Northwest Mining Investor Report

Northwest Mining Investor Report

August 15, 2007 08:00 ET

Northwest Mining Investor Report: the Tulsequah Chief Mine Project Redcorp Ventures' Hoverbarge Plan Runs Into Problems

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2007) - Northwest Mining Investor Report -

New information uncovered by the Northwest Mining Investor Report (NWMIR) shows that Redcorp's hoverbarge plan to access their proposed Tulsequah Chief mine has experienced delays, faces in-depth scrutiny from Alaska and US federal agencies, and may not proceed according to announced permitting and development schedules.

A summary of the new report is included here. The full version can be seen at www.nwmininginvestor.com.

This is the first edition of the Northwest Mining Investor Report and the launch of our website www.nwminginvestor.com. We will be providing timely and unique information on the Tulsequah Chief property, nearby properties such as Big Bull and New Polaris and other mining projects in the northwest region such as Red Chris and Galore Creek. Please read the important Terms of Use and Disclaimer at www.nwmininginvestor.com before using the site.

US Federal and Alaska Agencies Raise Strong Concerns

At a May 2nd meeting with US federal and Alaska agency staff, Redcorp officials faced a host of questions over the lack of detail Redcorp had provided about the hoverbarges. Alaska officials then made it clear that Redcorp would need two permits from Alaska for the hoverbarges and would also have to go through a Coastal Zone consistency review and a public hearing and comment process. Later in May Alaska Department of Fish and Game's Juneau sport fish and commercial fish biologists sent critical memos to the Department of Natural Resources that recommended against issuing permits for the hoverbarge plan.

Redcorp has claimed that hoverbarges have operated in environments similar to the Taku but a review of previous uses shows this not to be the case. The amphitrac is brand new and is still at the design stage.

Permitting Delays

In January Redcorp said the permits for the hoverbarge system "could be completed in three to six months." As of early August Redcorp had still not submitted the paperwork to proceed with any of its outstanding BC, Alaska or Canadian federal permits or authorizations.

Hoverbarge and Amphitrac Construction Delays

In January the company said the construction of hoverbarges and amphitracs would take place February-June 2007. As of early August, construction of the hoverbarges has not started. In a June 4 press release Redcorp said it has initiated design and construction of the amphitrac, but it is unclear how far this work has advanced.

Winter 2007 Deadline

Redcorp's May 12 "Project Description" states that "a year-round access must be developed prior to the winter of 2007..." Delays in permitting and in construction of the hoverbarges and amphitracs could jeopardize this deadline.

Barge Troubles

In July Redcorp completed seven conventional barge runs in the Taku to bring in construction equipment and supplies. The barge damaged a fish wheel at Canyon Island and also reportedly struck the canyon wall in the same stretch of river. Other sources indicate the barge and tug had difficulties due to shallow river areas, fast current and narrow river sections.

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