Redcorp Ventures Ltd.

Redcorp Ventures Ltd.

March 27, 2009 20:58 ET

Redcorp Announces Court Ordered Extension of Stay and Related Relief Under CCAA Restructuring

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2009) - Redcorp Ventures Ltd. ("Redcorp") (TSX:RDV) today announced that all of the relief granted in the order made by the British Columbia Supreme Court pursuant to its filing with Redfern Resources Ltd. (together the "Petitioners") under the Companies' Creditors Arrangement Act ("CCAA") on March 4, 2009 (the "Initial Order"), including the stay period as therein defined, is continued and extended until June 16, 2009 by order of the Court. The Court ordered that Redcorp is authorized to enter into an agreement with Paradigm Capital Inc. pursuant to which Paradigm will provide services to the Petitioners in conjunction with the Court appointed monitor, KPMG LLP (the "Monitor"), to assist the Petitioners in finding an investor/partner to facilitate the completion of the Petitioners' Tulsequah Project.

The Court also ordered certain relief from securities and regulatory filing requirements that Redcorp would otherwise be subject to as a reporting and listed company, in order to facilitate the restructuring plan. The Court also ordered that the time for holding the annual general meeting of Redcorp is postponed until January, 2010.

Since the Initial Order the Petitioners have worked closely with the Monitor and have, among other things, held regular conference calls between the Petitioners, the Committee of Secured Note Holders and the Monitor, developed a plan for putting the Tulsequah Project on a "care and maintenance" basis and have begun to implement that process, initiated proceedings in the United States Bankruptcy Court for recognition of the Initial Order and have obtained an interim stay order pending a further hearing on April 9, 2009, arranged for a central storage facility to be rented and have begun to consolidate Redfern's equipment in that facility, and commenced development of a plan for the care of the site to minimize environmental issues.

Redfern is continuing to finalize outstanding permits required to allow the mine development to proceed as planned on a successful restructuring. Work on fabrication of the Air Cushion Barge ("ACB") in Portland, Oregon, is on hold pending progress in the restructuring process.

Redcorp Ventures Ltd. is a Vancouver-based mineral exploration and development company with active projects in British Columbia, Canada and Portugal. Further information on Redcorp and the Tulsequah Project can be obtained on the Company's website at and at Redfern's website at


Terence Chandler, President and Chief Executive Officer

For CCAA related matters, please contact:

Gordon McKnight, VP, Sales & Marketing

(604) 639-0137 or email to

Certain of the statements made and information contained herein may contain "forward-looking information" within the meaning of the British Columbia Securities Act, Alberta Securities Act and Ontario Securities Act or "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States, including, without limitation, statements concerning the Company's plans at its Tulsequah Project and other mineral properties and the Company's revised economic evaluation of the Tulsequah Project, which involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control which may cause the actual results, performance or achievements of the Company, or industry results and/or consensus metal prices, to be materially different from any future results, metal prices, performance or achievements expressed or implied by such forward-looking information or forward-looking statements. Forward-looking information and forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information or forward-looking statements, including, without limitation, material factors and assumptions relating to, and risks and uncertainties associated with, risks that refinancing efforts when required and on acceptable terms will be successful while under Court protection pursuant to the Companies' Creditors Arrangement Act (Canada), risks relating to the inability to achieve the conditions required to receive the funding initially contemplated by the Company's gold sale agreement or its MRI contingent loan facility, risks related to the ability to secure capital leasing arrangements for the purchase of mining equipment on suitable terms, if at all, risks concerning the ultimate recovery of the Company's investment in new long-term Asset-Backed Commercial Paper Notes ("ABCP") that were issued on January 21, 2009 and which have been provided as security in exchange for a term bank loan, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, the achievement and maintenance of planned production rates, the accuracy of component costs of capital and operating cost estimates, current and future environmental and regulatory requirements, favourable governmental relations, the availability of permits and the timeliness of the permitting process, the availability of shipping services,
the availability of specialized vehicles and similar equipment, costs of remediation and mitigation, maintenance of title to the Company's mineral properties, industrial accidents, equipment breakdowns, contractor's costs, remote site transportation costs, materials costs for remediation, labour disputes, the potential for delays in exploration or development activities, timely completion of future NI 43-101 compliant reports, timely completion of future feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, continuing global demand for base metals, the fact that the 2007 Feasibility Study is based upon probable mineral reserves and not proven mineral reserves, expectations and beliefs of management and other risks and uncertainties, including those described under "Risk Factors" in the Annual Information Form of the Company filed on SEDAR on March 31, 2008, and in each subsequent management's discussion and analysis. Forward-looking information and forward-looking statements for time periods subsequent to 2008 involve longer term assumptions and estimates than forward-looking information and forward-looking statements for 2008 and are consequently subject to greater uncertainty. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information or forward-looking statements. When used herein, the words "anticipate", "believe", "estimate" and "expect" and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking information or forward-looking statements relating to the business and affairs of the Company. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise.

News Release 09-07

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