Redcorp Ventures Ltd.
TSX : RDV

Redcorp Ventures Ltd.

August 14, 2008 15:11 ET

Redcorp Updates Progress at Portugal Base Metal and Gold Exploration Projects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2008) - Redcorp Ventures Ltd. (TSX:RDV) and its wholly-owned subsidiary, Redcorp Empreendimentos Mineiros Unipessoal Lda ("REM") (together, "the Company"), are pleased to present geochemical results from ongoing exploration programs in Portugal. Geochemical results have been received from both the drill program at Lagoa Salgada, a base metal project near Grandola, and from a channel sampling program at the Vila de Rei gold project, northeast of Lisbon.

LAGOA SALGADA PROJECT (Base/Precious Metal Massive Sulphides)

A total of six core holes totalling 3,589.5m were drilled in two areas within the Lagoa Salgada concession earlier this year, the Rio de Moinhos area and the Lagoa Salgada area. The drilling was completed in April 2008, and the drill has been demobilized from the concession.

Three of the holes (RM08007 to RM08009, totalling 1,737m) were drilled in the Rio de Moinhos area to follow up on semi-massive to massive pyrite intersected last year in drill hole RM07004. Two of these new holes have returned geochemically anomalous values in lead and zinc. RM08008 returned the best results, with 2.21m grading 0.20% lead and 0.27% zinc. This intercept is situated about 100m down-dip from the pyrite intercept in RM08004. Although these results are not of economic grade in themselves, they are important geochemical indicators of base metal exploration potential along this buried horizon.

2008 LS Drill Results



--------------------------------------------------------------------------
Inte- True
rval Width Au Ag Cu Pb Zn
Hole From To m m ppb ppm ppm ppm ppm
--------------------------------------------------------------------------
RM08007 284.95 286.45 1.5 0.96 15 3.1 542 1056 185
--------------------------------------------------------------------------
458.35 459.85 1.5 0.86 less 1.4 61 1066 44
than 5
--------------------------------------------------------------------------
466.3 467.3 1.0 0.57 less 0.6 23 1306 607
than 5
--------------------------------------------------------------------------
522.6 524.1 1.5 0.49 235 5.2 373 1272 2420
--------------------------------------------------------------------------
RM08008 216.45 220.85 4.4 --- 1198 5.3 125 64 42
--------------------------------------------------------------------------
547.5 556.35 8.85 5.08 8 1 27 1167 1623
--------------------------------------------------------------------------
including 547.5 551.35 3.85 2.21 12 2 36 2025 2721
--------------------------------------------------------------------------

--------------------------------------------------------------------------
RM08009 no significant results
--------------------------------------------------------------------------
LS08050 no significant results
--------------------------------------------------------------------------
LS08051 no significant results
--------------------------------------------------------------------------
LS08052 no significant results
--------------------------------------------------------------------------


A new gold occurrence was encountered in the Rio de Moinhos area during the drill program. Partially oxidized, sericite-pyrite altered mafic tuff intersected in RM08008 returned 4.4m core length grading 1.2 g/t gold. This occurrence is situated about 30m below the Tertiary unconformity. Additional work is required to ascertain the nature, attitude, and true width of this mineralization.

The other three holes (LS08050 to LS08052, totalling 1852.5m) were drilled to test gravity anomalies north of the Lagoa Salgada deposit, stepping out across a fault at the north end of the deposit. Footwall style chlorite-sericite-pyrite alteration was encountered in the easternmost hole, LS08052, but none of these holes returned significant assay results. LS07052 is a step-out 110m north-northwest from LS07047, which also contained footwall style chlorite-sericite-pyrite alteration.

Surface geochemical surveys are currently underway at Lagoa Salgada to help refine drill targets for the next phase of drilling. Initial orientation results suggest that this technique is able to detect the known Lagoa Salgada massive sulphide deposit through the 150m of overlying cover sediments and may assist in discriminating targets outside of the known deposit.

VILA DE REI PROJECT (Gold)

A 3-week program of geological mapping and channel sampling was completed in June 2008 over select gold targets within the Vila de Rei Concession in preparation for future drill testing. A total of 43 channel samples were collected across 12 sites on 4 outcropping quartz veins. An additional 42 grab samples of rock were collected during the mapping program. The targets are situated in the Estevais and Coriscos areas on the concession.



2008 VDR Channel Sample Results - Quartz Vein and Breccia Material

--------------------------------------------------------------------------
Interval True Results greater than 1 g/t
Channel m Width m Au g/t Au (true width in m)
--------------------------------------------------------------------------
Estevais Vein
--------------------------------------------------------------------------
Esv08_C01 1.78 1.46 0.84 includes 1.46 g/t Au/0.68m
--------------------------------------------------------------------------
Esv08_C02 2.55 2.31 0.60 includes 1.25 g/t Au/0.62m
--------------------------------------------------------------------------
Esv08_C03 2.50 2.16 0.40 includes 1.44 g/t Au/0.4m
--------------------------------------------------------------------------
Esv08_C04 0.60 0.51 2.06
--------------------------------------------------------------------------
Esv08_C05 2.78 2.51 0.87 includes 1.2 g/t Au/0.74m
and 1.17 g/t Au/0.91m
--------------------------------------------------------------------------
Coriscos Vein A
--------------------------------------------------------------------------
Cor08_C09 3.34 2.10 0.94 includes 1.64 g/t Au/1.12m
--------------------------------------------------------------------------
Cor08_C10 1.51 1.34 0.71 includes 1.22 g/t Au/0.7m
--------------------------------------------------------------------------
Coriscos Vein B
--------------------------------------------------------------------------
Cor08_C06 3.82 3.24 0.28
--------------------------------------------------------------------------
Cor08_C07 3.92 3.40 0.83 includes 3.1 g/t Au/0.82m
--------------------------------------------------------------------------
Cor08_C08 2.70 2.65 0.29
--------------------------------------------------------------------------

--------------------------------------------------------------------------
Coriscos Vein C
--------------------------------------------------------------------------
Cor08_C11 1.82 1.52 0.68 includes 1.26 g/t Au/0.7m
--------------------------------------------------------------------------
Cor08_C12 2.37 1.81 1.35 Includes 1.74 g/t Au/1.05m
--------------------------------------------------------------------------


Twenty-five samples collected during the June 2008 program (29% of the samples) returned gold values greater that 1 gpt Au, of which 13 were channel samples and the remainder grab samples. The highest channel result was 3.1 gpt Au/0.82m true width. Four grab samples returned values greater than 10 gpt Au. Repeat assays for these higher grade samples are pending.

A drill program to further evaluate these gold targets is contemplated for 2009.

The Lagoa Salgada property continues to exhibit strong indications of additional massive sulphide mineralization in one of the most productive base metal belts in the world for this class of deposit. The follow-up sampling at the Vila de Rei property confirms the gold-bearing targets and the need for sub-surface drill evaluation of the zones.

About Redcorp

Redcorp is a Vancouver based mineral exploration and development company with active projects in British Columbia, Canada and Portugal. Further information on Redcorp and the Portugal projects can be obtained on our website at www.redcorp-ventures.com and at Redfern's website at www.redfern.bc.ca or by calling toll-free to Troy Winsor, Manager of Investor Relations or Salina Landstad, Manager of Public Relations at the contact numbers listed below.

ON BEHALF OF THE BOARD OF DIRECTORS OF REDCORP VENTURES LTD.

Terence Chandler, President and CEO

Quality Assurance and Quality Control

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Megan O'Donnell, P.Geo, Exploration Manager for Redcorp Ventures Ltd.

Geochemical analyses of samples from the Lagoa Salgada project were performed by EcoTech Laboratories in Kamloops, Canada. Geochemical analyses of samples from the Vila de Rei projected were performed by Acme Analytical Laboratories in Vancouver, Canada.

To ensure best practices in sampling and analysis, the HQ and NQ diameter core from the Lagoa Salgada program is logged, photographed, and cut in half with a diamond saw. One half of the core is submitted for analysis and the second half is retained on site. A rigorous chain-of custody and QA/QC program is applied, with the insertion of blanks, standards, and duplicates. Samples are shipped by air from Lisbon to Vancouver, and then trucked to the EcoTech laboratory in Kamloops, Canada for sample preparation and analysis. EcoTech is an ISO accredited laboratory. Gold is analyzed by 30 gm fire assay with atomic absorption finish, and 28 additional elements are analysed by 0.5 gm ICP-AES analysis with an aqua regia digestion. Assays of greater than 1 g/t Au are repeated by 30 gm fire assay with atomic absorption finish. All drill holes reported in this news release are inclined drill holes.

At Vila de Rei, channel samples over measured widths are cut from clean outcrop using a diamond rock saw, logged, photographed, and submitted for analysis. A rigorous chain-of custody and QA/QC program is applied, with the insertion of blanks, standards, and duplicates. Samples are shipped by air from Lisbon to Vancouver, and then delivered by truck to the Acme laboratories in Vancouver, Canada for sample preparation and analysis. Acme is an ISO accredited laboratory. Gold is analyzed by 30 gm fire assay with atomic emission finish, and 36 additional elements are analysed by 0.5 gm ICP-MS analysis with an aqua regia digestion. Assays greater than 10 g/t Au are repeated by 30 gm fire assay with atomic absorption finish.

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Securities Act (Ontario) and the Securities Act (Alberta). Forward-looking information includes disclosure regarding possible or anticipated events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action and includes future oriented financial information with respect to prospective results of operations or financial position that is presented either as a forecast or a projection. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend"; statements that an event or result is "due" on or "may", "will", "should", "could", or "might" occur or be achieved; and, other similar expressions.

More specifically, forward-looking information contained herein includes, without limitation, statements concerning our plans at our Tulsequah Project (inclusive of the Big Bull Project), the net present value of the Tulsequah Project, the timing and amount of estimated future production and mine life, expected future prices of gold, silver, copper, lead and zinc, mineral reserve and mineral resource estimates, estimated capital and operating costs of the project, estimated capital pay-back period, estimated asset retirement obligations, timing of development and permitting time lines; all of which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Forward-looking information contained herein is based on material factors and assumptions and is subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from a conclusion, forecast or projection in the forward-looking information.
These include, without limitation, material factors and assumptions relating to, and risks and uncertainties associated with, the availability of financing for activities when required and on acceptable terms, the accuracy of the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the consistency of future exploration, development or mining results with our 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 ultimate recovery amount, if any, of our investment in third-party asset backed commercial paper ("ABCP") that has since August 2007 been the subject of a liquidity restructuring plan proposed by the Pan Canadian Committee representing the Montreal Accord and sanctioned on June 5, 2008 by the Ontario Superior Court of Justice pursuant to section 6 of the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended, the risk that the Noteholders may not approve the necessary amendments to the Note Indenture required pursuant to the HSBC credit facility secured by ABCP and the Gold Wheaton gold sale agreement, the availability of specialized vehicles and similar equipment, costs of remediation and mitigation, maintenance of title to our 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, expectations and beliefs of management and other risks and uncertainties, including those described under Risk Factors Relating to Our Business in our Annual Information Form, filed on SEDAR on March 31, 2008, and in each subsequent Management's Discussion and Analysis.
Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, we undertake no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information

  • Redcorp Ventures Ltd.
    Terence Chandler
    President and CEO
    (604) 669-4775 ext. 109 or Toll Free: 1-888-669-4775
    (604) 669-5330 (FAX)
    or
    Redcorp Ventures Ltd.
    Troy Winsor
    Manager, Investor Relations
    (604) 466-8934 or Toll Free: 1-888-225-9662
    or
    Redcorp Ventures Ltd.
    Salina Landstad
    Manager, Public Relations & Corporate Communications
    (604) 639-0135 or Toll Free: 1-888-669-4775 ext. 103
    Website: www.redcorp-ventures.com