Red Crescent Resources Limited
TSX : RCB

Red Crescent Resources Limited

November 24, 2010 13:15 ET

Red Crescent Resources Limited Land Holdings & Assets Strategic Consolidation Continues Successfully

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2010) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

Red Crescent Resources Limited ("RCR" or the "Company") (TSX:RCB) is pleased to announce that it has successfully concluded a number of further agreements of acquisition and/or exclusive option to undertake due diligence that enable consolidation of its Land Holdings under licence and a significant increase in its overall strategic position in S.E. Turkey.

RCR's land holdings under licence in the Hakkari region of S.E. Turkey began at approximately 30 000Ha and it has now added further in excess of 20 000Ha strategically positioned to offer a total position in excess of 50 000Ha with sustainable strike lengths of the known and prospective potential for high grade Zinc/Lead mineralisation in excess of 70Km.

An additional 15 000Ha of land holdings are now under exclusive option to RCR and due diligence field teams are being deployed to assess known mineralisation and ground truth potential identified from RCR's Remote Sensing work conducted earlier.

See attached Map of Licences held, targeted/under due diligence, etc.

http://media3.marketwire.com/docs/rcbmap1124.pdf

Working with its local partners RCR fully expects that within the following two to three quarters, i.e. Qtr 1 to Qtr 3 2011, it will have consolidated its position to the extent that most of the known and prospective Eastern Taurides Geological sequence carbonate hosted Zinc/Lead deposits will be held under licence by RCR.

Further RCR holds a number of licences (7 in total) in S.E. Turkey that are highly prospective for Copper/Gold mineralisation, with known occurrences and evidence and remnants of mining in ancient times. These are currently being transferred to or are warehoused in its subsidiary RCR Copper Ltd with plans under construction for significant exploration works to be undertaken during 2011. Should these prove to be significantly interesting additional consolidation opportunities are in the process of being prospectively ring fenced with option agreements.

About Red Crescent Resources Limited 

RCR's business objective is to secure, consolidate and grow its portfolio of base metal opportunities in Turkey, including zinc & lead, copper and manganese and to rapidly progress these up the value curve to production. 

RCR's initial and principal focus is the completion of the exploration and the development of the Hakkari Zinc Project, but also has a clear albeit secondary focus, in the exploration and development of its currently non-material properties, which include the Hakkari Copper Project and Hakkari Manganese Project, opportunities held through its commodity-focused subsidiaries. RCR is also seeking regional consolidation opportunities for further acquisition.

RCR is proving that its licensed area contains strong potential for the delineation of mineral resources through the exploration and evaluation with "state of the art" technologies and techniques of known zinc-lead mineralization. In a press release issued on August 3, 2010, NiCo described the first exploration drilling results on RCR's Hakkari zinc project and the interim assay results associated with this release, along with further exploration results and information released November 9, 2010 in a separate release.

A copy of a National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") compliant Technical Report entitled "NI 43-101 Technical Report on the Hakkari Zinc Project" dated March 30, 2010 has been filed on SEDAR. The report was prepared by Michael James Robertson, Pr.Sci.Nat, MSAIMM, Principal Consulting Geologist for The MSA Group (Pty) Ltd., on behalf of Red Crescent Resources Holding A.S. ("RCR"), a 99.99% owned subsidiary of RCR, in respect of its Hakkari zinc project located in the Republic of Turkey.

Alan Clegg, 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.

Contact Information

  • Red Crescent Resources Limited
    R. A. Bondy
    416-637-2080
    416-637-2081 (FAX)
    or
    Red Crescent Resources Limited
    Alan Clegg
    +90 530 662 8964 or +27 82 469 8378
    +90 312 448 2926 (FAX)