Red Eagle Mining Corporation (RDEMF)

[RobertJames]

Red Eagle Mining (TSX VENTURE:RD) Completes $4,166,666 Financing




VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 23, 2013) - Red Eagle Mining Corporation (TSX VENTURE:RD) (OTCQX:RDEMF) is pleased to announce that Liberty Metals & Mining Holdings LLC ("LMM"), a subsidiary of Liberty Mutual Insurance, has completed the purchase of a 1% net smelter royalty (the "Royalty") on a portion of Red Eagle Mining's Santa Rosa Gold Project for $4,166,666. This is in addition to the 2% net smelter royalty purchased by LMM on October 22, 2012 on the same mineral Concessions. For a period of two years from the date of first gold production, Red Eagle Mining may repurchase 1% of the Royalty for $8,333,333. The Royalty does not apply to the mineral Concessions acquired from Grupo de Bullet on October 25, 2012 for a 1.5% net smelter royalty on those particular Concessions.

Separately, Mr. Noel Dunn has stepped down as a director of Red Eagle Mining following his departure from LMM. Mr. Dunn joined the Red Eagle Mining Board as LMM's nominee director in connection with LMM's acquisition of a 19.9% interest in Red Eagle Mining on October 22, 2012. LMM will nominate a replacement in due course. Red Eagle Mining's Board would like to thank Mr. Dunn for his contribution over the past year and wish him all the best with his future endeavours.