Redcorp Ventures Ltd.
TSX : RDV

Redcorp Ventures Ltd.

May 15, 2008 09:00 ET

Redcorp Ventures Ltd.: Corporate and Tulsequah Chief Mine Development Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2008) - Redcorp Ventures Ltd. (TSX:RDV) ("Redcorp") and its wholly-owned subsidiary, Redfern Resources Ltd. ("Redfern"), are pleased to provide a corporate update and development activities related to the Tulsequah Chief Mine Project.

Corporate Update

Marilyn Wong has been appointed as Corporate Secretary and will be replacing Shirley Hilton as an Officer of the Company. We wish to thank Shirley for her many years of service to Redcorp and Redfern as an employee and Secretary Treasurer.

Marilyn has extensive experience relating to private and public company management including compliance and continuous disclosure. She also has experience in preparing corporate and securities regulatory documents and has served as legal secretary/assistant in the area of corporate/securities law at several law firms, including McClellan Rubenstein & Parolin, and Smith Lyons Torrance Stevenson and Mayer, and their predecessor law firms. We are very pleased to have Marilyn join the Redcorp team.

Tulsequah Chief Mine Development

Construction Activities

Construction and development activities have been progressing with an on-site construction crew of approximately 80 workers at two camps north and south of the mine site. To-date, six of 19 bridge crossings have been completed and approximately 10 km of road have been built, which is approximately 50% of the total project requirement. Approximately 800 m of the airstrip has been constructed and is now in use. The remaining 400 m of the airstrip has been constructed but is undergoing final surfacing prior to general use. Additional construction this year will focus on completing the connection between the northern and southern camps, construction of waste rock facilities, establishing a water treatment plant for the mine drainage and site run-off and construction related to underground development.

Permitting Status

Earlier this year, we announced the receipt of our initial mines act permit (M-232) approving certain construction activities related to potentially acid generating (PAG) waste rock materials and the installation and operation of a water treatment plant. A second mines act permit has been submitted for the construction of underground mine development, the upgrade of site roads, and mine and mill surface structures. A third mines act submission is being finalized for the approval of the tailings dam. Receipts of these two operating permits are expected in 2008-Q3.

Other ancillary operating permits are required and will be applied for during the appropriate stage of mine development.

We are actively engaged in completing an amendment to our existing Environmental Assessment Certificate ("EA") to permit the air cushion barge transportation system on the Taku River and have been working diligently with Canadian federal and provincial regulatory agencies, Alaska state agencies and the Taku River Tlingit First Nation (TRTFN). Completion of the Canadian EA amendment process is expected by 2008-Q3. Completion of the Alaskan permitting process is ongoing and is dependent upon our submission of a revised operating procedures manual to include a proposed change in tow vehicles to replace the amphitrac. We expect this change in vehicles to have a minimal impact, if any, on the Alaskan permitting process.

River Transportation Equipment

Fabrication of the Air Cushion Barge (ACB) is well under way with an anticipated completion and delivery to Juneau later this summer. Design and construction of the amphitrac tow vehicle has been suspended due to a lack of progress on detailed design. We have identified alternative existing vehicles to tow the ACB during the winter season and are currently evaluating their operating characteristics to ensure they meet or exceed our environmental operating requirements.

The Arctic Eagle tug boat that we purchased and used during last year's operations is currently being retrofitted and repowered in preparation for this year's barging operations. The Arctic Eagle tug, together with our newest tug, the Dalco, are scheduled to commence barging operations in June 2009.

Procurement

Phase I of the permanent camp including the kitchen, dining hall, half of the offices and 16 sleeping units is in Seattle awaiting shipment to Juneau. Phases II and III, comprising most of the additional sleeper units, are nearing completion in China. Phase IV (including the mine dry, the remaining offices, and an additional 16 sleeper units) will be completed and sent to Seattle in June. Other procurement items that have been awarded and awaiting shipment to Juneau during this summer's barging program include: the interim water treatment plant; all mills (rod, ball and regrind); electrical equipment (load centres, MMC's, switchgear); thickeners; process control system; primary and secondary crushers; sewage treatment plant; flotation cells; and the underground mobile equipment fleet.

Where possible, we are actively working with our engineer, Wardrop Engineering Inc. to pursue opportunities for purchasing suitable used equipment.

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 Tulsequah Project 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

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 is currently undergoing liquidity restructuring by the Committee representing the Montreal Accord, 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.

News Release 08-11

Contact Information

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