Vancouver, British Columbia - Redcorp
Ventures Ltd. (TSX:RDV) and its wholly-owned subsidiary, Redfern Resources Ltd. (together, the
"Company") is pleased to report the receipt on February 29 of
Mines Act Permit M-232, approving certain initial construction activities
at the Tulsequah Chief mine site.
The permit approves the following actions:
� construction of waste sites for
potentially acid generating (PAG) waste rock materials and for non-PAG
waste rock material
� construction of water management structures
and diversion ditches at the Tulsequah Chief mine
site and at the waste site locations
� removal of waste rock from the Tulsequah Chief mine site and consolidation of the
material at the constructed waste sites
� installation and operation of a 40 m3/hr
capacity water treatment plant to treat contaminated water collected from
the PAG waste site and from historic mine operations up to the capacity of
the plant
The permit requires the posting of security
totalling $1.2 million to cover the costs of relevant reclamation
activities. Half of the security is required in 30 days,
the remainder must be in place by December 31, 2008.
In addition to the above the Company is also
pleased to report that it has received, from the Ministry of Forests, an amended
License to Cut authorization which has been extended to cover the full road
construction areas from the barge landing site north to the Shazah airstrip. Construction activities have
commenced on the southern portion of the road alignment in conformance with
the LTC and the previously issued MX permits. This includes the seven kilometer section of road on which work was previously
deferred pending more detailed review of wildlife and other environmental
impact mitigation measures.
Construction crews are currently finalizing
the completion of the Shazah airstrip and
preparing for the Shazah creek bridge
emplacement, on receipt of final DFO clearances. The Company has
already received its Navigable Waters crossing authorization from Transport
Canada. Road
construction from the Shazah area south will
commence following the bridge crossing completion.
We have also finalized the purchase, from Carmacks Commercial Corp. of the diesel generating
plant and associated equipment previously announced in our news release of
September 18, 2007.
Redcorp Ventures Ltd. 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 the Company's
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
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.
###
Contacts:
Troy Winsor
Manager, Investor Relations
1-888-225-9662
604-466-8934
Salina Landstad
Manager, Public Relations & Corporate
Communications
(604)639-0135 / 1-888-669-4775
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