santa Rosa project predates the 16th century. The company has delineated over 60 historic sluice workings and over 250 adits and shafts that have been mined more recently. 45,000m of core drilling has been completed to date at Santa Rosa. A 22,000m fourth-phase core drilling program delineating the system on 50m centres and extending at depth from 250m to 500m was recently completed. An updated NI 43-101 resource estimate will be published in July 2013.
The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.
The Gold Report Interview with Paul Harris
"Red Eagle Mining Ltd. has a 10-year production horizon at a smaller volume of perhaps 50 Koz/year at Santa Rosa. It's relatively high grade and near surface, so it should become a gold mine. . .Red Eagle hopes to have its PEA sometime in the second quarter, and then it's going straight to feasibility, which it says it will complete in the first quarter of 2014. . .it's got a resource of about 800 Koz. . .and was the first company in Colombia to readjust its strategy to focus on near-term production. It refocused on its San Ramon deposit at Santa Rosa to bring that into production, which will enable the company to survive and get some cash to do other work on its Santa Rosa concessions. "
Ash Guglani, Salman Partners
"We are initiating coverage on Red Eagle Mining Corp. with a 12-month target price of $0.55/share and a Speculative Buy recommendation. The company continues to rapidly advance San Ramon to production with the planned incorporation of the phase 4 drill program to form an updated resource estimate, which is to be used as the basis for an upcoming PEA."
Colombia Gold Letter
"Red Eagle Mining Corp. is moving toward a gold production decision at its San Ramon project in Antioquia. . .23,000m has been drilled to a maximum depth of 300m and 778 Koz Au identified in a maiden resource. . .the company is doing another 23,000m of drilling to bring the resources up to the higher Measured and Indicated category, with an underground Inferred resource that can be developed in the future. . .it is doing studies to mine up to 1.5 Mt/year."
Ash Guglani, Salman Partners
"Red Eagle Mining Corp. announced drill results from its ongoing phase 4 program at the San Ramon deposit of its Santa Rosa gold project. . . highlight intercepts include: Hole SR-168—36.1m at 2.64 g/t Au from a depth of 392.5m; Hole SR-172—0.6m at 157.7 g/t Au from a depth of 398.4m; Hole SR-175—4.1m at 12.75 g/t Au from a depth of 117.7m. . .as a result of the success from the phase 4 drill campaign thus far, the company has increased the program to 22,000m from 17,000m previously."
"Red Eagle Mining Corp. released its initial NI 43-101 resource estimate for its 100%-controlled Santa Rosa gold project in Colombia. The estimate included an Indicated resource of 7.34 Mt at 1.37 g/t gold containing 322 Koz gold and an Inferred resource of 9.45 Mt at 1.50 g/t gold containing 456 Koz gold."
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