Redcorp Ventures Ltd.
TSX : RDV

Redcorp Ventures Ltd.

May 31, 2006 09:00 ET

Redcorp Ventures Ltd.: Tulsequah Project Surface Exploration Drilling Commences

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 31, 2006) - REDCORP VENTURES LTD. (TSX:RDV) and its wholly-owned subsidiary Redfern Resources Ltd. (together, the "Company") are pleased to announce that surface exploration drilling has commenced on the Tulsequah Project. Drilling began with on May 27 and a second rig began drilling operations on May 30. Hy-Tech Drilling Ltd. of Smithers, BC is the drilling contractor for the Tulsequah Project.

The current surface drilling program at the Tulsequah Project is designed to explore for and define mineralized resource extensions to the past producing Big Bull mine deposit. Big Bull is located 9 kilometers south of Tulsequah Chief Deposit. Previous production from Big Bull was 360,073 tonnes grading 1.2% copper, 1.9% lead, 7.3% zinc, 5.14 g/tonne gold and 154.29 g/tonne silver). In addition, the program will also target on-strike extensions to the mineralized zone at Big Bull. A table of significant Big Bull drill intercepts from past drilling is available in the Company's April 12 press release.

In addition to the work at Big Bull, surface drilling will be focused in the Tulsequah Mine area and at selected targets in the area between the two deposits. Over 20 kilometers of favourable host stratigraphy is present in the folded rocks between the two deposits. The planned program will complete over 16,000 meters of surface drilling over the next several months.

Underground drilling at the Tulsequah deposit commenced April 29 and was completed on May 28. Seven underground holes totaling 2,232m were drilled in the upper parts of the Tulsequah resource in areas of inferred resources for confirmation and refined resource estimation purposes. Sample shipments from the first four holes have been received by Eco-Tech Laboratories in Kamloops and it is expected that initial results will be reported within the next two weeks.

Wardrop Engineering Inc. representatives recently completed their site visit as part of the feasibility study for the Tulsequah project. Wardrop will be completing an updated resource estimate compliant with National Instrument 43-101 incorporating the additional underground drilling results. This will then move into underground mine design and calculations of mine reserves for the feasibility study. For further information regarding the feasibility study please refer to the Company's May 11, 2006 press release.

The Tulsequah Project mine re-development plan has received environmental assessment approval from both the provincial and federal governments. The Company intends to move the project forward towards a mine development decision as quickly as possible.

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 property 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

Michael G. Allen, P.Geo and Megan O'Donnell, P.Geo are the qualified persons, as defined by National Policy 43-101, supervising the exploration program at the Tulsequah project. Geochemical analyses and assaying are being conducted by Eco-Tech Labs of Kamloops, BC.

Certain of the statements made and information contained herein is "forward- looking information" within the meaning of the Ontario Securities Act. This includes statements concerning the Company's plans at its Tulsequah Project and other mineral properties, 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 is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities or the completion of feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, 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 and in each management discussion and analysis. In addition, forward-looking information is based on various assumptions including, without limitation, contractor's costs, remote site transportation costs and materials costs for future remediation. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. 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 06-09


Contact Information

  • Redcorp Ventures Ltd.
    Troy Winsor
    Investor Relations Manager
    Direct: (604) 466-8934 or Toll Free: 1-888-225-9662
    www.redcorp-ventures.com