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REDCORP VENTURES LTD. (RDV-TSX) and Redfern Resources Ltd. ("Redfern"), its wholly-owned subsidiary, (together
the "Company"), are pleased to announce that Redfern
has entered into an Option to Purchase Agreement (the
"Agreement") with Carmacks Commercial
Corp. of Moses Lake, WA, USA. The Agreement outlines the terms to purchase
eight generator sets and associated ancillary equipment required to supply
the Company's Tulsequah Chief Mine with power.
Under the terms of the Agreement Carmacks
agrees to sell to Redfern eight 1.6 MW generator sets
and various ancillary equipment inclusive of shipment and delivery to the
port of Juneau, Alaska. A deposit of US $2.1 million was
paid upon signing of the Agreement. The equipment is part of a standby
power generating installation that is no longer required and as a result
the equipment is in substantially 'as new" condition. The vendor has
agreed to store the units until such time as they are needed and the
purchase is finalized in the first quarter of 2008. Redfern
is currently discussing terms with prospective leasing finance groups to
complete the purchase as a capital lease, as contemplated in the project
Feasibility Study.
"We were delighted to secure the opportunity to acquire these
units in such good condition" said Richard Goodwin, VP Mining for the
Company. "This purchase will reduce the capital requirement of the
project, but more importantly will help us to preserve our schedule by
avoiding a manufacturing delay for one of the key items of the project. This
purchase also gives us the opportunity to use the gensets
during construction, saving us the cost of rental units."
Redfern has
nearly completed the first phase of road construction consisting of a four
kilometre section of road from the barge landing site to the Big Bull Mine,
a secondary deposit with defined mineral resources under active
exploration. The company is anticipating receipt of additional
permits covering the next phase of interim road construction, northward to
the Tulsequah Chief Mine site. Further
equipment has been marshalled to the Taku River by barge and is scheduled for
delivery to site over the next several weeks.
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 its projects
can be obtained on Redcorp's website at www.redcorp-ventures.com. Investors may call toll-free to Troy Winsor, Manager of
Investor Relations, at 1-888-225-9662. Media should contact Salina
Landstad, Manager of Public Relations and Corporate Communications at (604)
639-0135.
ON BEHALF OF THE BOARD OF DIRECTORS OF REDCORP
VENTURES LTD.
"Terence Chandler"
Terence Chandler
President
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 the Company's plans at
its 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, metallurgical response and net smelter return valuations,
mineral reserve and mineral resource estimates, estimated capital and
operating costs of the project, estimated capital pay back period, timing
of development and permitting time lines; all of which involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company, 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 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 NP 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 the
Company's Business in the Company's Annual Information Form, dated March
28, 2006, and in each subsequent Management's Discussion and Analysis. Although
the Company has 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, the Company undertakes
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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