Red Pine Exploration Announces the Results of its Annual General Meeting, Provides Update & Grants Annual Stock Option Awards

TORONTO, March 21, 2024 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSXV: RPX, OTCQB; RDEXF) (“Red Pine” or the “Company”) is pleased to announce the results of its Annual General Meeting of Shareholders (the “Meeting”) held virtually on March 12, 2024.

At the Meeting, the shareholders:

• elected Drew Anwyll, Gary O’Connor, Rachel Goldman, Paul Martin and Quentin Yarie as directors of the Company; and
• reappointed MNP LLP, Chartered Professional Accountants as the Company’s auditors until the next annual meeting of shareholders, and to authorize the directors to set their renumeration.

Mr. Paul Martin commented, “We are extremely fortunate to have added Gary O’Connor to the Board given his extensive experience in the evaluation and development of resources, including most recently at the Tower Gold project located in the Timmins gold camp”. Mr. Martin added, “The Board is actively engaged in the CEO search which is progressing well and is expected to yield positive results in the near-term. As previously stated in the Company’s press release of February 21, 2024, Mr. Yarie has agreed to resign his Board seat following the appointment of a new CEO”.

Operational Update

At this time, two drills continue to be active on the Wawa Gold project focused on the open pit target and are concurrently testing the hanging wall above of the Jubilee Shear, gaps in the 2019 resource in the Jubilee Shear and zones of mineralization in the footwall (below) of the Jubilee Shear.

Annual Stock Option Grants

The Board of Directors (the “Board”) granted an aggregate of 2,025,000 stock options on March 20, 2024 to directors, officers, employees and consultants of the Company pursuant to its Stock Option Plan. Each stock option is exercisable into one common share of the Company at a price of $0.19 CAD per common share, being the closing price of the Company’s common shares as at the close of market on March 19, 2024. The stock options vest at a rate of 25% on March 20, 2024, as well as 25% on the next three grant-date anniversaries up to March 20, 2027, and expire on March 20, 2029.

About Red Pine Exploration Inc.

Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company's shares trade on the TSX Venture Exchange under the symbol "RPX" and on the OTCQB Markets under the symbol “RDEXF”.

The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 6,900 hectares in size.