Red Pine Withdraws Previously Announced Assay Results for Wawa Gold Project Pending Further Review

TORONTO, May 01, 2024 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (“Red Pine” or the “Company”) reports that it has discovered inconsistencies in certain assay results from the Wawa Gold Project which were previously publicly announced by way of press releases and which may also have been disclosed or used in certain other disclosure documents, such as the National Instrument 43-101 Technical Report for the Wawa Gold Project dated June 21, 2023. Accordingly, the Company hereby withdraws all its previously announced assay results for the Wawa Gold Project and advises that such results, and the disclosure that such results are based on, should not be relied upon.

The Company is conducting a detailed review and comparison of the assay results from the Wawa Gold Project with the Company’s disclosure documents in order to identify and quantify the extent of any incongruities. The Company is in the process of retaining a qualified independent firm to assist with and to supervise the Company’s review to determine the nature and extent of any inconsistencies in the reported assay results and to subsequently provide an independent view on the overall impact of such inconsistencies in respect of the mineralization of the Wawa Gold Project.

The Company will keep the market updated as further information becomes available.

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 7,000 hectares in size. Red Pine is building a strong position as a major mineral exploration and development player in the Michipicoten region.

Contact:
Paul Martin, Board Chair and Interim CEO, at [phone] or [e-mail].

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This news release may contain statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future growth, results of operations, performance and business prospects and opportunities of Red Pine.