THUNDER BAY, ON, July 6, 2011 /PRNewswire/ – Red Metal Resources Ltd.
(OTCBB:RMES), a mineral exploration company with copper-gold assets in
Chile, today announced that it has signed an agreement to purchase the
Veta Negra Property located in III Region Atacama, Chile.

The Veta Negra Property is 5,300 hectares (13,097 acres) in size
consisting of eighteen exploration claims. Red Metal acquired a 100%
interest in the eighteen exploration claims and concurrently signed an
option agreement to purchase 100% of two mining claims totaling 44
hectares (108 acres) underlying the exploration claims.

The Veta Negra Property is located 3 kilometres west of Red Metal’s
Mateo Project and approximately 45 minutes from the city of Vallenar,
with major road access, power and water supply close by. The property
lies in the Cretaceous Cerrillos Formation composed of andesites,
conglomerates and arenites. Red Metal’s geologists have reviewed the
property and identified three mineralized mantos hosted in andesites on
the property. One manto can be traced on surface for approximately 2
kilometres, a second manto for approximately 1 kilometre, and a third
manto for approximately 500 metres.

Veta Negra Property Highlights

The Veta Negra Property lies in the Cretaceous Cerrillos Formation, an
epiclastic and volcaniclastic sequence of fluvial conglomerates and
sandstones of volcanic origin and freshwater limestones all overlain by
volcanic breccias and lava flows. The mineralized mantos identified on
surface are of variable widths averaging six metres with significant
iron oxide, silica, epidote, chlorite and tourmaline alteration with
copper mineralization comprised of chrysocolla, a copper oxide.
Channel sampling results from Red Metal’s evaluation of the property
include:

SAMPLE					Cu %					Length of Sample (m)
201191					1.34					3
201190					1.36					3
260307					1.37					2
201193					1.62					3
201192					1.87					3

Terms of Veta Negra Property Purchase and Option Agreement

Red Metal purchased 100% of eighteen exploration claims on the Veta
Negra Property for a one-time payment of US$3,500 and the transfer of
four generative concessions that do not meet our exploration criteria.

Red Metal has an option to acquire 100% of the two mining claims by
making four payments totaling US$104,000: US$14,000 upon signing,
US$10,000 on August 15^th, 2011, US$20,000 on February 15^th, 2012 and US$60,000 on February 15^th, 2013. The property has a 1.5% net smelter royalty that can be
purchased for US$250,000 at any time.

Caitlin Jeffs, P.Geo., president of Red Metal, stated, “The addition of
Veta Negra gives Red Metal its fourth highly prospective exploration
project in the Candelaria IOCG belt. We believe that we have assembled
one of the most attractive, best-positioned exploration packages in the
belt and we look forward to advancing our projects.”

Michael Thompson, P. Geo., vice president of exploration for Red Metal,
the project’s qualified person as defined in NI 43-101, has reviewed
and approved the contents of this news release.

About Red Metal Resources Ltd.

Red Metal Resources is a mineral exploration company focused on
aggressive growth through acquiring, exploring and developing
copper-gold assets in Chile. Our projects are located in the prolific
Candelaria iron oxide copper-gold (IOCG) belt of Chile’s coastal
Cordillera, host to Freeport-McMoRan’s Candelaria Mine and Anglo
American’s Mantoverde Mine. Red Metal is a fully reporting US public
company quoted on the OTCBB under the symbol RMES. For more
information, visit www.redmetalresources.com.

Except for the statements of historical fact, the information contained
herein is of a forward-looking nature. Such forward-looking information
involves known and unknown risks, uncertainties and other factors that
may cause the actual results, performance or achievement of the company
to be materially different from any future results, performance or
achievements expressed or implied by statements containing
forward-looking information. Accordingly, you should not place undue
reliance on statements containing forward looking information. The U.S.
Securities and Exchange Commission permits mining companies, in their
filings with the SEC, to disclose only those mineral deposits that a
company can economically and legally extract or produce. We may use
certain terms in our press releases, such as “measured,” “indicated,”
and “inferred” resources, which the SEC guidelines generally prohibit
companies from including in their filings with the SEC. Investors are
urged to consider closely the disclosure in our Form 10-K, which may be
obtained from us, or from the SEC website at http://www.sec.gov/edgar.shtml.

Red Metal Resources Ltd. Adam Rabiner
Corporate Communications
604-648-0513 or 1-866-907-5403
invest@redmetalresources.com
www.redmetalresources.com

SOURCE Red Metal Resources Ltd.