Redhill Resources Corp.
TSX VENTURE : RHR

Redhill Resources Corp.

February 23, 2012 08:30 ET

Redhill Closes Acquisition of Prospecting License Within Tembo's Claim Block

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2012) - Redhill Resources Corp. (TSX VENTURE:RHR) ("Redhill" or the "Company") is pleased to report that, further to its news release of January 25th, 2012, the Company has closed its mineral claim purchase agreement (the "Agreement") with Thamani Mines Ltd.

The Agreement allows Redhill to acquire a 100% interest in a prospecting license adjoining its Nyakagwe property (the "Nyakagwe Property") located in Tanzania, East Africa. This additional land adds 100 hectares to the Nyakagwe Property, bringing the Company's total land holdings to 500 hectares.

The Nyakagwe Property is strategically located on the Bulyanhulu regional trend within six kilometres (km) of Barrick Gold's 12 million-ounce Bulyanhulu gold mine. The property consists of forty-six Primary Mining licenses (PML's) and one prospecting license (PL) that is contiguous to the Company's PMLs.

The Nyakagwe PML's and PL's are surrounded entirely by prospecting licenses and applications for prospecting licenses owned and being explored by Tembo Gold Corp.

Historically, limited exploration was completed on the Nyakagwe Property to evaluate the potential for near surface mineralization. Large scale artisanal gold mining has been carried out on the project area for more than a decade and continues to be prevalent on the property today.

The Company is fully funded and is planning an extensive exploration program for 2012. The program will include mapping, sampling, trenching and induced polarization (IP), with the intention of defining drill targets for the upcoming exploration season.

REDHILL RESOURCES CORP.

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.

Contact Information