St. John’s, Newfoundland and Labrador: Red Moon Resources Inc. (“the Company” – “Red Moon” TSX-V:RMK) announces that production continues at its Ace gypsum/anhydrite mine in western Newfoundland. Three shipments have been made to date. A fourth shipment is scheduled for this week and a fifth is scheduled for early November. Production is expected to exceed 100,000 tonnes for the season. Notwithstanding the Covid 19 disruptions which have impacted production and sales, the company is pleased with the progress made thus far in 2020.
In anticipation of future demands for gypsum, the Company has been evaluating further mine development opportunities in the historic Flat Bay mines. This includes the possible reclamation of gypsum tailings left over from historic operations as previously reported. The Company is also preparing to undertake an independent third party review of the resource endowment of gypsum and anhydrite that remains at the Flat Bay mines towards attracting the capital necessary to finance an expansion of the operations.
The Company also reports that it continues its efforts to finance a feasibility evaluation of its Captain Cook salt project in western Newfoundland. The proposed mining project would produce 2,000,000 tonnes per year of salt for the de-icing market. Given the emerging interest in mining investment generally, we remain optimistic that the project will proceed to feasibility given its infrastructure attributes. The company continues to work towards this objective.
Further information regarding the Company is available at www.redmoonresources.com .
Patrick J. Laracy, P. Geo, President is the qualified person responsible for the contents of this news release as defined in National Instrument 43-101.
Red Moon is an industrial minerals company with production of gypsum/anhydrite at its Ace Mine in western Newfoundland. As well it is developing the Captain Cook Salt deposit and the Black Bay Nepheline deposit in Newfoundland and Labrador. Vulcan Minerals Inc. (TSX.V: VUL) owns approximately 63% of the common shares of Red Moon.
We seek Safe Harbor.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors beyond the Company’s control may affect the actual results achieved. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except by law, the Company undertakes no obligation to publicly update or revise forward-looking information.
For information please contact:
Patrick J. Laracy, President