VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2012) - Redzone Resources Corp. ("REZ" or the "Company") (TSX:REZ) reports that it has filed its unaudited condensed interim consolidated financial statements for the three and nine months ended January 31, 2012 and the related management's discussion and analysis ("MD&A").
The Company reports a net loss for the three and nine months ended January 31, 2012 of $0.3 million and $1.1 million, respectively, compared with $0.3 million and $0.9 million for the comparative periods in 2011.
As at January 31, 2012, the Company had working capital of $1.6 million, including cash of $1.7 million. With this funding in place, the Company is in a financial position to continue its current exploration strategy on the Lara Property.
The Company announced results of the successful 2011/2012 diamond drilling campaign on the Lara Copper joint venture property in southern Peru, Ayacucho Department. The highlight of the program was the intersection of 0.33% CuEq over 235 m inclined width and the extension of the mineralization footprint 800 m to the east.
The Company successfully drilled ten diamond drill holes totaling 4,700 m before the onset of the Peruvian rainy season. The objective of the 2011 drill program was to test the IP and magnetic geophysical survey results for the potential of large and deep hypogene mineralization, as suggested by the ground geophysical anomalies. In addition, the drilling program was designed to test the extent of the potential near-surface oxide-enrichment. The latest results of the 2011- 2012 drill program can be obtained from a press release dated February 27, 2012 on SEDAR at www.sedar.com.
Copies of the unaudited condensed interim financial statements and related MD&A can be found on SEDAR at www.sedar.com.
About Redzone Resources Ltd.
Redzone is a mineral exploration company focused on the acquisition and exploration of properties with prospects for hosting gold and base metal deposits in Peru. Redzone is listed on the Toronto Stock Exchange (REZ) and more information can be found at www.redzoneresources.ca.
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans and objectives of Redzone Resources Ltd. are forward-looking statements that involve various risks. The following are important factors that could cause Redzone Resources' actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Redzone Resources undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.