Redcorp Signs New Concession Agreement at Lagoa Salgada: Financial News

Redcorp Signs New Concession Agreement at Lagoa Salgada
Thursday October 30, 2008 9:00 am ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Oct 30, 2008 -- Redcorp Ventures Ltd. (Toronto:RDV.TO - News) and its wholly-owned subsidiary, Redcorp Empreendimentos Mineiros Unipessoal Lda ("REM") (together, "the Company"), are pleased to announce a new concession agreement with the Portugal Government for the Lagoa Salgada project.

The new agreement, effective October 1, 2008, increases the concession area from 103 km2 to 208.4 km2 and reduces the minimum expenditures required to maintain the concession during the next two years, as compared to the terms of the old agreement. Under the terms of the new agreement, we have been granted an initial two year period commencing October 1, 2008. Thereafter, we have the option of applying for up to two additional one-year extensions, or of applying for one or more exploitation contracts. The area of the concession must be reduced by 50% for each extension. We maintain the concession through work programs and through cash payments. The new concession is also subject to a 3% production royalty, identical to that in the previous contract.

Lagoa Salgada is an exploration stage base metal project in the Iberian Pyrite Belt near Grandola, Portugal. The concession covers the Lagoa Salgada deposit itself as well as satellite exploration targets on geophysical anomalies. The Lagoa Salgada deposit is estimated to contain 2,017,000 tonnes in the inferred category grading 0.35% copper, 4.83% lead, 5.13% zinc, 1.29 g/t gold and 85.35 g/t silver based on an NI 43-101 compliant resource estimate completed by Wardrop Engineering Inc., previously reported on August 21, 2007.

Drilling during the first half of 2008 confirmed that elevated base metal values are also associated with the Rio de Moinhos pyrite horizon, a satellite target on the concession situated 11 km SE of the Lagoa Salgada deposit. Surface geochemical surveys were completed over both the Lagoa Salgada and the Rio de Moinhos areas during the latter half of 2008. Geochemical analysis and interpretation of survey results are in progress, and we anticipate testing some of the resulting targets in the next phase of drilling contemplated for 2009.

About Redcorp

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 Portugal projects 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, President and CEO

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, the ultimate recovery, if any, of the Company's investment in ABCP that has since August 2007 been the subject of a liquidity restructuring plan proposed by the Pan Canadian Committee representing the Montreal Accord and sanctioned on August 18, 2008 by the Ontario Court of Appeal pursuant to section 6 of the Companies' Creditors Arrangement Act (leave to appeal to the Supreme Court of Canada was refused on September 19, 2008) and expected to be finalized and distributed on or before the end of November 2008, risks relating to the availability of financing for activities when required and on acceptable terms, risks relating to the non-completion of its gold sale agreement, the MRI contingency loan, or the HSBC Bank Canada loan facilities, 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.

News Release 08-23