Red Crescent Resources Limited

Red Crescent Resources Limited

May 16, 2011 10:31 ET

Red Crescent Signs Definitive Agreement to Acquire Control of Sivas Copper Project in Central Turkey

Drilling Program to Begin in June

TORONTO, ONTARIO--(Marketwire - May 16, 2011) -


Red Crescent Resources Limited (TSX:RCB), a mineral exploration and development company focused on base metals development in Turkey today announced that it has signed a definitive agreement with Gensay to acquire a 75% interest in and control of the Sivas Copper Project following the successful completion of a geological and legal due diligence process. The definitive agreement replaces the previously announced agreement with Gensay and the principal terms under the definitive agreement are substantially the same as previously announced on February 10, 2011.

"We are delighted with the positive outcome of our due diligence activities on the Sivas Copper Project," said Alan M. Clegg, Chairman and CEO of Red Crescent Resources. "The acquisition supports our risk diversification strategy in Turkey while further supporting our diversification into other base metals at a time when copper is a metal with great demand fundamentals, and is consistent with our long-term goal of becoming a low cost producer of base metals with world-class assets."

As announced previously, the Sivas Copper Project is located in the Sivas region of north-east Central Turkey and approximately 650 km North West of Red Crescent's other primary asset, Hakkari Zinc Project and 400 km north east of Red Crescent's Tufanbeyli Zinc Project, located at Adana. The Sivas Copper Project will be operated through a joint venture company, RCR Quantum Mining A.S., which is 75% indirectly owned and managed by Red Crescent Resources through its Turkish based subsidiary, Red Crescent Resources Holding A.S.

The joint-venture company will execute a drilling program at Sivas with diamond core and reverse circulation drilling of approximately 15,000 metres during Turkey's upcoming drilling season, which in this area typically runs from June through October, and with a clear goal to prove up an initial independent NI 43-101 inferred (70%) and indicated (30%) mineral resource.

The acquisition is subject to customary regulatory approvals.

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.


Red Crescent Resources (TSX:RCB) is a junior mining company based in Turkey. The company is a first mover in its core area of operations and is applying modern exploration techniques to previously inaccessible areas that have been identified as having a high potential for base metal deposits, notably Zinc, Lead and Copper. Red Crescent's long term strategy is to acquire and consolidate regional projects in Turkey and be a low-cost producer with world-class assets. More information can be found at

Contact Information