Radisson Resumes Exploration at the O’Brien Gold Project

ROUYN-NORANDA, Quebec, May 12, 2020 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF): (“Radisson” or the “Company") announces today that in line with the Governement of Quebec announcement on May 7, 2020, it is resuming exploration activities at the O’Brien gold project. The 100% owned O’Brien gold project is located along the Larder-Lake-Cadillac Break, halfway between Rouyn-Noranda and Val-d’Or in Abitibi-Témiscamingue, Quebec. Pursuant to the Government of Quebec directives, the head-office remains closed and teleworking remains in place for all departments else than for exploration activities at the O’Brien gold project.

To date, Radisson has had no suspected or confirmed cases of COVID-19 and had implemented a specific COVID-19 protocol on March 12 to protect its employees. The health and safety of Radisson’s employees, their families and the communities in which we operate remains the main priority of the company.

Starting today, the company’s exploration team and drilling contractors will be gradually mobilized at O’Brien to implement COVID-19 working procedures in line with recommendations from the Public Health and reference center (INSPQ) and the Commission des normes, de l'équité, de la santé et de la sécurité du travail (CNESST). Drilling is expected to restart and ramp-up following implementation of the necessary health and safety precautions. The Company estimates drilling activites will restart over the next 5 to 7 days.

60,000 m drilling program

Since August 2019, 24,527 m of drilling have been completed. The primary objectives of the 2019/20 drill program are,

1. To validate the 2019 lithostructural model for O’Brien
2. Resource expansion and conversion within and outside the July 2019 resource boundary
3. High-priority exploration targets established down-plunge of high-grade enrichment vectors.

See O'Brien gold project longitudinal long section

Strong balance sheet and Insiders buying

Radisson is fully funded to complete the 60,000 m drill program

• Current cash balance of $6.6 M¹
• All-in drill costs at O’Brien are averaging $110 - $120/m, well below the industry average.

¹ As at May 7, 2020.

Since the beginning of the year, insiders of the Company have acquired a total of 1,341,919 shares of the Company on the TSX Venture Exchange. Management and Insiders ownership currently stands at 10.88%.

Modification to the stock options regime and stock options grant

On April 27, 2020, pursuant to its stock option plan, the company granted 50,000 stock options to an employee to acquire 50,000 Class A shares at an exercise price of $0.17 per Class A share for a term of five years. The company also announces that its Board of directors has approved a modification to the stock option plan of the Company from 12,000,000 issuable stock options up to 18,000,000 stock options, which represents less than 10% of the 189,995,570 outstanding shares. This modification is subject to regulatory approval, including the TSX Venture stock exchange.