Redhill Resources Corp.
TSX VENTURE : RHR

Redhill Resources Corp.

July 21, 2011 15:02 ET

Redhill Resources Corp.: Mutiny Gold Raises AUD$9,700,000 for Gullewa Property Payment and Exploration

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 21, 2011) - Redhill Resources Corp. (TSX VENTURE:RHR) ("Redhill" or the "Company") is pleased to announce that it has been informed by it's joint venture partner Mutiny Gold Ltd. ("Mutiny") that it is raising AUD$9,700,000 through the issuance of 101,000,000 common shares at $0.096 per share. The funding, led by Hartleys Ltd in Perth, was heavily oversubscribed.

This capital raising completes the first phase of Mutiny's plans, as announced on April 28, 2011 to accelerate the acquisition of the Gullewa Gold Project.

Part of the funds will be used to make the next installment payment of AUD$4,000,000 on August 24, 2011 to Sherwin Iron Ltd on behalf of Redhill. This will complete Redhill's obligations to earn 100% interest in the Gullewa Gold Project.

Mutiny has until October 31, 2011 to make an additional payment of $2,000,000 million to Redhill to earn its 70% interest in Gullewa.

This capital raising will allow Mutiny to expand its successful exploration efforts at the Gullewa Gold Project.

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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