Red Pine Withdraws Previously Announced Assay Results for Wawa Gold Project Pending Further Review
Red Pine Withdraws Previously Announced Assay Results for Wawa
Gold Project Pending Further Review
Toronto, Ontario (May 1, 2024) – Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF )
(“Red Pine” or the “ Company”) reports that it has discovered inconsistencies in certain assay
results from the Wawa Gold Project which were previously publicly announced by way of press
releases and which may also have been disclosed or used in certain other disclosure documents,
such as the National Instrument 43-101 Technical Report for the Wawa Gold Project dated June
21, 2023. Accordingly, the Company hereby withdraws all its previously announced assay results
for the Wawa Gold Project and advises that such results, and the disclosure that such results are
based on, should not be relied upon.
The Company is conducting a detailed review and comparison of the assay results from the Wawa
Gold Project with the Company’s disclosure documents in order to identify and quantify the extent
of any incongruities. The Company is in the process of retaining a qualified independent firm to
assist with and to supervise the Company’s review to determine the nature and extent of any
inconsistencies in the reported assay results and to subsequently provide an independent view
on the overall impact of such inconsistencies in respect of the mineralization of the Wawa Gold
Project.
The Company will keep the market updated as further information becomes available.
About Red Pine Exploration Inc.
Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario,
Canada. The Company's shares trade on the TSX Venture Exchange under the symbol "RPX"
and on the OTCQB Markets under the symbol “RDEXF”.
The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario, a region that has seen
major investment by several producers in the last five years. Its land package hosts numerous
historic gold mines and is over 7,000 hectares in size. Red Pine is building a strong position as a
major mineral exploration and development player in the Michipicoten region.
Contact:
Paul Martin, Board Chair and Interim CEO, at (416) 364-7024 or [email protected].
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking Information
This news release may contain statements which constitute “forward-looking information” within
the meaning of applicable securities laws, including statements regarding the plans, intentions,
beliefs, and current expectations of the Company with respect to future growth, results of
operations, performance and business prospects and opportunities of Red Pine.
All statements, other than statements of historical fact, that address circumstances, events,
activities or developments that could, or may or will occur constitute forward-looking information.
Often, but not always, forward-looking information can be identified by the use of words such as
“plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates”, “believes” or variations (including negative and grammatical variations) of such
words and phrases, or statements that certain actions, events or results “may”, “could”, “would”,
“might” or “will” be taken, occur or be achieved.
This news release may contain forward-looking information including, but not limited to, the review
the Company is conducting with respect to its previously announced assay results, the results of
such review and the Company updating the market as further information becomes available.
Investors are cautioned that forward-looking information is not based on historical facts but,
instead, reflects management’s expectations, estimates or projections concerning future results
or events based on the opinions, assumptions and estimates of management considered
reasonable at the date the statements are made. Such opinions, assumptions and estimates are
inherently subject to a variety of risks and uncertainties that could cause actual events or results
to differ materially from those projected and undue reliance should not be placed on such
information, as unknown or unpredictable factors could have material adverse effects on future
results, performance or achievements.
Among the key factors that could cause actual results to differ materially from those projected in
the forward-looking information are: global liquidity and credit availability on the timing of cash
flows and the values of assets and liabilities based on projected future conditions; general
business, economic, competitive, political and social uncertainties; uncertainties arising from the
COVID-19 outbreak; the actual results of current exploration activities; conclusions of economic
evaluations; fluctuations in currency exchange rates; higher prices for fuel, power, labour and
other consumables contributing to higher costs; seasonality and weather; changes in project
parameters as plans continue to be refined; project cost overruns; future prices of zinc, lead,
vanadium, copper, silver and gold or other metal prices; possible variations of mineral grade or
recovery rates; failure of equipment or processes to operate as anticipated; accidents; labour
disputes; unanticipated reclamation expenses; title disputes or claims; limitations on insurance;
and other risks of the mining industry, including but not limited to environmental hazards,
equipment breakdown, employee sickness and acts of God or other unfavourable operating
conditions and losses; delays caused due to a breakdown in relations with First Nations Bands
on whose traditional territory the Wawa Gold Project (as hereinafter defined) is located; and
delays in obtaining governmental approvals, project financing or in the completion of exploration
activities. Readers are cautioned that the foregoing list of factors is not exhaustive.
This information contained in this news release is qualified in its entirety by cautionary statements
and risk factor disclosure contained in filings made by the Company, including the Company’s
financial statements and related MD&A for the year ended July 31, 2023, and the interim financial
reports and related MD&A for the periods ended October 31, 2023 and January 31, 2024, filed
with the securities’ regulatory authorities in certain provinces of Canada and available
at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking information prove incorrect, actual results may vary
materially from those described herein as intended, planned, anticipated, believed, estimated or
expected.
Although the Company has attempted to identify important factors that could cause actual actions,
events or results to differ materially from those described in forward-looking statements, there
may be other factors that cause actions, events or results to differ from those anticipated,
estimated or intended. Forward-looking statements contained herein are made as of the date of
this news release and Red Pine disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or results or otherwise, except
as required by applicable laws. There can be no assurance that forward-looking information will
prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on forward-
looking statements.