Redhill Receives AUD$1,558,192 from Mutiny Gold for Gullewa Option
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/24/11 -- Redhill Resources Corp. (TSX VENTURE: RHR) ('Redhill' or 'the Company') is pleased to announce the Company is in receipt of AUD$1,558,192 (AUD$1,500,000 payment plus AUD$58,192 interest) from Mutiny Gold Ltd.
Under the Option Agreement (the 'Agreement'), between its subsidiary, ATW Gold Corp Australia Pty Ltd ('ATW Australia'), and Mutiny Gold Ltd. ('Mutiny'), Mutiny is earning a 70% interest in the Gullewa Copper-Gold Project in Western Australia by making exploration expenditures and paying, to ATW Australia, a total of AUD$9,000,000. Refer to news release of July 20, 2010 for further information.
The Agreement, dated July 20, 2010, calls for Mutiny to earn a 70% interest in and to the Gullewa project by making exploration expenditures and paying to ATW Australia a total of AUD$9,000,000 as follows:
(i) payment to ATW Australia of AUD$1.5 million on or before September 24, 2010 (received); and
(ii) payment to ATW Australia of AUD$1.5 million (plus applicable interest payable under clause 2 of the Underlying Agreement) to ATW Australia on or before January 24, 2011 (received); and
(iii) payment to ATW Australia of AUD$4.0 million on or before July 24, 2011; and
(iv) payment to ATW Australia of AUD$2.0 million on or before October 31, 2011.
REDHILL RESOURCES CORP.
Graham Harris, Chairman
'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.'
'The TSX Venture Exchange does not accept 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