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PORTUGAL EXPLORATION UPDATE
March 26, 2008 -
Vancouver, British Columbia - Redcorp Ventures Ltd. (RDV-TSX) and its
wholly-owned subsidiary, Redcorp Empreendimentos Mineiros Unipessoal Lda
("REM") (together, "the Company"), are pleased to
present an update on the ongoing exploration programs in Portugal.
Drilling is currently underway at the Lagoa Salgada base metal project near
Gr�ndola. In addition, geochemical results have been received from
surface rock samples collected during a prospecting program on the Vila de
Rei gold project, northeast of Lisbon.
LAGOA SALGADA PROJECT
(Base/Precious Metal Massive Sulphides)
Lagoa Salgada is located in the northwest extension of the Iberian
Pyrite Belt, an extensively mineralized volcano-sedimentary terrain in
southern Portugal and Spain which hosts over 80 known massive sulphide
deposits including the Las Cruces (in development) and Aguas Tenidas mines
in Spain, and the Neves-Corvo and Aljustrel mines in Portugal. The Lagoa
Salgada deposit is estimated to contain 2,017,000 tonnes in the inferred
category grading 0.35% copper, 4.83% lead, 5.13% zinc, 1.29 g/t gold and
85.35 g/t silver based on a NI-43-101 compliant resource estimate completed
by Wardrop Engineering Inc., previously reported on August 21, 2007.
Three drill holes totalling 1,737
m have been completed to date during this phase of
exploration in the Rio de Moinhos area of the Lagoa Salgada concession to
follow up semi-massive to massive pyrite intersected last year in drill
hole RM07004. Each of the new drill holes intersected the pyrite horizon,
which has now been intercepted over a strike length of 120 m, and to a vertical
depth of 430 m
below surface. The system is blind, buried by over 100 m of younger cover
rocks. The pyrite horizon is interpreted to be a lateral expression of a
volcanogenic massive sulphide system with potential to contain base metal
mineralization. The best visual intercept to date on the Rio de Moinhos
target has come from the most recent hole, RM08009, which cut 10.92m
(est.7.02m true width) of finely banded silica-pyrite mineralization in
volcanic tuff at 437.12m to 448.04m down the hole. Silica-sericite-pyrite
alteration is associated with this horizon. RM08009 is the northernmost
hole drilled on the target to date, and the system appears to be
strengthening to the north. Core samples of the pyrite mineralization and
associated alteration have been split and shipped to Ecotech Laboratories
in Kamloops, Canada
for analysis.
The drill has now been moved to the area of the Lagoa Salgada massive
sulphide deposit to test gravity anomalies in the vicinity of encouraging
alteration encountered by previous drilling. This target area is
north of an interpreted fault structure which bounds the deposit on its
northern side. The presence of alteration and gravity anomalies
north of the fault supports the potential for further mineralization or
faulted extensions of the known deposit.
VILA DE REI PROJECT (Gold)
The Vila de Rei gold concession was acquired in 2005 to cover
prospective gold targets in the vicinity of known historic gold placer
workings dating to Roman times and possible intrusive-related gold
mineralizing systems. Initial reconnaissance work was conducted in
2005 and 2006 to evaluate the placer and bedrock gold potential. This
work led to more focused activities in late 2007.
Geochemical results have been received from the surface prospecting program
conducted by REM on the Vila de Rei gold project in November, 2007. During
that program, 331 grab samples were collected from outcropping quartz veins
and hematitic breccia on the concession. Of these samples, 41 samples
returned from 0.7g/t Au to 1.6 g/t Au, 32 samples returned from 1.6 g/t Au
to 4 g/t Au, and 21 samples returned from 4 g/t Au to the program high of
10.6 g/t Au (sample BAR07297.) Clusters of samples returning elevated gold
values outlined four separate target areas ranging up to one km in length
distributed along a 40 km
northerly trending axis of favourable geology on the concession. Each
of these target areas contained samples returning greater than 4 g/t gold.
Also in November 2007, three orientation soil sampling grids were located
on a portion of the anomalous trend. Analyses received in 2008
confirm the presence of gold in soil over the zones. Anomalous levels
were defined for samples containing greater than 60 ppb (parts per billion)
Au with one grid containing significant gold-in-soil anomalies in the
several hundred ppb Au range. It should be noted that some soils in
these areas have disturbed profiles due to prior cultivation/cultural
activities and anomalies may be expanded beyond normal geochemical
dispersion due to weathering. The soil anomalies are completely open
and require follow-up.
The significance of these results is the confirmation of gold associated
with the quartz veins and hematitic breccia, and that there is more than
one locus of bedrock mineralization on the concession. However, the grab
samples provide only prospective indications and cannot be considered to be
representative samples. Additional work including a more
representative style of sampling and/or drilling is planned to follow up on
these results.
_________________________
Redcorp Ventures Ltd. is a Vancouver
based mineral exploration and development Company with active projects in British Columbia and Portugal.
Further information on Redcorp and the Lagoa Salgada and Vila de Rei
properties can be obtained on the Company's website at
www.redcorp-ventures.com 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
Megan O'Donnell, P.Geo. is the qualified person,
as defined by National Policy 43-101, supervising the exploration program
at the Lagoa Salgada and Vila de Rei Projects.
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 is currently undergoing liquidity restructuring by the
Committee representing the Montreal Accord, 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 April 2, 2007, 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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Contacts:
Troy Winsor
Manager, Investor Relations
1-888-225-9662 / 604-466-8934
Salina Landstad
Manager, Public Relations & Corporate Communications
1-888-669-4775 ext. 103 / (604)639-0135
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