Redcorp Ventures Ltd.
TSX : RDV

Redcorp Ventures Ltd.

December 02, 2008 09:00 ET

Redcorp Ventures Ltd.: Appointment of Owner's Project Management Team

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2008) - Redcorp Ventures Ltd. (TSX:RDV) ("Redcorp" or the "Company") and its wholly-owned subsidiary, Redfern Resources Ltd. ("Redfern"), are pleased to announce the appointment of Global Project Management Corporation ("Global") to head the Tulsequah Chief Mine project management team and provide Owner's representation on site and with external contractors.

Global's principal is William (Bill) McKenzie, P.Eng., a well-known expert in project development and construction management in the mining industry and other major projects. Bill has over 35 years experience in diverse mining projects in Canada and globally. Bill will bring in additional key staff to provide full-time effective supervision and cost control services for the Company in order to achieve maximum efficiency during the main construction period at the mine site through 2009.

"We are very pleased to have secured the services of Bill McKenzie and his team to ensure that there is efficient coordination and integration of the construction management and engineering services and to assist in identifying improvements to logistics and contractor operations. Bill's expertise is at the highest level and well-recognized in the industry," stated Terry Chandler, Redcorp President and CEO.

Part of the scope of responsibility for Global will be to assist Redfern to integrate key operating staff into the construction management to ensure that there is a smooth transition to operations at the finalization of the mine build. Global has already commenced initial orientation and familiarization work and will bring full-time staff on stream by mid-December 2008.

Site Construction Progress

The Company is also pleased to report that the final bridge and causeway connecting the site access roads was put in place on November 30, three days ahead of schedule. This will now allow full movement of equipment and supplies to the mine site area and associated key infrastructure facilities, including the waste pads and future tailings facility areas.

Redcorp is a Vancouver based mineral exploration and development company with active projects in British Columbia, Canada and Portugal. Further information on Redcorp and the Tulsequah Project can be obtained on our website at www.redcorp-ventures.com and at Redfern's website at www.redfern.bc.ca or by calling toll-free to Troy Winsor, Manager of Investor Relations or Salina Landstad, Manager of Public Relations at the contact numbers listed below.

ON BEHALF OF THE BOARD OF DIRECTORS OF REDCORP VENTURES LTD.

Terence Chandler, President and CEO

Certain of the statements made and information contained herein may contain "forward-looking information" within the meaning of the British Columbia Securities Act, Alberta Securities Act and Ontario Securities Act or "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States, including, without limitation, statements concerning the Company's plans at its Tulsequah Project and other mineral properties and the Company's revised economic evaluation of the Tulsequah Project, which involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control which may cause the actual results, performance or achievements of the Company, or industry results and/or consensus metal prices, to be materially different from any future results, metal prices, performance or achievements expressed or implied by such forward-looking information or forward-looking statements. Forward-looking information and forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information or forward-looking statements, including, without limitation, material factors and assumptions relating to, and risks and uncertainties associated with, the ultimate recovery, if any, of the Company's investment in ABCP that has since August 2007 been the subject of a liquidity restructuring plan proposed by the Pan Canadian Committee representing the Montreal Accord and sanctioned on August 18, 2008 by the Ontario Court of Appeal pursuant to section 6 of the Companies' Creditors Arrangement Act (leave to appeal to the Supreme Court of Canada was refused on September 19, 2008) and expected to be finalized and distributed on or before December 19, 2008, risks relating to the availability of financing for activities when required and on acceptable terms, risks relating to the non-completion of the Company's gold sale agreement, the MRI contingency loan, or the HSBC Bank Canada loan facilities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, the achievement and maintenance of planned production rates, the accuracy of component costs of capital and operating cost estimates, current and future environmental and regulatory requirements, favourable governmental relations, the availability of permits and the timeliness of the permitting process, the availability of shipping services, the availability of specialized vehicles and similar equipment, costs of remediation and mitigation, maintenance of title to the Company's mineral properties, industrial accidents,
equipment breakdowns, contractor's costs, remote site transportation costs, materials costs for remediation, labour disputes, the potential for delays in exploration or development activities, timely completion of future NI 43-101 compliant reports, timely completion of future feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, continuing global demand for base metals, the fact that the 2007 Feasibility Study is based upon probable mineral reserves and not proven mineral reserves, expectations and beliefs of management and other risks and uncertainties, including those described under "Risk Factors" in the Annual Information Form of the Company filed on SEDAR on March 31, 2008, and in each subsequent management's discussion and analysis. Forward-looking information and forward-looking statements for time periods subsequent to 2008 involve longer term assumptions and estimates than forward-looking information and forward-looking statements for 2008 and are consequently subject to greater uncertainty. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information or forward-looking statements. When used herein, the words "anticipate", "believe", "estimate" and "expect" and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking information or forward-looking statements relating to the business and affairs of the Company. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise.

News Release 08-27

Contact Information

  • Redcorp Ventures Ltd.
    Troy Winsor
    Manager, Investor Relations
    (604) 466-8934 or 1-888-225-9662
    or
    Redcorp Ventures Ltd.
    Salina Landstad
    Manager, Public Relations & Corporate Communications
    (604) 639-0135 or 1-888-669-4775 ext. 103
    Website: www.redcorp-ventures.com