Redcorp Ventures Ltd.
TSX : RDV

Redcorp Ventures Ltd.

October 03, 2007 09:00 ET

Redcorp Ventures Ltd.: Redfern Receives Approval for Changes to Tulsequah Project Design & Extension of Project Approval Certificate

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 3, 2007) - REDCORP VENTURES LTD. (TSX:RDV) and Redfern Resources Ltd. ("Redfern"), its wholly-owned subsidiary, (together the "Company"), are pleased to announce that Redfern has received approval from the British Columbia Environmental Assessment Office for its proposed design and infrastructure changes to the original mine plan.

"The approval of the revised mine design by the Province of British Columbia brings the Tulsequah Chief Project closer to becoming British Columbia's next metal mine," said Terry Chandler, President & CEO of Redcorp. "The acceptance of the proposed changes to the site plan allow for a smaller environmental footprint for the mine while increasing operational efficiency and ultimately profitability."

Highlights from the revised mine site plan include:

- a 2000 tonnes per day milling capacity as outlined in the feasibility study announced on January 29, 2007;

- the movement of the pyrite storage facility to within a lined waste rock temporary storage area;

- a reduction in the original size of temporary waste rock storage from 5.6 hectares to 3.0 hectares;

- the combining of three separate infrastructure facility areas into one area of similar dimensions within a previously disturbed area; and

- the movement of the crushing and milling facility to an enclosed building on surface.

Redfern has also received approval for the extension to its original Project Approval Certificate which allows for the design, construction, operation and ultimate dismantlement of the Tulsequah Chief Mine Development Project. Under the terms of the amendment, the Province of British Columbia has granted an extension of up to five years to its original Certificate during which time Redfern must substantially start the Project. This extension is valid until December 12, 2012.

Redfern has one final EA amendment application in progress, to approve the use of air cushion barges for year-round access to the site in place of the 162 kilometer access road. This amendment is in the public comment period. Information from public comments will be incorporated in the formal review process. Redfern anticipates that the formal EA amendment process will conclude by the end of this year.

Work on site is continuing and the Company has now completed an additional phase of conventional barging which included deliveries of bridges, additional heavy equipment and a water treatment plant. The Company is presently awaiting the issuance of its Mineral Exploration Code Permit II which will allow for the continuation of road construction from the Big Bull junction to the mine site and construction of an airstrip.

Redcorp Ventures Ltd. is a Vancouver-based mineral exploration and development company with active projects in British Columbia and Portugal. Further information on Redcorp and its projects can be obtained on Redcorp's website at www.redcorp-ventures.com or by calling Troy Winsor, Manager of Investor Relations at 1-888-225-9662. Members of the media or other stakeholders should contact Salina Landstad, Manager of Public Relations and Corporate Communications at (604) 639-0135.

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

Terence Chandler, President

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Securities Act (Ontario) and the Securities Act (Alberta). Forward-looking information includes disclosure regarding possible or anticipated events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action and includes future oriented financial information with respect to prospective results of operations or financial position that is presented either as a forecast or a projection. Forward looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend"; statements that an event or result is "due" on or "may", "will", "should", "could", or might" occur or be achieved; and, other similar expressions.

More specifically, forward looking information contained herein includes, without limitation, statements concerning the Company's plans at its Tulsequah Project (inclusive of the Big Bull Project), the net present value of the Tulsequah Project, the timing and amount of estimated future production and mine life, expected future prices of gold, silver, copper, lead and zinc, metallurgical response and net smelter return valuations, mineral reserve and mineral resource estimates, estimated capital and operating costs of the project, estimated capital pay back period, timing of development and permitting time lines; all of which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Forward-looking information contained herein is based on material factors and assumptions and is subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from a conclusion, forecast or projection in the forward-looking information. These include, without limitation, material factors and assumptions relating to, and risks and uncertainties associated with, the availability of financing for activities when required and on acceptable terms, the accuracy of the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the consistency of future exploration, development or mining results 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 NP 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, expectations and beliefs of management and other risks and uncertainties, including those described under Risk Factors Relating to the Company's Business in the Company's Annual Information Form, dated March 28, 2006, and in each subsequent Management's Discussion and Analysis. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to be accurate. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

News Release 07 - 37

Contact Information

  • Redcorp Ventures Ltd.
    Troy Winsor
    Manager of Investor Relations
    1-888-225-9662
    or
    Redcorp Ventures Ltd.
    Salina Landstad
    Manager of Public Relations and Corporate Communications
    (604) 639-0135
    Website: www.redcorp-ventures.com