Red Crescent Resources Limited

Red Crescent Resources Limited

December 01, 2011 07:00 ET

Red Crescent Provides Update

Encouraging Copper Mineralization Confirmed in Sivas Project Area

Appoints New Independent Director

Applies for Approval for Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 1, 2011) - Red Crescent Resources Limited (TSX:RCB)(FRANKFURT:7RC), a base metals focused mineral exploration and mine development company with operations in Turkey, announced today that the ALS Chemex (Izmir) laboratory assay results have been received for copper and gold on surface channel samples taken over a width of 60 metres within a targeted listvenite outcrop in the South East Zone (SEZ) of the Sivas Copper Project.

To view the Certificate of Analysis, please visit the following link:

"We are encouraged with the recently received ALS Chemex (Izmir) laboratory assay results from 38 surface channel samples taken over a width of approximately 60 meters," remarked Douglas Taylor, Director and General Manager of the Sivas Copper Project. "The average grade for the 38 samples taken is 0.51% Cu. The central portion of the sampled zone contains stock work quartz and barite veining and returned an average grade of 1.04% Cu over approximately 26 metres, including a higher grade zone of 2.1% Cu over 4 metres."

Sampling was undertaken along exposures of listvenite in the form of continuous 2 metre channel samples, with samples being analyzed for copper by aqua regia digest and atomic absorption spectroscopy (AAS) finish and for gold by 50g fire assay and AAS finish.

The Company also reported that drill hole SEZ 007 targeting this area to test continuity of the mineralisation has returned disseminated copper mineralization, including malachite, azurite and chalcopyrite, in the targeted listvenite zone over a drilled length of approximately 60 metres, with two visually enriched zones each of 4 metre to 5 metre drilled thickness.

ALS Chemex (Izmir) laboratory results for SEZ 007 samples (Cu and Au) are expected by mid-December and ALS Chemex (Vancouver) laboratory multi-element results are expected by the end December. Previous analyses done for copper on the same samples submitted to both ALS Laboratories in Izmir and Vancouver gave good inter-laboratory correlation.

Weather permitting, Red Crescent plans to complete two additional drill holes in this area by mid December 2011.

"The above results underwrite RCR's continued confidence in the value of its assets and their potential to deliver to world class level over time," commented Alan Clegg, Red Crescent Chairman & CEO. "We are further pleased with this timely outcome as it offers confidence to our strategic investment partner Petmin Limited who are currently 'earning-in' for a 37.5% stake in the project by expending C$17 million over the next three years. We announce with pleasure today that Mr. Bradley Doig, Director of Business Development for Petmin Limited, has joined the Red Crescent Board as a Non-Executive Director. We look forward to Bradley's contributions going forward."

The Company also announced that it has applied to TSX for approval of a non-brokered private placement (the "Private Placement") of up to 14,000,000 units of the Company at a price of $0.25 per unit, with each such unit being comprised of one common share of the Company and one common share purchase warrant (each, a "Warrant"). Each such Warrant will entitle the holder thereof to acquire one common share of the Company at a price of $0.40 per share (subject to adjustment in certain circumstances in accordance with the terms of the Warrant) for a period of 24 months from the date of issuance. The completion of the Private Placement is subject to approval of TSX and such other approval as may be required. The Company expects to issue another announcement with further details prior to completion of the Private Placement.

Michael J Robertson Pr.Sci.Nat., a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information contained in this news release.

The statements made in this press release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

About Red Crescent Resources

Red Crescent Resources (TSX:RCB)(FRANKFURT:7RC) is a Turkey-based junior mining company targeting historically inaccessible areas where no modern application of exploration techniques or technology has been applied, with high potential for discovery of significant base metal deposits. For more information, please visit:

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