Logan Resources Ltd

Canadian mineral properties prospective for precious metals, base metals and uranium.

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Message: Exploration Group VP Jim Crawford on BC iron assays of 43.4% over 49m
Exploration Group VP Jim Crawford on BC iron assays of 43.4% over 49m

Ridgemont Iron Ore Corp TSXV:RDG in joint venture with Logan Resources Ltd TSXV:LGR announced results from their Redford Iron Ore Property on Vancouver Island, BC. Assays include

43.4% iron over 49 metres

52.3% over 31 metres

51.5% over 26 metres

56.6% over 21 metres

50.8% over 23 metres

55.5% over 20 metres

60.2% over 13 metres

49.2% over 12 metres

Under a July 2010 option agreement, Ridgemont may acquire up to a 75% interest in the project. To earn the initial 50%, Ridgemont has paid Logan $75,000 and must pay Logan an additional $50,000 a year and issue the company 100,000 shares a year for three years, as well as spend $3 million on exploration. To earn the additional 25%, Ridgemont must pay all costs needed to make a production decision and arrange for any necessary financing to achieve production.

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