Redcorp Ventures Ltd.

Redcorp Ventures Ltd.

February 28, 2005 10:45 ET

Redcorp Ventures Ltd.: Resource Model Completed for Tulsequah Project


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: REDCORP VENTURES LTD.

TSX SYMBOL: RDV

FEBRUARY 28, 2005 - 10:45 ET

Redcorp Ventures Ltd.: Resource Model Completed for
Tulsequah Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 28, 2005) - REDCORP
VENTURES LTD. (TSX:RDV) (the "Company") is pleased to provide the
results of an updated resource estimate completed by AMEC Americas Ltd.
(AMEC) for the Tulsequah Chief project. The Tulsequah Chief property is
owned and operated by the Company's wholly-owned subsidiary, Redfern
Resources Ltd., and is located in northwestern British Columbia, 100
kilometers south of the town of Atlin.

Based on this new resource estimate, the Tulsequah Chief polymetallic
massive sulphide deposit contains a combined measured and indicated
mineral resource of 472,000 ounces of gold, 17.4 million ounces of
silver, 167 million pounds of copper and 798 million pounds of zinc,
with an additional inferred mineral resource of 110,000 ounces of gold,
4.2 million ounces of silver, 38 million pounds of copper and 183
million pounds of zinc. The detailed resource is provided in the table
below.



--------------------------------------------------------------------
Resource Au Ag
Classification (i) Tonnes Cu % Pb % Zn % g/tonne g/tonne
--------------------------------------------------------------------
Measured Mineral
Resources (ii) 360,000 1.73 1.73 9.78 2.26 104.0
--------------------------------------------------------------------
Indicated Mineral
Resources 5,020,000 1.38 1.29 6.51 2.76 100.5
--------------------------------------------------------------------
--------------------------------------------------------------------
Total M+I Mineral
Resources 5,380,000 1.41 1.32 6.73 2.73 100.8
--------------------------------------------------------------------

--------------------------------------------------------------------
Inferred Mineral
Resources 1,540,000 1.13 1.07 5.44 2.23 85.1
--------------------------------------------------------------------


(i) The resource has been estimated based on a Net Smelter Return
(NSR)cut-off of CAD$10 per tonne. The NSR formula incorporated economic
and metallurgical information from the 1997 preliminary Feasibility
Study and metal prices (in $US) of $1.40/lb copper, $0.40/lb lead,
$0.57/lb zinc, $420/oz gold, $6/oz silver and $.80 US exchange rate.

(ii) The measured mineral resources include 260,000 tonnes calculated
from remaining material after cessation of mining in 1957. The remaining
mineral resources are solely calculated from drill hole data.

The new resource estimate was prepared in conformance with the
requirements set out in the Standards of Disclosure for Mineral Projects
defined by National Instrument 43-101, under the direction of Dr.
Stephen Juras, P.Geo., an employee of AMEC, who is an independent
Qualified Person as defined by National Instrument 43-101. The resource
model is based on information generated from 138 diamond drill holes as
well as underground mapping and sampling and historical production
records from the 1951-1957 period. The resource model was interpolated
using a combination of inverse distance weighing to the second power and
ordinary kriging methods on 2 meter composited drill data (weighted by
specific gravity).

The majority of the inferred mineral resource has the potential to be
re-classified to the indicated category through completion of infill
drilling from existing drill platforms in a relatively short time-frame
using the drilling equipment currently stored on site.

The feasibility update study will be commencing immediately under the
lead of Hatch Engineering with contributions from AMEC and other key
consultants. The study will focus on re-assessing the mine configuration
consistent with the new resource model to establish mining reserves and
schedules. Process engineering components will be updated to match the
mine configuration. Prior extensive metallurgical studies and
infrastructure components will be reviewed and updated to current costs
for an integrated economic evaluation.

"This 43-101 compliant resource estimate confirms the significant value
of the Tulsequah deposit. The company can now advance the project into
feasibility assessment and identify the economic performance. and upside
potential of the project at a time of unprecedented demand for its
contained metals."

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.

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

Terence Chandler, President

Robert G Carmichael, P.Eng. is Vice-President of Exploration and the
designated QP for the Tulsequah Project. He has supervised the
exploration, drillhole planning and quality assurance/quality control of
sampling at the project since 1995. Analyses of drill core samples are
obtained from sawn core using standard fire assay techniques and AA
finish. Assaying is conducted by EcoTech Labs in Kamloops BC. QA/QC
includes the use of randomly inserted standards, field duplicates and
blank samples.

This document contains certain forward looking statements which involve
known and unknown risks, delays and uncertainties not under the
Company's control which may cause actual results, performance or
achievements of the Company to be materially different from the results,
performance or expectations implied by these forward looking statements.

News Release 05-02

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Redcorp Ventures Ltd.
    Terence Chandler
    President
    (604) 669-4775 or Toll Free: 1-888-669-4775
    (604) 669-5330 (FAX)
    www.redcorp-ventures.com