Redcorp Ventures Ltd.
TSX : RDV

Redcorp Ventures Ltd.

March 03, 2008 13:09 ET

Redcorp Ventures Ltd.: Receipt of Mines Act Permit and Licence to Cut Amendment-Tulsequah Chief Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2008) - Redcorp Ventures Ltd. (TSX:RDV) and its wholly-owned subsidiary, Redfern Resources Ltd. (together, the "Company") is pleased to report the receipt on February 29 of Mines Act Permit M-232, approving certain initial construction activities at the Tulsequah Chief mine site.

The permit approves the following actions:

- construction of waste sites for potentially acid generating (PAG) waste rock materials and for non-PAG waste rock material

- construction of water management structures and diversion ditches at the Tulsequah Chief mine site and at the waste site locations

- removal of waste rock from the Tulsequah Chief mine site and consolidation of the material at the constructed waste sites

- installation and operation of a 40 m3/hr capacity water treatment plant to treat contaminated water collected from the PAG waste site and from historic mine operations up to the capacity of the plant

The permit requires the posting of security totalling $1.2 million to cover the costs of relevant reclamation activities. Half of the security is required in 30 days, the remainder must be in place by December 31, 2008.

In addition to the above the Company is also pleased to report that it has received, from the Ministry of Forests, an amended License to Cut authorization which has been extended to cover the full road construction areas from the barge landing site north to the Shazah airstrip. Construction activities have commenced on the southern portion of the road alignment in conformance with the LTC and the previously issued MX permits. This includes the seven kilometer section of road on which work was previously deferred pending more detailed review of wildlife and other environmental impact mitigation measures.

Construction crews are currently finalizing the completion of the Shazah airstrip and preparing for the Shazah creek bridge emplacement, on receipt of final DFO clearances. The Company has already received its Navigable Waters crossing authorization from Transport Canada. Road construction from the Shazah area south will commence following the bridge crossing completion.

Equipment Procurement

We have also finalized the purchase, from Carmacks Commercial Corp. of the diesel generating plant and associated equipment previously announced in our news release of September 18, 2007.

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 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 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 08-05

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
    (604) 669-5330 (FAX)
    Website: www.redcorp-ventures.com