Redhill Resources Corp.
TSX VENTURE : RHR

Redhill Resources Corp.

August 10, 2011 09:00 ET

Redhill Completes Gullewa Acquisition Terms With Sherwin Iron Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2011) - Redhill Resources Corp. (TSX VENTURE:RHR) ("Redhill" or "the Company") is pleased to announce that Mutiny Gold Ltd. ("Mutiny") forwarded the final payment of AUD$4,000,000 on behalf of Redhill Resources Corp. to Sherwin Iron Ltd. ("Sherwin").

Redhill's interest in the Gullewa Project was originally acquired from Sherwin Iron Ltd. (formerly Batavia Mining Ltd.) under the terms of an agreement (the "Underlying Agreement") dated April 18, 2008 as amended. Accordingly, Redhill has now completed the terms of acquisition from Sherwin Iron Ltd. to acquire a 100% interest in the Gullewa Gold Project.

Redhill entered into an agreement with Mutiny Gold ("the Agreement"), dated July 20, 2010, whereby Mutiny can earn a 70% interest in and to the Gullewa project by making scheduled payments to Redhill totaling AUD$9,000,000 plus 70% of replacement bonds.

Mutiny has paid a total of AUD$7,000,000 to date which was paid to Sherwin Iron Ltd. on behalf of Redhill.

In order to earn a 70% interest in Gullewa, Mutiny must pay the final AUD$2,000,000 to Redhill on or before October 31, 2011. Mutiny has advised Redhill that it is well funded to meet this commitment.

Mutiny has the right to acquire the remaining 30% interest for AUD$4,000,000 subject to a 10% net profit interest.

REDHILL RESOURCES CORP.

Graham Harris, Chairman

"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."

"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."

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