March 13, 2014 – Rio Grande Mining Corp. (TSXV-RGV) (the “Company”) is pleased to announce that it has entered into an agreement with an arms’-length vendor by which the Company can earn a 100% interest in the Pattyson Lake Uranium Project, which covers an area of ~5896ha in northeastern Saskatchewan, ~50km southeast km of Stony Rapids. The project, which adjoins claims controlled by Lakeland Resources, was last examined in 2006, when Santoy Resources performed a Mag/EM survey (MEGATEM) and defined a significant EM anomaly (the A-Zone) at the edge of a magnetic feature, concurrent with large scale faulting. The Company intends to prepare a comprehensive interpretation, integrating all datasets, of the Pattyson Lake Project, to refine targets for subsequent field inspection. Basement depths are expected to range between 250-400m.
The Company can earn a 100% interest in the property by issuing 1,600,000 common shares to the vendor. The Company must make additional staged payments, totaling $1,600,000 and complete $3,500,000 in exploration expenditures on the property over the next 4 years. A 1% NSR has also been granted to the vendor, which may be purchased by the Company for $1,500,000. This transaction is subject to TSX Venture Exchange approval.
Regarding the acquisition, Adrian Lamoureux, President commented: “With the recent landmark uranium discoveries in the Athabasca Basin and positive outlook on the commodity, Rio Grande has taken this initial step in gaining a foothold in the basin, where quality projects are very rare. It is our belief that this additional focus will bring attention to Rio Grande and increase shareholder value in the short and long term.”
Dr. Peter Born P.Geo. is responsible for the geological content in this release.
For more information please contact the Company at 1 604 669 9330 or email: info@riograndemining.com .
On behalf of the Board of Directors,
“ADRIAN LAMOUREUX”
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.