|
March 3, 2009 - Vancouver, British Columbia. Redcorp Ventures Ltd.
("Redcorp") (TSX:RDV) announces that its wholly-owned subsidiary,
Redfern Resources Ltd. ("Redfern ") received on
February 27, 2009 two key approvals for the Tulsequah Mine
project. The responsible British Columbia Ministers approved an
amendment to Redfern's Project Approval Certificate ("PAC") to
allow the project to utilize barges on the Taku River for access to the
project, along with approval for necessary roads and infrastructure to connect
the barge access with the mine. In addition Fisheries and Oceans
Canada issued an authorization to allow Redfern to complete diversion works
for a small stream located just south of the mine.
The PAC amendment
approval represents the conclusion of a multi-jurisdictional review of the
application filed on February 23, 2007. A parallel amendment process
was initiated for Redfern's Canadian Environmental Assessment Act (CEAA)
screening approval and a decision on that amendment is expected shortly. Approvals
under both the provincial and federal environmental assessment acts are
necessary to allow year-round barge access for the project.
The authorization for
the stream diversion (Stream 2) is critical to allow necessary works to
proceed for construction of the lined pads for safe temporary storage of
historical and proposed operations waste materials. The construction
work was suspended pending approval of the diversion.
These approvals are
necessary to allow re-commencement of construction activities once the
necessary additional project funding is identified and any requisite
re-financing and re-structuring of corporate debt is completed, as
announced in the Company's news release of February 17, 2009.
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 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
604-639-0131
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 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 relating to the availability of financing for activities when
required and on acceptable terms, risks relating to the inability to
achieve the conditions required to receive full funding contemplated by its
gold sale agreement or the MRI contingency loan, risks related to the
ability to secure capital leasing arrangements for the purchase of mining
equipment on suitable terms, if at all, the ultimate recovery of the
Company's investment in new long-term ABCP that were issued on
January 21, 2009, 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.
|