Red Eagle Mining purchases CB Gold shares in the market

VANCOUVER, Sept. 16, 2015 /CNW/ - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF, SSE-V: RDCL) has purchased a further 2,566,000 common shares (the "Shares") of CB Gold Inc. ("CB Gold") on certain public markets, including the Toronto Stock Exchange Venture. 

Red Eagle Mining has previously disclosed in its take-over bid circular in respect of its offer to acquire all of the issued and outstanding Shares of CB Gold (the "Offer"), that it may purchase Shares in the open market during the period of the Offer. Today's highest price paid for the Shares was $0.065. An aggregate of 6,575,000 Shares have been purchased in the open market since the commencement of Red Eagle Mining's Offer on June 30, 2015 for an average price $0.06. After today's purchase, Red Eagle Mining owns a total of 83,480,198 Shares of CB Gold, representing 46% of the total outstanding Shares of CB Gold.

About Red Eagle Mining

Red Eagle Mining is a well-financed gold exploration and development corporation with an experienced mine-development team.  Management is focused on building shareholder value through discovering and developing gold projects with low costs and low technical risks in Colombia, a jurisdiction with prolific historic production but until recently limited modern exploration.  Red Eagle Mining is developing the 100 square kilometre historic Santa Rosa Gold Project located in the Antioquia Batholith.  Construction is underway at the fully permitted and fully financed San Ramon Gold Mine with production expected to commence in the second half of 2016.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes forward-looking statements that are subject to risks and uncertainties.  All statements within, other than statements of historical fact, are to be considered forward looking.  Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements.  Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.  There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties.  We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

SOURCE Red Eagle Mining Corporation

For further information on Red Eagle Mining Corporation please contact: Patrick Balit, Director Corporate Development, Red Eagle Mining Corporation, Suite 920 - 1030 West Georgia Street, Vancouver, BC, V6E 2Y3, [phone], [phone] mobile, [email protected], www.redeaglemining.com