Redcorp Ventures Ltd.: Extension to Closing of Gold Wheaton Transactionadmin
Friday, August 15th 2008
Redcorp Ventures Ltd. and its wholly-owned subsidiary, Redfern Resources Ltd. announce the execution of an agreement to amend certain terms of the Company’s previously announced letter of intent with Gold Wheaton Corp. pursuant to which Gold Wheaton agreed to purchase 100% of the life of mine gold production from Redfern’s Tulsequah Chief Mine and any other mines within a defined project area for a staged US$90 million upfront payment plus US$400 per ounce produced, subject to adjustment. The Amending Agreement will provide Gold Wheaton with the necessary additional time to complete its due diligence review and to prepare the legal documentation for the purchase.
The Amending Agreement extends (a) the date of completion of Gold Wheaton’s due diligence investigation from August 15, 2008 to September 18, 2008; (b) extends the date for Gold Wheaton to provide notice to the Company if it is not satisfied with the results of its due diligence investigation of the Company and the Project from July 15, 2008 to September 18, 2008; and (c) extends the latest date for a mutually acceptable time to execute the Gold Purchase Agreement from August 15, 2008 to September 18, 2008. All other terms of the LOI remain unchanged and in full force and effect.
Redcorp is a Vancouver based mineral exploration and development company with active projects in British Columbia, Canada and Portugal.