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MEI Online: People News: North America: December 19th 2011


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:: Ridgemont Appoints Former Iron Ore Company General Manager as CEO

Ridgemont Iron Ore Corp. is pleased to announce the appointment of Brian Penney as President and Chief Executive Officer, effective as of December 1, 2011, at which time Mr. Mark Morabito will assume the role of Executive Chairman.

Mr. Penney brings significant iron ore experience to Ridgemont, having worked for the Iron Ore Company of Canada ("IOC"), a Rio Tinto subsidiary, for more than 15 years. During his tenure with IOC, Mr. Penney held many senior roles including: General Manager of all Processing facilities, General Manager of Mining Operations and General Manager of Integrated Planning.

Mr. Penney's twenty years of experience in the mining sector has also included senior operating and environmental positions in the gold industry. He is a professional engineer, graduating from Technical University of Nova Scotia (TUNS) with a degree in Metallurgy.Mark Morabito, current President and CEO of Ridgemont states, "I am very excited that we have been able to add someone of Brian's calibre to the Ridgemont team. His iron ore experience and expertise will be invaluable as we work to advance the Redford project and broaden Ridgemont's portfolio." Mr. Morabito will transition with Mr. Penney and continue to be involved with Ridgemont as Executive Chairman of its Board of Directors.

Ridgemont has granted Mr. Penney, under the terms of its stock option plan, options to purchase up to 400,000 common shares at a price of $0.59 per share. The options are subject to vesting over a two year period and have an expiry date of November 4, 2016.About Ridgemont




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