VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2012) - Redhill Resources Corp., (TSX VENTURE:RHR), ("Redhill" or the "Company") is pleased to provide an update on its recent activities. Over the last few months, the Company has been accumulating land in northern British Columbia, approximately 100 kilometers south-southwest of Vanderhoof, British Columbia in the Blackwater area of the Nechako Plateau region. The Blackwater area of the Nechako Plateau continues to be a focal point of exploration for many companies due to the recent discovery of a world class gold-silver deposit by New Gold Inc.
The Company optioned property on August 1, 2012 from Decade Resources Ltd and Mountain Boy Minerals Ltd. for two land packages - Blackwater East and Blackwater North. On September 20, 2012 the Company entered into an agreement with Ronald Bilquist for the Chutanli Property which adjoins the Blackwater East Property to the north. On October 12, 2012 the Company entered into an option agreement with Jared Henrickson for the Aspen Claims which adjoin the Chutanli Property to the north.
Collectively, the entire land package optioned by Redhill in the region now surpasses 29,100 hectares.
For clarity in reporting, Redhill now refers to all of its optioned claims in the region as the Aspen Properties (the "Aspen Properties") consisting of two land packages, Aspen West and Aspen East. Please refer to the attached map (Figure 1: http://media3.marketwire.com/docs/1114rhr_figure1.jpg) of the Aspen Properties which can also be found on the Company's website www.redhill-resources.com.
The Aspen West property is strategically located adjacent to properties hosting the Chu molybdenum deposit (TTM Resources Inc.) and 15 kms northeast of the Blackwater gold-silver deposit (New Gold Inc.). The Aspen West property is also located 26 kms northeast of the Capoose silver-gold deposit (New Gold Inc.).
Most of the Aspen East and some parts of Aspen West property are underlined by middle to upper Jurassic volcanic and sedimentary rocks of Hazelton Group intruded by felsic intrusive rocks of Late Cretaceous to Terciary age, the same geological setting present at New Gold's Inc.'s Blackwater deposit.
In September and October 2012 the Company completed a reconnaissance sampling program over the Aspen Properties. In total, 52 rock, 96 soil, 121 biogeochemical (trees) and 8 silt samples were collected. Initial results are encouraging, identifying three new IP target areas.
The Company has engaged the services of Peter E. Walcott & Associates Limited to conduct an IP survey of 58.7 km of IP lines on the Aspen Properties, covering 4 target areas.
Three targets areas will be surveyed over the Aspen East Property, including one that hosts a large portion of the historic CH claims. The fourth target area is on the Aspen West Property.
The northern target of the Aspen East property is known to host lead, zinc, copper, molybdenum, silver and gold porphyry style mineralization (historic CH claims). Mineralization has been identified over 1.5 kilometres along the contact of a granodiorite intrusion, primarily by anomalous soils collected by Placer Dome in 1991.
Historic soil sampling by Placer Dome on the northern part of the Aspen East Property returned over 1170 ppm copper, up to 1310 ppb gold, up to 2320 ppm lead, and up to 909 ppm zinc. Silver is also highly anomalous in several samples, assaying between 5 and 30 ppm. Other than soil sampling, Placer Dome also did a limited magnetometer survey on the property, but no IP or drilling had been done.
The IP survey should be completed by December 31, 2012
As previously announced September 24 2012 Geonovus signed an option agreement with Redhill to acquire all of Redhills interest in the The Nyakagwe Properties. The Nyakagwe Properties consist of forty-six primary mining licenses (PML's), and one prospecting license (PL) encompassing a combined area of approximately 500 hectares in the prolific lake Victoria Greenstone belt. GeoNovus has a period of 60 days from the date hereof in which to carry out its due diligence. At the present time it is expected that this transaction will complete within the 60 days. In addition to GeoNovus being satisfied with the results of its due diligence, the dispostion is subject to Redhill and GeoNovus entering into a definitive agreement and acceptance for filing by the TSX Venture Exchange on or before November 30, 2012.
Mutiny Gold Ltd. Update
Redhill currently holds 40,000,000 shares of Mutiny Gold Ltd. (ASX:MYG). Mutiny Gold Ltd recently announced positive results from its Definitive Feasibility Study on the Deflector Copper-Gold Project. (Refer to Mutiny's Gold's Ltd. ASX press release dated Oct 22, 2012). The value of these shares combined with the current cash position gives the Company adequate working capital to fund ongoing exploration.
This news release has been reviewed by Brent Butler, Director, and a Qualified Person as that term is defined in NI 43-101.
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."
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.