Redcorp Ventures Ltd.
TSX : RDV

Redcorp Ventures Ltd.

August 16, 2007 14:48 ET

Redcorp Ventures Ltd.: Payment of a Portion of Outstanding Short-Term Funds

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 16, 2007) - REDCORP VENTURES LTD. (TSX:RDV) (the "Company" or "Redcorp"). The Company is pleased to report that it has received confirmation from its corporate bank, HSBC Bank Canada, that a portion of the funds outstanding from its matured short-term investments has been received.

In our news release of earlier today, we informed the market of a delay in repayment of fully-matured Note A investments in five separate trusts managed under the Coventree Capital Group Inc. ("Coventree").

Following is status report of the received and currently outstanding amounts:



Maturity Date Issuer Investment Date Nominal Value
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Paid on August 16, 2007
Aug 14/07 Gemini Trust Jul 13/07 $10.8 million

Outstanding as at August 16, 2007
Aug 13/07 Aurora Trust Jul 12/07 $35.0 million
Aug 13/07 Structured Investment Trust Jul 12/07 $16.3 million
Aug 14/07 Rocket Trust Jul 12/07 $16.5 million
Aug 14/07 Rocket Trust Jul 13/07 $16.2 million
Aug 14/07 Comet Trust Jul 13/07 $7.4 million
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The Company is aware of recent and fast-developing news associated with the asset-backed commercial paper products in which it invested last July 12/13th. We continue to monitor such news and are working on assessing the status of the balance of our outstanding matured Note A investment receivables.

To date, discussions between Redcorp and Coventree have been limited. However, Coventree has today confirmed by way of media release that the credit quality of the underlying trust assets in which Redcorp invested remains high and accordingly, the Dominion Bond Rating Service has continued to give them an R1-High rating.

Again, the Company will provide more meaningful news on this matter as soon as it is verifiable.

Redcorp Ventures Ltd. is a Vancouver-based mineral exploration and development company with active projects in British Columbia and Portugal. Further information on Redcorp and the Tulsequah Project can be obtained on the Company's website at www.redcorp-ventures.com and at Redfern's website at www.redfern.bc.ca or by calling Terry Chandler at 1-888-669-4775 or Troy Winsor, Manager of Investor Relations, at 1-888-225-9662.

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

Terence Chandler, President

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 the Company's plans at its 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, metallurgical response and net smelter return valuations, mineral reserve and mineral resource estimates, estimated capital and operating costs of the project, estimated capital pay back period, timing of development and permitting time lines; all of which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, 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 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 NP 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 the Company's Business in the Company's Annual Information Form, dated March 28, 2006, and in each subsequent Management's Discussion and Analysis.
Although the Company has 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, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

News Release 07-32

Contact Information

  • Redcorp Ventures Ltd.
    Terry Chandler
    President
    (604) 669-5330 or Toll Free: 1-888-669-4775
    (604) 669-5330 (FAX)
    or
    Redcorp Ventures Ltd.
    Troy Winsor
    Manager of Investor Relations
    1-888-225-9662
    Website: www.redcorp-ventures.com / www.redfern.bc.ca