VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 09/21/12 — Redhill Resources Corp. (TSX VENTURE: RHR) („Redhill“ or the „Company“) has entered into a mineral property option agreement (the „Option Agreement“) dated September 20, 2012 with Ronald J. Bilquist (the „Optionor“) whereby it is granted the option (the „Option“) to acquire up to a 100% interest (subject to a 1.5% NSR granted to the Optionor) in the Chutanli Property (the „Property“) located approximately 100 kilometers south-southwest of Vanderhoof, British Columbia in the Nechako Plateau region. The Property consists of 6 claims encompassing a total of 1,737 hectares. The Property is readily accessible along a well developed network of established forestry roads in the area.
Terms of the Option Agreement
In order to exercise the Option as to a 100% interest in the Property the Company shall:
(a) make the following cash payments (collectively, the „Option Cash Payments“) to the Optionor:
(b) issue and deliver to the Optioner (collectively, the „Option Shares“):
(c) incur the following Expenditures:
The Company may, at any time, exercise the Option early by paying the remaining Option Cash Payments to the Optionor and signing a declaration that it will make remaining Expenditures.
The Company may, at any time, reduce the NSR to 1.0% by paying the sum of $1,000,000 to the Optionor.
The Option Agreement is subject to its approval by the TSX-Venture Exchange.
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.“
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)
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