Redcorp Ventures Ltd.: Initial Drilling Campaign Results, Lagoa Salgada Property Portugal.

VANCOUVER, British Columbia -- REDCORP VENTURES LTD. (TSX:RDV) and its wholly-owned subsidiary Redcorp Empreendimentos Mineiros Unipessoal Lda ("REM") (together, the "Company") announce the completion of the initial exploratory drilling campaign at the Lagoa Salgada copper-zinc-gold-silver massive sulphide project in Portugal.

Diamond drilling by previous owners in the 1990's on the 415km2 Lagoa Salgada concession resulted in the discovery of a volcanogenic  massive sulphide (VMS) deposit hosted within a series of intensely hydrothermally-altered volcanic rocks. Significant intersections from past drilling programs include hole LS22 which intersected a 65.8 meter interval grading 0.3% copper, 5.5% lead, 8.7% zinc, 108.7 g/t silver and 1.55 g/t gold. This hole and other significant past drilling results were reported in a previous news release and are posted on the Company's website. The Lagoa Salgada mineralized zones also contain highly anomalous levels of tin and associated alteration mineralogy, similar to the prolific Neves Corvo deposits, currently being mined by EuroZinc Mining Corporation, approximately 70km southwest.

The 2005 program was designed to step out from work done by previous operators of the property and explore for new massive sulphide deposits. In early 2005 existing gravity data was reprocessed using inversion modeling, incorporating geological data from historic drilling data. The drilling conducted in the initial campaign was done on selected density anomalies generated by the inversion model. A total of five anomalies were targeted but only two anomalies were effectively tested by the drilling program due to technical problems with the drilling. A table and summary of 2005 drilling is found below.

HOLE-ID    AZIMUTH  DIP  LENGTH (m)                          Comment
LS05038        225  -75        448        Hole deviated to north and
                                          steepened. Target untested.
LS05039        225  -75      392.7  Target tested. No mineralization
                                                         encountered.
LS05040        205  -75      341.1     Abandoned before target depth
                                                             reached
LS05041        205  -75      254.4     Abandoned before target depth
                                                             reached
LS05041A       205  -75      289.1     Abandoned before target depth
                                                             reached
LS05042        205  -75      560.9  Target tested. No mineralization
                                                         encountered.

All of the drillholes were pre-collared using a non-coring large diameter drilling rig to penetrate to the basal conglomerate layer of the younger Tertiary-age cover rocks which unconformably overlie the much older Paleozoic rocks. The Paleozoic volcanic-sedimentary rocks are part of the Iberian Pyrite belt which hosts the known massive sulphide bodies of this area. Thickness of the Tertiary cover varies from 150m to 225m in the part of the Lagoa Salgada property investigated by drilling to date. A conventional wireline drill rig continued the holes using NQ and/or BQ size equipment to recover core for geological information and sampling purposes.

LS05038 cut both intermediate to felsic volcanics and black shales in the basement sequence but the hole steepened severely and also turned over a 45 degree arc towards the north, away from the density anomaly. Shale intervals featured 1-4cm pyrite clasts or nodules. Pyrite clasts are extremely fine grained and exhibit bedding textures in some instances. These clasts may be related to nearby massive sulphide mineralization. Petrographic and lithogeochemical samples are currently being processed. Downhole geophysics is planned for this hole to identify any potential off-hole conductive bodies.

LS05039 intersected a sequence of fine-grained volcanic sediments in the basement rocks. This hole passed through the unconformable Tertiary cover contact at a much shallower depth than anticipated. It is thought that the density anomaly may be related to a paleo-topographic high in the basement rocks.

LS05040 cored dominantly coarse-grained felsic volcanics. At 309.75m depth the hole passed through a contact into sedimentary rocks. This hole was abandoned due to drilling difficulty at 341.1m, short of the target depth. Additional geophysical modeling is planned using the new drillhole data to refine the model interpretation.

LS05041 and LS05041A were abandoned well short of their design depth due to drilling difficulties at the bedrock contact. The anomaly remains untested.

LS05042 was drilled to a depth of 560.9m. The hole cut mostly fine grained sediments within the basement volcano-sedimentary rocks. No significant mineralization was encountered, and the geophysical anomaly remains unexplained. Downhole geophysics is planned to further investigate the target.

In early 2006 Redcorp Ventures plans to conduct a down-hole geophysical program to test for off-hole targets in LS05038 and LS05042. In addition, basement depth soundings will be conducted over selected regions of the Lagoa Salgada property. This data will be used to further refine the geophysical models and assist in targeting future drilling. The Company considers that the priority density anomalies at the Lagoa Salgada property remain essentially untested and that the potential for discovery of new massive sulphide zones on the property remains high.

Redcorp Ventures Ltd. is a Vancouver based mineral exploration and development Company with active projects in British Columbia and Portugal. Further information on Redcorp and the Lagoa Salgada property can be obtained on the Company's website at www.redcorp-ventures.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF REDCORP VENTURES LTD.

Terence Chandler, President

This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward looking statements.

Terence Chandler, P.Geo. and Michael Allen, P.Geo are the qualified persons, as defined by National Policy 43-101, supervising the exploration program at Lagoa Salgada.

News Release 05-10

Redcorp Ventures Ltd. (TSX:RDV)