Radisson and IAMGOLD Collaborate on Gold Exploration

Radisson Mining Resources Inc. has announced that it has signed a Memorandum of Understanding with IAMGOLD Corporation to evaluate the design requirements for processing mined material from Radisson’s O'Brien Gold Project at the adjacent Doyon gold mill, which is part of IAMGOLD’s Doyon-Westwood mining complex. The Doyon mill is located 21 km west of O'Brien in Quebec's Abitibi area, with easy access via Trans-Canada Highway 117.

If both parties agree that off-site processing at Doyon is viable, Radisson plans to conduct a Preliminary Economic Assessment for O'Brien, which will take into account mine design, mining methodology, mining rate, and gold production profile, facility requirements, development schedule, and overall project economics.

Hub-and-spoke mining and milling arrangements have long been a feature of gold mining in the Abitibi. Today we are announcing the first step in assessing the viability of such an arrangement for the O’Brien Gold Project. The MOU with IAMGOLD will facilitate the technical work required to assess the compatibility of O’Brien’s gold ore with the Doyon mill. Doyon is directly accessible to O’Brien via a short haul on paved highway, and a future O’Brien mine with offsite processing and tailings disposal would be a potentially low-cost, low-impact and highly profitable mining operation.

Matt Manson, President and Chief Executive Officer, Radisson Mining Resources

Manson added, “The MOU with IAMGOLD contains no commercial terms regarding how ore supply from O’Brien to Doyon would be arranged; however, further discussions between the two parties, and a companion O’Brien PEA, are contemplated upon the successful completion of this preliminary technical work.”

Terms of the MOU

The MOU allows Radisson and IAMGOLD Corporation to share technical data on metallurgy, flow-sheet configuration, prospective mill upgrades, and future processing and tailings disposal capability. Each Party will bear its costs related to the work. Radisson has contracted Ausenco Engineering Canada ULC to undertake the evaluation, and metallurgical work has already begun at SGS Canada Inc.’s facilities in Lakefield, Ontario.

The MOU is non-binding and non-exclusive, with no explicit conditions governing prospective commercial partnerships between the parties. There is no guarantee that any arrangement between the Parties will come from their dealings under the MOU.