ASX / MEDIA RELEASE

01 SEPTEMBER 2009

REDBANK?S COPPER PROJECT MOVES AHEAD

Copper developer Redbank Copper Limited (ASX: RCP) released today its 4 month comprehensive Mine Study for the development of the Redbank high grade copper project in the Northern Territory.

The Study confirms strong economic viability for a copper cathode and concentrate project and includes a base case model for an open cut copper mine with a life of ten years, including production from both oxide and sulphide ores.

Key points:

? Average cash cost US$1.21/pound

? Revenue AUD$470m

? Cash flow AUD$166m

? Startup capital AUD$18.2m with total capital AUD$62.5m

? Study assumes 10 year mine life based on current resources and assumed further exploration success and expansion of resource base

? Total production: 21,100 tonnes copper cathodes (LME grade 99.99%) 62,900 tonnes copper in concentrate

? NPV of cash flows is AUD$53.0m (6.6c/share)

Redbank Managing Director Bruce Morrin said the study confirmed the positive economics of the project, and identified optimal methods for development.

?The release of the Mine Study is a major step forward in the re-development of Redbank as a high grade copper producer,? Mr Morrin said.

?We have established resources and infrastructure in place at Redbank, and a substantial exploration program underway to lift the resource base.?

?The Mine Study shows that with relatively small capital outlay we can return the Redbank project into production. Our focus now is on continuing the exploration program, and moving the project forward to be in a position to potentially commence production mid next year,? Mr Morrin said.

Initial oxide ore processing is proposed to commence in 2010, at a throughput rate of 150,000tpa, producing cathode from a small SX-EW plant. Sulphide production is proposed to commence in 2012 from the refurbished onsite concentrator, at an initial rate of 300,000tpa increasing to 500,000tpa producing a 27% copper concentrate.

An executive summary and the full Redbank Copper Mine Study can be found at the following link:

http://www..purplecom.com.au/_content/documents/1330.pdf

For further information, please contact:

Bruce Morrin

Managing Director

Tel: +61 (0)8 6389 6400

Mob: +61 (0)488 770 553

Warrick Hazeldine / Ryan McKinlay

Purple Communications

Tel: +61 (0)8 6314 6300

Mob: +61 (0)417 944 616 / +61 (0)408 347 282

About Redbank Copper

Redbank Copper is an Australian based ASX-listed resource company (ASX: RBM) focused on the development of the Redbank Copper Mine in the north east of the Northern Territory.

The project is located in the Redbank Mineral Field in the NT, where the Company holds a substantial ground position. The region hosts significant economic copper mineralisation and is highly prospective for copper, cobalt, phosphate, manganese and uranium.

The Company acquired the Redbank Copper Mine in 2005, and had been generating some cash flow from the treatment of high grade oxide stockpiles to produce a copper cement. The tenement package included numerous advanced copper targets.

In December 2007, Redbank secured an exploration joint venture with Glencore International, one of the world?s largest commodity suppliers. The Company has also signed an off-take agreement with Glencore for the life of mine, based on marked based spot prices of copper.

Redbank?s major shareholder is the listed group Stirling Resources Limited (ASX: SRE).

Additional information is available at www.redbankcopper.com.au

COMPETENT PERSON

The information contained in this announcement insofar as it relates to the Company?s geological information at the Redbank Copper Project is sourced from information compiled by Mr. Craig Hall BSc(Hons), MAusIMM, MAIG. Mr Hall is a senior manager of the Company. Mr. Hall has sufficient expertise relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ?Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves?. Mr. Hall has approved the inclusion of the statement in the form and context in which it appears.

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Ph: 08 6314 6300 Fax: 08 6314 6355

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