March 25, 2020
Stock Symbol: TSX.V: RMK
St. John’s, Newfoundland and Labrador: Red Moon Resources Inc. (“the Company” – “Red Moon” TSX-V:RMK) announces that in 2019 the Company produced 155,914 tonnes of gypsum/anhydrite from its Ace mine in western Newfoundland in its first year of production. This amounts to net proceeds of $366,400.00 before tax but after payment of all mining and production costs. The Company is currently finalizing its contract mining arrangements for 2020 as well as bidding and negotiating sales contracts for the coming production season. It is premature to provide guidance for 2020 production until sales contracts and a production schedule are finalized. However, based on discussions to date, the Company expects production to exceed 2019 numbers barring any production or sales interruptions. The production season commences in mid-May though overburden removal is expected to commence before that date.
Recent Special Measures Orders (“measures”) by the Province of Newfoundland and Labrador restrict the mobility of persons entering the province via self-isolation requirements in response to the Covid-19 pandemic. These restrictions are not expected to materially affect the Company’s operations because the Ace Mine employs workers and services from local communities not requiring inter-provincial or international travel. Furthermore, the measures have exempted asymptomatic workers from self-isolation requirements when travelling into the province for mining activities (and other specified purposes) as per further information available on the government website https://www.gov.nl.ca/covid-19/ . However, future Covid-19 related measures may impact the Company’s operations. This situation will be better assessed as the production season approaches.
The Company recognizes the severity of the current Covid-19 related measures and will continue to monitor the situation closely with its contractors and abide by all regulatory requirements.
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