August 15, 2008 - Vancouver, British Columbia - Redcorp Ventures Ltd. (TSX:RDV) ("Redcorp") and its wholly-owned subsidiary, Redfern Resources Ltd. ("Redfern") (together the "Company") announce the execution of an agreement (the "Amending Agreement") to amend certain terms of the Company's previously announced letter of intent (the "LOI") with Gold Wheaton Corp. ("Gold Wheaton") pursuant to which Gold Wheaton agreed to purchase 100% of the life of mine gold production from Redfern's Tulsequah Chief Mine (the "Project") and any other mines within a defined project area for a staged US$90 million upfront payment plus US$400 per ounce produced, subject to adjustment (the "Gold Purchase Agreement"). The Amending Agreement will provide Gold Wheaton with the necessary additional time to complete its due diligence review and to prepare the legal documentation for the purchase.
The Amending Agreement extends (a) the date of completion of Gold Wheaton's due diligence investigation from August 15, 2008 to September 18, 2008; (b) extends the date for Gold Wheaton to provide notice to the Company if it is not satisfied with the results of its due diligence investigation of the Company and the Project from July 15, 2008 to September 18, 2008; and (c) extends the latest date for a mutually acceptable time to execute the Gold Purchase Agreement from August 15, 2008 to September 18, 2008. All other terms of the LOI remain unchanged and in full force and effect.
Redcorp is a Vancouver based mineral exploration and development company with active projects in British Columbia, Canada and Portugal. Further information on Redcorp and the Tulsequah Project can be obtained on our website at www.redcorp-ventures.com and at Redfern's website at www.redfern.bc.ca or by calling toll-free to Troy Winsor, Manager of Investor Relations or Salina Landstad, Manager of Public Relations at the contact numbers listed below.
ON BEHALF OF THE BOARD OF DIRECTORS OF REDCORP VENTURES LTD.
"Terence Chandler" Terence Chandler President and CEO
Contacts:
Troy Winsor Manager, Investor Relations 604-466-8934 / 1-888-225-9662
Salina Landstad Manager, Public Relations & Corporate Communications 604-639-0135 / 1-888-669-4775 ext. 103
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Securities Act (Ontario) and the Securities Act (Alberta.) Forward-looking information includes disclosure regarding possible or anticipated events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action and includes future oriented financial information with respect to prospective results of operations or financial position that is presented either as a forecast or a projection. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend"; statements that an event or result is "due" on or "may", "will", "should", "could", or "might" occur or be achieved; and, other similar expressions. More specifically, forward-looking information contained herein includes, without limitation, statements concerning our plans at our Tulsequah Project (inclusive of the Big Bull Project), the net present value of the Tulsequah Project, the timing and amount of estimated future production and mine life, expected future prices of gold, silver, copper, lead and zinc, mineral reserve and mineral resource estimates, estimated capital and operating costs of the project, estimated capital pay-back period, estimated asset retirement obligations, timing of development and permitting time lines; all of which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information contained herein is based on material factors and assumptions and is subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from a conclusion, forecast or projection in the forward-looking information. These include, without limitation, material factors and assumptions relating to, and risks and uncertainties associated with, the availability of financing for activities when required and on acceptable terms, the accuracy of the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the consistency of future exploration, development or mining results with our expectations, metal price fluctuations, the achievement and maintenance of planned production rates, the accuracy of component costs of capital and operating cost estimates, current and future environmental and regulatory requirements, favourable governmental relations, the availability of permits and the timeliness of the permitting process, the availability of shipping services, the ultimate recovery amount, if any, of our investment in third-party asset backed commercial paper ("ABCP") that has since August 2007 been the subject of a liquidity restructuring plan proposed by the Pan Canadian Committee representing the Montreal Accord and sanctioned on June 5, 2008 by the Ontario Superior Court of Justice pursuant to section 6 of the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended, the risk that the Noteholders may not approve the necessary amendments to the Note Indenture required pursuant to the HSBC credit facility secured by ABCP and the Gold Wheaton gold sale agreement, the availability of specialized vehicles and similar equipment, costs of remediation and mitigation, maintenance of title to our mineral properties, industrial accidents, equipment breakdowns, contractor's costs, remote site transportation costs, materials costs for remediation, labour disputes, the potential for delays in exploration or development activities, timely completion of future NI 43-101 compliant reports, timely completion of future feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, continuing global demand for base metals, expectations and beliefs of management and other risks and uncertainties, including those described under Risk Factors Relating to Our Business in our Annual Information Form, filed on SEDAR on March 31, 2008, and in each subsequent Management's Discussion and Analysis. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, we undertake no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
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