Redhill Makes Final Payment for 85% Interest in Nyakagwe Properties, Tanzania
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/14/12 -- Redhill Resources Corp. (TSX VENTURE: RHR) ("Redhill" or the "Company") is pleased to announce that it has paid the final installment of US$230,000 to Thamani Mines Ltd. securing the Company's 85% interest in the Nyakagwe Properties (the "Nyakagwe Properties"), located in Tanzania, East Africa.
The Nyakagwe Properties are strategically located on the Bulyanhulu regional trend within six kilometres (km) of Barrick Gold's 12 million-ounce Bulyanhulu gold mine. The Nyakagwe Properties consist of forty-six Primary Mining Licenses (PML's) in three contiguous groups encompassing an area of approximately 500 hectares surrounded by prospecting licenses and applications for prospecting licenses owned and presently being explored by Tembo Gold Corp.
The Company agreed (see January, 18th 2012 news release) to pay the sum of US$613,400 in three installments to the underlying vendors, in order to acquire the 85% interest, the remaining 15% interest can be acquired by the Company by paying a sum equal to 5% of the spot price of gold at the date of purchase multiplied by the number of mineable ounces of gold that the 15% interest represents based on a feasibility study.
REDHILL RESOURCES CORP.
Clive Massey, President & CEO
"This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
Redhill Resources Corp.
Investor Relations
604-662-8184 or Toll Free: 1-877-662-8184
604-602-1606 (FAX)
investor@redhill-resources.com
www.redhill-resources.com
