Redcorp Announces Court Ordered Extension of Stay and Related Relief Under CCAA Restructuring

Redcorp Ventures Ltd. announced that all of the relief granted in the order made by the British Columbia Supreme Court pursuant to its filing with Redfern Resources Ltd. under the Companies’ Creditors Arrangement Act (“CCAA”) on March 4, 2009, including the stay period as therein defined, is continued and extended until June 16, 2009 by order of the Court. The Court ordered that Redcorp is authorized to enter into an agreement with Paradigm Capital Inc. pursuant to which Paradigm will provide services to the Petitioners in conjunction with the Court appointed monitor, KPMG LLP, to assist the Petitioners in finding an investor/partner to facilitate the completion of the Petitioners’ Tulsequah Project.

The Court also ordered certain relief from securities and regulatory filing requirements that Redcorp would otherwise be subject to as a reporting and listed company, in order to facilitate the restructuring plan. The Court also ordered that the time for holding the annual general meeting of Redcorp is postponed until January, 2010.

Since the Initial Order the Petitioners have worked closely with the Monitor and have, among other things, held regular conference calls between the Petitioners, the Committee of Secured Note Holders and the Monitor, developed a plan for putting the Tulsequah Project on a “care and maintenance” basis and have begun to implement that process, initiated proceedings in the United States Bankruptcy Court for recognition of the Initial Order and have obtained an interim stay order pending a further hearing on April 9, 2009, arranged for a central storage facility to be rented and have begun to consolidate Redfern’s equipment in that facility, and commenced development of a plan for the care of the site to minimize environmental issues.

Redfern is continuing to finalize outstanding permits required to allow the mine development to proceed as planned on a successful restructuring. Work on fabrication of the Air Cushion Barge (“ACB”) in Portland, Oregon, is on hold pending progress in the restructuring process.