May 15, 2008 - Vancouver, British Columbia - Redcorp Ventures Ltd (TSX:RDV) ("Redcorp") and its
wholly-owned subsidiary, Redfern Resources Ltd. ("Redfern" ) are
pleased to provide a corporate update and development activities related to
the Tulsequah Chief Mine Project.
Corporate Update
Marilyn Wong has been appointed as Corporate Secretary and will be
replacing Shirley Hilton as an Officer of the Company. We wish to
thank Shirley for her many years of service to Redcorp and Redfern as an
employee and Secretary Treasurer.
Marilyn has extensive experience relating to private and public company
management including compliance and continuous disclosure. She also
has experience in preparing corporate and securities regulatory documents
and has served as legal secretary/assistant in the area of corporate/securities
law at several law firms, including McClellan Rubenstein & Parolin, and
Smith Lyons Torrance Stevenson and Mayer, and their predecessor law firms.
We are very pleased to have Marilyn join the Redcorp team.
Tulsequah Chief Mine Development
Construction Activities
Construction and development activities have been progressing with
an on-site construction crew of approximately 80 workers at two camps north
and south of the mine site. To-date, six of 19 bridge crossings have been
completed and approximately 10 km of road have been built, which is
approximately 50% of the total project requirement. Approximately 800 m of
the airstrip has been constructed and is now in use. The remaining
400 m of the airstrip has been constructed but is undergoing final
surfacing prior to general use. Additional construction this year will
focus on completing the connection between the northern and southern camps,
construction of waste rock facilities, establishing a water treatment plant
for the mine drainage and site run-off and construction related to
underground development.
Permitting Status
Earlier this year, we announced the receipt of our initial mines act
permit (M-232) approving certain construction activities related to
potentially acid generating (PAG) waste rock materials and the installation
and operation of a water treatment plant. A second mines act permit has
been submitted for the construction of underground mine development, the
upgrade of site roads, and mine and mill surface structures. A third mines
act submission is being finalized for the approval of the tailings dam. Receipts
of these two operating permits are expected in 2008-Q3.
Other ancillary operating permits are required and will be applied for
during the appropriate stage of mine development.
We are actively engaged in completing an amendment to our existing
Environmental Assessment Certificate ("EA") to permit the air
cushion barge transportation system on the Taku River and have been working
diligently with Canadian federal and provincial regulatory agencies, Alaska
state agencies and the Taku River Tlingit First Nation (TRTFN). Completion
of the Canadian EA amendment process is expected by 2008-Q3. Completion
of the Alaskan permitting process is ongoing and is dependent upon our submission
of a revised operating procedures manual to include a proposed change in
tow vehicles to replace the amphitrac. We expect this change in
vehicles to have a minimal impact, if any, on the Alaskan permitting
process.
River Transportation Equipment
Fabrication of the Air Cushion Barge (ACB) is well under way with an
anticipated completion and delivery to Juneau later this summer. Design
and construction of the amphitrac tow vehicle has been suspended due to a
lack of progress on detailed design. We have identified alternative
existing vehicles to tow the ACB during the winter season and are currently
evaluating their operating characteristics to ensure they meet or exceed
our environmental operating requirements.
The Arctic Eagle tug boat that we purchased and used during last year's
operations is currently being retrofitted and repowered in preparation for
this year's barging operations. The Arctic Eagle tug, together with
our newest tug, the Dalco, are scheduled to commence barging operations in
June 2009.
Procurement
Phase I of the permanent camp including the kitchen, dining hall,
half of the offices and 16 sleeping units is in Seattle awaiting shipment
to Juneau. Phases II and III, comprising most of the additional
sleeper units, are nearing completion in China. Phase IV (including
the mine dry, the remaining offices, and an additional 16 sleeper units)
will be completed and sent to Seattle in June. Other procurement
items that have been awarded and awaiting shipment to Juneau during this summer's
barging program include: the interim water treatment plant; all mills (rod,
ball and regrind); electrical equipment (load centres, MMC's, switchgear);
thickeners; process control system; primary and secondary crushers; sewage
treatment plant; flotation cells; and the underground mobile equipment
fleet.
Where possible, we are actively working with our engineer, Wardrop
Engineering Inc. to pursue opportunities for purchasing suitable used
equipment.
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 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 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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