Redcorp Ventures Ltd.
TSX : RDV

Redcorp Ventures Ltd.

March 26, 2008 09:00 ET

Redcorp Ventures Ltd.: Portugal Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2008) - Redcorp Ventures Ltd. (TSX:RDV) and its wholly-owned subsidiary, Redcorp Empreendimentos Mineiros Unipessoal Lda ("REM") (together, "the Company"), are pleased to present an update on the ongoing exploration programs in Portugal. Drilling is currently underway at the Lagoa Salgada base metal project near Grandola. In addition, geochemical results have been received from surface rock samples collected during a prospecting program on the Vila de Rei gold project, northeast of Lisbon.

LAGOA SALGADA PROJECT (Base/Precious Metal Massive Sulphides)

Lagoa Salgada is located in the northwest extension of the Iberian Pyrite Belt, an extensively mineralized volcano-sedimentary terrain in southern Portugal and Spain which hosts over 80 known massive sulphide deposits including the Las Cruces (in development) and Aguas Tenidas mines in Spain, and the Neves-Corvo and Aljustrel mines in Portugal. The Lagoa Salgada deposit is estimated to contain 2,017,000 tonnes in the inferred category grading 0.35% copper, 4.83% lead, 5.13% zinc, 1.29 g/t gold and 85.35 g/t silver based on a NI 43-101 compliant resource estimate completed by Wardrop Engineering Inc., previously reported on August 21, 2007.

Three drill holes totalling 1,737 m have been completed to date during this phase of exploration in the Rio de Moinhos area of the Lagoa Salgada concession to follow up semi-massive to massive pyrite intersected last year in drill hole RM07004. Each of the new drill holes intersected the pyrite horizon, which has now been intercepted over a strike length of 120 m, and to a vertical depth of 430 m below surface. The system is blind, buried by over 100 m of younger cover rocks. The pyrite horizon is interpreted to be a lateral expression of a volcanogenic massive sulphide system with potential to contain base metal mineralization. The best visual intercept to date on the Rio de Moinhos target has come from the most recent hole, RM08009, which cut 10.92 m (est.7.02 m true width) of finely banded silica-pyrite mineralization in volcanic tuff at 437.12 m to 448.04 m down the hole. Silica-sericite-pyrite alteration is associated with this horizon. RM08009 is the northernmost hole drilled on the target to date, and the system appears to be strengthening to the north. Core samples of the pyrite mineralization and associated alteration have been split and shipped to Ecotech Laboratories in Kamloops, Canada for analysis.

The drill has now been moved to the area of the Lagoa Salgada massive sulphide deposit to test gravity anomalies in the vicinity of encouraging alteration encountered by previous drilling. This target area is north of an interpreted fault structure which bounds the deposit on its northern side. The presence of alteration and gravity anomalies north of the fault supports the potential for further mineralization or faulted extensions of the known deposit.

VILA DE REI PROJECT (Gold)

The Vila de Rei gold concession was acquired in 2005 to cover prospective gold targets in the vicinity of known historic gold placer workings dating to Roman times and possible intrusive-related gold mineralizing systems. Initial reconnaissance work was conducted in 2005 and 2006 to evaluate the placer and bedrock gold potential. This work led to more focused activities in late 2007.

Geochemical results have been received from the surface prospecting program conducted by REM on the Vila de Rei gold project in November, 2007. During that program, 331 grab samples were collected from outcropping quartz veins and hematitic breccia on the concession. Of these samples, 41 samples returned from 0.7 g/t Au to 1.6 g/t Au, 32 samples returned from 1.6 g/t Au to 4 g/t Au, and 21 samples returned from 4 g/t Au to the program high of 10.6 g/t Au (sample BAR07297). Clusters of samples returning elevated gold values outlined four separate target areas ranging up to one km in length distributed along a 40 km northerly trending axis of favourable geology on the concession. Each of these target areas contained samples returning greater than 4 g/t gold.

Also in November 2007, three orientation soil sampling grids were located on a portion of the anomalous trend. Analyses received in 2008 confirm the presence of gold in soil over the zones. Anomalous levels were defined for samples containing greater than 60 ppb (parts per billion) Au with one grid containing significant gold-in-soil anomalies in the several hundred ppb Au range. It should be noted that some soils in these areas have disturbed profiles due to prior cultivation/cultural activities and anomalies may be expanded beyond normal geochemical dispersion due to weathering. The soil anomalies are completely open and require follow-up.

The significance of these results is the confirmation of gold associated with the quartz veins and hematitic breccia, and that there is more than one locus of bedrock mineralization on the concession. However, the grab samples provide only prospective indications and cannot be considered to be representative samples. Additional work including a more representative style of sampling and/or drilling is planned to follow up on these results.

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 Lagoa Salgada and Vila de Rei properties can be obtained on the Company's website at www.redcorp-ventures.com 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

Megan O'Donnell, P.Geo. is the qualified person, as defined by National Policy 43-101, supervising the exploration program at the Lagoa Salgada and Vila de Rei Projects.

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 April 2, 2007, 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 08-07

Contact Information

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