Redcorp Ventures Ltd.: Asset-Backed Commercial Paper Distribution Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2009) - Redcorp Ventures Ltd. (TSX:RDV) ("Redcorp" or the "Company") and its wholly-owned subsidiary, Redfern Resources Ltd. ("Redfern"), are pleased to provide an update on their access to funds resulting from the restructuring of Canadian Asset-Backed Commercial Paper (ABCP) and an update of permit and construction activities at the Tulsequah Project.

ABCP Restructuring and HSBC Bank Credit Facility

Redcorp received notice from the Pan-Canadian Committee of the closing on January 21, 2009 of the restructuring and distribution plan for the new notes to replace the Company's existing $91.4 million investment in ABCP assets which did not mature in August 2007 as originally intended. An advisory letter from the Company's broker-dealer, HSBC Bank Canada, is expected shortly, indicating the type and quantum of new notes, and back-interest receivable related to the former notes. Such new notes will replace the prior notes as security for an updated loan agreement with HSBC Bank Canada. Under the updated agreement, the new notes will allow the Company to access a credit facility of $85 million, an increase of $21 million over the existing facility.

According to the Pan-Canadian Committee, noteholders will receive accrued interest payments in two tranches. The first tranche, which is anticipated shortly, will represent interest accrued on the underlying assets from August 2007 to August 31, 2008 less the majority of the restructuring costs. A second tranche will be issued for accrued interest from August 31, 2008 to January 21, 2009, less any residual restructuring fees. The date for issuance of the second tranche is not yet known, but is expected near-term.

Permitting and Construction Activities

As announced on December 22, 2008, construction activities at the mine site were suspended on December 17 for the holiday break. This suspension has been extended through January to allow for the acquisition of key permits, advance of project execution planning, and detailed engineering and production of final construction drawings. This suspension was also necessitated due to uncertainties on the timing of the ABCP restructuring. Clarity on the ABCP restructuring is now in hand and progress is being made in the remaining areas as detailed below:

Air Cushion Barge (ACB) Construction

Construction of the ACB has continued in Portland, Oregon, with the exception of an unplanned two-week work stoppage due to severe winter weather and access problems for the shipyard. The ACB is nearing completion with all major structural activities due for completion at the beginning of February. Hydraulic piping and electrical wiring is also nearing completion as well as final mounting of all four engine/fan units and housings. Additional detail work is required during February to complete the fuel system piping and controls. A final launch execution plan is under evaluation. After the launch, basic commissioning tests will be run and any necessary adjustments completed at the shipyard before the vessel is transported to Juneau, Alaska. The ACB is scheduled to be transported from the shipyard to Juneau, Alaska in mid-March.

Engineering and Procurement

Redcorp is working closely with Wardrop Engineering Inc.'s project team to expedite finalization of detailed engineering and delivery of final drawings. Procurement is continuing in concert with engineering to ensure that there are no delays to the engineering schedule. The target date for substantial completion of the drawings is March 31, 2009.

Permitting

Barge Transportation Related Permitting

BC and Federal EA Amendment Process

The final scheduled working group meeting of the EA review committee was held on January 21, 2009. No significant issues were identified and the current schedule is forecasting delivery of the assessment report and recommendations to the BC Ministers mid-February and to the federal authorities on or about that date for final review and approval.

Alaska Coastal Management Consistency Review and Operating Permits

The official timeline for the Alaskan process commenced December 5, 2008. The process was halted on December 17, 2008, pending the issuance of a Request for Additional Information (RFAI) and receipt of responses from Redfern. Redfern received the RFAI package December 31, 2008. Redfern is preparing responses to the RFAI for submission before the end of January 2009. Once accepted, the process timeline will continue. It is anticipated that final permits may be issued after the ACB and its support equipment completes a demonstration program in Alaskan waters.

Fisheries and Oceans Canada and BC Ministry of Environment Authorizations

Submissions have been made for all required authorizations. Receipt for the "Stream 2" diversion authorization at the Tulsequah mine PAG waste site is expected shortly. Once in hand, the waste pad construction will be able to proceed without any undue delays. Other authorization applications include an extension for the north end of the airstrip to bring it to the designed 1200m length, approval to proceed with a diffuser installation for the operations effluent discharge, approval of the final barge landing site and alteration of riparian habitat, and finally for periodic management of large woody debris during barge operations. Finalization of an additional compensation plan is required for some of these authorizations and evaluation of the compensation plan is in progress.

Mines Act Permit Amendments

The final submissions for the last amendments to the existing Mines Act permit were submitted on December 18, 2008. These include the final engineered design for the tailings impoundment and the full pre-production underground mine development and operations approvals. An initial meeting of the working group was held on January 19, 2009. Redcorp believes that the review process could allow receipt of final permit amendment approval in late February 2009.

Ministry of Environment

A construction discharge approval was issued in July 2008. Pre-application for the final discharge permit was made on December 15, 2008. An initial meeting was held on January 13, 2009. It is expected that the public notice period will commence in February 2009. The final discharge permit is required to replace the construction discharge permit and continue through mine operations.

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 Tulsequah Project 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 short-term ABCP that has since August 2007 been the subject of a liquidity restructuring plan pursuant to which new long-term notes were issued on January 21, 2009, risks relating to the availability of financing for activities when required and on acceptable terms, risks relating to the inability to achieve the conditions required to receive full funding contemplated by its gold sale agreement or the MRI contingency loan, the risk that HSBC Bank Canada will not fulfill its loan obligations, risks related to the ability to secure capital leasing arrangements for the purchase of mining equipment on suitable terms, if at all, 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 09-01