Redhill Resources Corp.

Redhill Resources Corp.

March 01, 2012 08:00 ET

Redhill Announces Work Program for the Nyakagwe Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2012) - Redhill Resources Corp. (TSX VENTURE:RHR) ("Redhill" or the "Company") is pleased to report the planned 2012 exploration program for its Nyakagwe Properties located in Tanzania, East Africa. The Nyakagwe Properties are strategically located on the Bulyanhulu regional trend within six kilometres (km) of Barrick Gold's 12 million-ounce Bulyanhulu gold mine.

The Nyakagwe Properties consist of forty-six primary mining licenses (PML's) in three contiguous groups and one prospecting licence (PL) encompassing a combined area of approximately 500 hectares surrounded by prospecting licenses and applications for prospecting licenses owned and presently being explored by Tembo Gold Corp.

Tembo Gold Corp. recently announced (news release dated February 28th, 2012) that they have identified an area "between the Nyakagwe Hill and the Bulyanhulu River" as a "prominent domain of identifiable artisanal gold mining." Three distinctive mineralized trends have been identified, two of which, if not all three, trend onto Redhill's properties (see attached map). Artisanal gold mining operations are known to exist or have existed on the Nyakagwe Properties. These locations typically represent outcropping of the mineralized structures and prove to be excellent exploration targets that will be tested to depth and along strike in the upcoming exploration program.

The Nyakagwe Properties had exploration work completed in 2008 by Africa West Minerals Corp. This work comprised soil sampling, trenching, and ground magnetic geophysics, followed by a program of Reverse Circulation (RC) and Air Core (AC) drilling. This historical drilling intersected mineralization as shallow as 20 metres (m) and returned gold values ranging from .32 g/t over 1 m to 7.03 g/t over 4m including 17.75 g/t over 1m. These widths and grades are analogous to those being mined at Barrick's nearby Bulyanhulu Mine.

Using a detailed data base from the 2008 program, along with ground truthing and additional field work, Redhill is planning an extensive exploration program for 2012. The program will include geological mapping, satellite imagery for structural trends, rock and soil geochemistry, trenching and geophysics, and follow-up drilling.

The Company is retaining consultants with extensive experience and knowledge of the Bulyanhulu gold deposit and regional geology to assist with the exploration program. The consultants are based in Mwanza, the second largest city in Tanzania, and logistical supply center for gold mining operations in the Lake Victoria Gold Fields.

Redhill Resources is also pleased to announce the appointment of Mr. Paul DiPasquale to the Board of Directors, effective immediately. Mr. DiPasquale has been involved in the securities industry since 1969 and has held various executive positions with responsibility for sales and trading operations for a number of brokerage firms in his career, including: Brink, Hudson & LeFever Ltd., Yorkton Securities Inc., Haywood Securities Inc., Gardiner Watson Ltd., Walwyn Stodgell and Canaccord Genuity Corp. where he served as an Executive Vice-President and Branch Manager. He is now an independent advisor.

This news release has been reviewed by Brent Butler, a Qualified Person as that term is defined in NI 43-101.

To view the Redhill's Nyakagwe Property Map, visit the following link:


Clive Massey, President & CEO

"This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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