Redhill Receives AUD$2,000,000 Payment From Mutiny Gold
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/12/11 -- Redhill Resources Corp. (TSX VENTURE: RHR) ('Redhill' or 'the Company') is pleased to announce that the Company is in receipt of AUD$2,000,000 payment from Mutiny Gold Ltd. ('Mutiny') due on or before October 31, 2011.
Under the acquisition agreement (the 'Agreement') dated July 20th, 2010, Mutiny has the right to purchase 70% of the Gullewa Gold Project by scheduled payments totaling AUD$9,000,000.
Mutiny has paid a total of AUD$9,000,000 to date, and has now fulfilled it's obligation to earn 70% under the Agreement.
Upon earning a 70% interest in the Gullewa Gold Project, Mutiny may elect to enter into a 70/30 joint venture agreement with the Company or it may acquire a further 30% interest by completing a positive feasibility study on the Gullewa Gold Project and by paying to Redhill an additional AUD$4,000,000. If Mutiny so elects, it will have acquired 100% of the Gullewa Gold Project and Redhill will retain a 10% net profit interest.
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