Red River Resources Limited Stock Market Press Releases and Company Profile

Perth, Feb 24, 2009 AEST (ABN Newswire) - Red River Resources Limited (ASX:RVR) are delighted to announce the discovery of significant magnetite mineralisation from recent drilling at the Miaree Project.

In collaboration with Joint Venture partner Iron Mountain Mining Limited (ASX:IRM) a total of 58 reverse circulation (RC) holes for a total of 5,800m were drilled on 13 drilling lines across the interpreted position of the Miaree Magnetite Trend in the Decmber 2008 quarter. Analytical results received in February 2009 have confirmed the presence of extensive magnetite mineralisation within the Miaree Magnetite Trend aeromagnetic anomaly, southwest of Karratha in the Pilbara region of Western Australia.

This RC drilling program was the first to be drilled on the Miaree Project and as such tested a variety of targets in order to calibrate aeromagnetic responses to subsurface geology and mineralisation. Therefore, to test the extent of the mineralisation relative to aeromagnetic responses, not all drillholes were positioned to return optimal results.

Most importantly, the results from drillholes that targeted aeromagnetic peaks encountered magnetite beds with true widths ranging between 50-85m at grades of around 30% Fe including an intersection of 150m @ 30.1% Fe in drillhole MK002 that ended in mineralisation.

Sections across the Miaree aeromagnetic anomaly containing significant mineralised intersections are shown in Figures 3-7 however the drilling on most of these lines did not extend much beyond the interpreted peak of the aeromagnetic anomaly. Drilling line "L" represents a section across the entire Miaree aeromagnetic anomaly and gives a truer representation of the total Miaree mineralised profile.

Drillholes located on the flanks of the anomaly generally encountered thinner magnetite beds grading 25-32% Fe but still contained intersections of 34m @ 32.2% Fe and 40m at 28.1% Fe.

The total strike length of the Miaree Magnetite Trend residing within the Company's tenements is 25 km. In addition to the Miaree Magnetite Trend, a further 4 km of strike length occurs to the east where field reconnaissance has confirmed that the anomaly is caused by magnetite-bearing beds within a tightly folded syncline.

Davis Tube determinations of recoverable magnetite content are planned for early March 2009.

Magnetic modelling of the drilling data is planned and the results of this study will then be utilised in the calculation of a JORC compliant resource in near future.

The area is also excellently situated in terms of existing and future infrastructure which is conducive to the development of satellite magnetite deposits.

Under the farm-in terms of the joint venture agreement with Red River, Iron Mountain currently holds 25% equity in the Miaree Project but IRM can earn a further 25% by spending $1.5 million and then an additional 20% by spending $2 million. In total, Iron Mountain has the option earn up to 70% by spending a further $3.5 million.

HIGHLIGHTS

- Magnetite intersections of up to 150m @ 30.1% Fe ending in mineralisation

- Strong correlation between magnetite mineralisation and magnetic field strength from drilling on the Miaree Magnetite Trend

- Peak aeromagnetic field strength readings correspond to the thickest sub-vertical magnetite-bearing beds of 50-85m true width carrying grades of around 30% Fe.

- Flanks on either side of the Miaree Magnetite Trend aeromagnetic anomaly correspond to thinner magnetite-bearing beds grading 25-32% Fe.

- Company tenement holdings cover 25km of Miaree Magnetite Trend strike length

- Significant existing infrastructure in the region creates a favourable environment for the development of satellite magnetite projects.

Contact

J.Karajas
Managing Director

Tel: +61-8-9225-4917
Fax: +61-8-9225-6474
www.redriverresources.com.au



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