REDCORP VENTURES LTD. (RDV-TSX) is pleased to report second quarter interim operational and financial highlights for Redcorp and its wholly-owned consolidated subsidiaries, Redfern Resources Ltd. and Redcorp Empreendimentos Mineiros Unipessoal Lda. Readers are advised that due to the summary nature of this release, the highlights should be read in conjunction with our second quarter interim report that is being concurrently filed on www.sedar.com.

Summary of Operational Highlights

The following items summarize the key operational highlights achieved during the interim period:  

Awarding of New Mine Contracts - We awarded several new key contracts and letters of intent during 2007-Q2 related to the construction of our new mine and related transportation facilities at Tulsequah Chief, as follows:  

� Engineering and procurement, to Wardrop Engineering Inc.;

�Construction management, to Merit Consultants International Inc.;

� Underground development, to Procon Mining and Tunneling Ltd. (pursuant to a letter of intent);

 � Design and manufacture of buildings for living, administration and mine dry at the site, to Modular Transport Solutions LLC;

� Detailed design of river barging equipment to Hovertrans Ltd.; and

� Initial delivery of equipment to site by conventional barge, to Arctic Construction Ltd.  

During 2007-Q2, we began incurring capital expenditures relating to the above contracts, resulting in an increase to our property, plant and equipment of approximately $3.6 million.  

Commencement of 2007 Drilling Program - In the early part of 2007-Q2, we commenced an 8,000 meter drilling program at Big Bull and by mid-June, we had announced drilling results from eight holes and that drilling work was continuing at both Big Bull and Tulsequah. Follow-up metallic screen assaying of Hole BB07066 upgraded the gold values for this high-grade hole which obtained a 6.15-meter intersection grading 14.62 gpt gold, 288.23 gpt silver, 0.51% copper, 11.23% lead and 22.32% zinc.  

Short-Form Prospectus Offering - In late May, we announced and filed with the required regulatory authorities a preliminary short-form prospectus debt and equity financing. The offering was conducted on a best-efforts basis by a syndicate of six agents. (See Subsequent Events comments below and notes to our interim consolidated financial statements for further details of the financing which closed on July 10, 2007 for total gross proceeds of $252 million).  

We announced that the net proceeds of the offering be used for  development and construction through to production of a new mine at the Tulsequah Chief deposit in northwest B.C. and general corporate purposes. The new mine, which is owned 100% by Redfern Resources Ltd., Redcorp's wholly-owned subsidiary company, is projected to produce zinc, copper and lead concentrates with significant gold and silver by-products. Pre-start-up capital investment was estimated at $201.5 million, including a $21.4 million contingency. 

Permitting - During 2007-Q2, we actively pursued our application and permitting work toward the construction of the new mine at Tulsequah Chief including our river barging transportation alternative.  The detailed supporting studies and documentation for the Environmental Assessment Approval amendment review process for barge transportation were materially advanced and final submissions are expected to be filed in August.  Applications for temporary road construction were prepared and filed just subsequent to the end of the quarter.  

Flow-Through Commitment- According to the terms of a flow-through financing completed in September, 2006, we are committed to spend $3.0 million on Canadian Exploration Expense ("CEE") as defined in the Income Tax Act (Canada). Effective December 31, 2006, we renounced (on January 12, 2007) the aggregate CEE in favour of the original investors. As at June 30, 2007 all of the required expenditures were incurred.

Summary of Financial Highlights

The following table shows selected consolidated financial information for the comparative three and six month interim periods ended June 30, 2007 and 2006.

<sup>(1) Restated from previous filings for the changes identified in thenotes to our interim consolidated financial statements.

Subsequent Events

The following activities summarize key operating activities that were achieved subsequent to June 30, 2007.</sup>

<sup>Closing of $240 Million Debt and Equity Offering - On July 10, 2007 we closed the Short-Form Prospectus Offering mentioned above. As a result, we raised gross cash proceeds totaling approximately $252 million - 56% debt and 44% equity. The debt component involved the issuance of 141,975 Series D Units and the equity component called for the issuance of 220,022,650 Series E Units. (For comments on the use of net proceeds, see Short-Form Prospectus Offering above).

The offering was marketed on a best-efforts basis by a syndicate of six agents, led by Paradigm Capital Inc., whose partial exercise of their over-allotment option amounted to 1,975 D Units and 20,022,650 E Units. These additional units were included as part of the total gross cash proceeds.</sup>

^{Each D Unit was comprised of a senior secured redeemable $1,000 principal amount series D note (a "Series D Note") and 320 Redcorp common shares. The Series D Notes will bear interest at a rate of 13% per annum, payable semi-annually in arrears, and will mature on July 11, 2012. The Series D Notes are direct secured obligations of Redcorp, ranking senior to all existing and future indebtedness.}

^{Each E Unit, priced at $0.50, was comprised of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant is exercisable for the purchase of one common share at a price of $0.65 each until July 10, 2009, subject to our right to accelerate the expiry date of the warrants after July 10, 2008 if the volume weighted average price of the common shares on the TSX is greater than $1.50 for 20 consecutive trading days.}

<sup>Pursuant to the terms of the Series D Notes, an amount equal to the first four interest payments payable by us to the note holders has been deposited in trust. 

Mining exploration, mining and processing activities involve a high degree of risk. There are several risk factors that may cause actual results to differ materially from the forward-looking information included in this MD&A, or which otherwise affect our business. Such other factors are discussed in detail in our MD&A and Annual Information Form for the year ended December 31, 2006 filed by us on www.sedar.com. 

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 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, at 1-888-225-9662.

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 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.</sup>  

^{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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Listed on TSX: Symbol RDV