Red Crescent Resources Limited

Red Crescent Resources Limited

August 15, 2011 15:54 ET

Red Crescent Receives Payment of $700,000 Under View 22 Debenture

TORONTO, ONTARIO--(Marketwire - Aug. 15, 2011) - Red Crescent Resources Limited (the "Company") (TSX:RCB), a mineral exploration and development company focused on base metals in Turkey, today announced that it has received $700,000 in partial payment of a previously announced $1,000,000 principal amount of secured debenture (the "Debenture") of View 22 Technology Inc. held by the Company. The Company and View 22 Technology Inc. have agreed to extend the maturity date for the remaining $300,000 principal amount of the Debenture to December 31, 2011.

The Company currently has 5,746,784 Exchange Receipts outstanding that were issued to investors as part of a private placement that closed September 7, 2010. Each such Exchange Receipt entitles the holder thereof, without additional consideration, to acquire 0.80 of a common share of the Company in the event that the Debenture is not fully repaid by August 15, 2011, subject to adjustment for amounts paid down on the Debenture on or prior to such date. As a result of the $700,000 partial repayment of the Debenture, the Company is required to issue approximately 1,379,228 common shares of the Company, for no additional consideration, in exchange for all outstanding Exchange Receipts.

Forward-looking statements

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) 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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