Redcorp Executes Definitive Agreement With Gold Wheaton Gold Corp.
Redcorp Ventures Ltd. and its wholly-owned subsidiary, Redfern Resources Ltd., are pleased to announce that the Company has executed the definitive agreement governing the gold sale transaction between the Company and Gold Wheaton Gold Corp. previously announced on June 12, 2008.
The agreement provides for total upfront payment of US$90 million to the Company in return for Gold Wheaton’s interest in all gold production from the Tulsequah Chief Project. An initial payment of US$10 million is payable on receipt of certain material permits and the balance of US$80 million is payable thereafter on completion of certain funding conditions to ensure that the balance payment funds are used to complete the construction of the Tulsequah Chief Mine. Redfern will receive further ongoing payments for gold production from the project at the lesser of US$400, subject to adjustment, or the spot price per ounce of gold at the time of delivery.
Redcorp is a Vancouver based mineral exploration and development company with active projects in British Columbia, Canada and Portugal.
Website at www.redcorp-ventures.com and at Redfern’s website at www.redfern.bc.ca