Red Lake Exploration, Inc.
OTC Bulletin Board : RLKX

Red Lake Exploration, Inc.

May 07, 2008 17:50 ET

Red Lake Acquires Farellon Property

THUNDER BAY, ONTARIO--(Marketwire - May 7, 2008) - Red Lake Exploration, Inc. (OTCBB:RLKX) is pleased to announce it has finalized the purchase of the High-Grade Farellon Copper-Gold Property.

The Farellon property lies within the Candelaria iron oxide copper gold (IOCG) belt of the coastal Cordillera, Chile. This IOCG belt is host to many giant deposits such as the Candelaria and the Manto Verde copper-gold mines.

The property represents a classic copper-gold IOCG target in the Candelaria IOCG belt. The property has historical artisanal mine workings along the main Farellon vein. Recent exploration on the property includes 23 RC drill holes in 2004 that outlined a 1.7 kilometre strike length of an extensive mineralized vein system. The main vein possesses an average width of 5 metres but varies from 2-25 metres. The vein system was tested to a depth of 150 metres in 2004, however previous work in the area suggests that mineralization can reasonably be expected to extend to at least 500 metres depth. Significant intersections from the 2004 drill program included:

9m 3.72 g/T Au 2.49% Cu 0.06% Co
3m 4.17 g/T Au 5.29% Cu 0.11% Co
10m 1.53 g/T Au 1.31% Cu 0.04% Co
20m 0.97 g/T Au 1.22% Cu 0.02% Co

To follow up on these encouraging findings a drill program is scheduled for this summer to target the depth extents of the known mineralization and to infill gaps in the drilling along the known strike length. This program will establish continuity and confirm previous results which will assist in the planning of future programs in order to conduct a resource calculation.

The company paid $250,000 to acquire an option to purchase the property, and paid $300,000 to exercise its option and acquire title on April 25, 2008. It owes the vendor a royalty equal to 1.5% of its net smelter return once it starts exploiting the property. The royalty is payable monthly and subject to a monthly minimum of $1,000 to a maximum of $600,000. The company can pay any remainder due on the royalty at any time.

Drilling is ongoing on one of Red Lake's other Chilean properties, the Camila.

Red Lake president, Caitlin Jeffs, stated; "We are very excited about the potential for the Farellon property to host a large, high-grade copper-gold resource."

About Red Lake Exploration, Inc.

Red Lake Exploration, Inc. is engaged in the acquisition, exploration and development of natural resource properties with headquarters in Thunder Bay, Canada.

Safe Harbor: Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1955. Although Red Lake Exploration, Inc. believes the expectations reflected in these forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be met. Factors that could case actual results to differ materially from the expectations include financial performance, regulatory changes, changes in economic conditions and other risks detailed from time to time in Red Lake's filing with the U.S. Securities and Exchange Commission. The forward-looking statements included in this press release represent the Company's views as of the date of this press release. The company is not obligated and does not undertake to update any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

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