May 25, 2009 - Vancouver, British Columbia. Redcorp
Ventures Ltd. ("Redcorp or the
"Company") (TSX:RDV) today announced that pursuant to its filing
together with Redfern Resources Ltd. (collectively
the "Petitioners") under the Companies'
Creditors Arrangement Act ("CCAA") on March 4,
2009 (the "Initial Order"), its Chairman of the Board, Mr. Ken
Lowe, who was also a director of the Company has resigned and its Chief
Financial Officer, Mr. Mike Bardell, has left the
employ of the Company.
The Company wishes to express
its sincere appreciation for the efforts of Messrs. Lowe and Bardell in the advancements made to develop the Tulsequah Project towards commercial production amidst
deteriorating financial and metal market conditions as well as their
support throughout the CCAA process.
Since the Initial Order the Petitioners have worked closely with the
Monitor and have, among other things, held regular conference calls between
the Petitioners, the Committee of Secured Note Holders and the Monitor,
developed and commenced implementation of a plan for putting the Tulsequah Project on a "care and maintenance"
basis, initiated proceedings in the United States Bankruptcy Court for
recognition of the Initial Order, arranged for a central storage facility
to be rented, consolidated its equipment in that facility and developed a
plan for the care of the site to minimize environmental issues. Implementation
of that plan is subject to the Company's forthcoming application to the
Court for additional relief, currently set for May 27, 2009, failing which
it is anticipated that a receiver will be appointed at the request of the
Committee of Secured Note Holders.
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 http://www.redcorp-ventures.com/ and at Redfern's website at http://www.redfern.bc.ca/ or by calling toll-free to Troy Winsor, Manager of Investor
Relations, at 1-888-225-9662 or (604) 466-8934.
ON BEHALF OF THE BOARD OF DIRECTORS OF REDCORP VENTURES LTD.
"Terence Chandler"
Terence Chandler
President and CEO
Certain
of the statements made and information contained herein may contain
"forward-looking information" within the meaning of the British
Columbia Securities Act,
Alberta Securities Act and
Ontario Securities Act or
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934
of the United States, including, without limitation, statements concerning
the Company's plans at its Tulsequah Project and other mineral properties
and the Company's revised economic evaluation of the Tulsequah Project,
which involve known and unknown risks, uncertainties and other factors,
some of which are beyond the Company's control which may cause the actual
results, performance or achievements of the Company, or industry results
and/or consensus metal prices, to be materially different from any future
results, metal prices, performance or achievements expressed or implied by
such forward-looking information or forward-looking statements. Forward-looking
information and forward-looking statements are subject to a variety of
risks and uncertainties which could cause actual events or results to
differ from those reflected in the forward-looking information or
forward-looking statements, including, without limitation, material factors
and assumptions relating to, and risks and uncertainties associated with,
risks that refinancing efforts when required and on acceptable terms will
be successful while under Court protection pursuant to the Companies' Creditors Arrangement Act
(Canada), risks relating to the inability to achieve the conditions
required to receive the funding initially contemplated by the Company's
gold sale agreement or its MRI contingent loan facility, risks related to
the ability to secure capital leasing arrangements for the purchase of
mining equipment on suitable terms, if at all, risks concerning the
ultimate recovery of the Company's investment in new long-term Asset-Backed
Commercial Paper Notes ("ABCP") that were issued on
January 21, 2009 and which have been provided as security in exchange
for a term bank loan, risks and uncertainties relating to the
interpretation of drill results and the estimation of mineral resources and
reserves, the geology, grade and continuity of mineral deposits, the
possibility that future exploration, development or mining results will not
be consistent with the Company's 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 availability of
specialized vehicles and similar equipment, costs of remediation and
mitigation, maintenance of title to the Company's 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, the fact that the 2007 Feasibility Study is based upon
probable mineral reserves and not proven mineral reserves, expectations and
beliefs of management and other risks and uncertainties, including those
described under "Risk Factors" in the Annual Information Form of
the Company filed on SEDAR on March 31, 2008, and in each subsequent
management's discussion and analysis. Forward-looking information and
forward-looking statements for
time periods subsequent to 2008 involve longer term assumptions and
estimates than forward-looking information and forward-looking statements
for 2008 and are consequently subject to greater uncertainty. Should one or
more of these risks and uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
described in forward-looking information or forward-looking statements. Accordingly,
readers are advised not to place undue reliance on forward-looking information
or forward-looking statements. When used herein, the words
"anticipate", "believe", "estimate" and
"expect" and similar expressions, as they relate to the Company
or its management, are intended to identify forward-looking information or
forward-looking statements relating to the business and affairs of the
Company. Except as required under applicable securities legislation, the
Company undertakes no obligation to publicly update or revise
forward-looking information or forward-looking statements,
whether as a result of new information, future events or otherwise.
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