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Red Lake Exploration, Inc. Announces Options to Purchase Santa Rosa and Camila Mineral Properties in III Region, Chile

Posted on: Tuesday, 19 February 2008, 09:00 CST

Red Lake Exploration, Inc. (OTCBB: RLKX) is pleased to announce that it has acquired options on the Santa Rosa and Camila mineral properties in its Chilean subsidiary, Minera Polymet Limitada.

The Santa Rosa property is made up of two mensura mining and exploration concessions totaling 110 hectares. The property lies in the highly prospective Candelaria Iron Oxide Copper Gold (IOCG) Belt. Recent exploration has identified multiple mineralized structures with significant alteration indicators of IOCG systems. Ore from the property is being sold to ENAMI, a Chilean national mining company, and returning grades of up to 19.78% Cu and 13.9 g/t Au.

The Camila property is made up of four mensura mining and exploration concessions totaling 770 hectares. The property lies in the highly prospective Candelaria IOCG Belt. The Camila property was last explored in the late 1990s by Trilogy Metals, Inc., formerly Thyssen Mining Exploration Inc., who identified two mineralized structures with up to 1.12% Cu and 7.5 g/t Au from surface grab samples.

Both properties have identified drill targets, and planning for upcoming drilling is underway. Geological interpretations of the tectonic settings and identified alteration indicate large hydrothermal systems similar to those of the Candelaria and Manto Verde mines, which host significant copper and gold resources.

 The payment terms for both properties are summarized in the following table:     Amount   Payment terms              Santa Rosa $    9,500   paid to optionor on signing     42,500   payable to optionor at the rate of $8,500 per month from              March 5 to July 5, 2008     50,000   payable to optionor to acquire Santa Rosa option by              August 5, 2008     97,500   payable to vendor at the rate of $7,500 per month from              August 20, 2008 to August 20, 2009    220,000   payable to vendor at the rate of $10,000 per month from              September 20, 2009 to June 20, 2011    600,000   payable to vendor, royalty equal to 1.5% of net smelter, ----------   minimum $1,000 monthly $1,019,500              Camila $    5,000   paid to optionor on signing     50,000   payable to optionor on May 23, 2008     50,000   payable to optionor on November 21, 2008     50,000   payable to vendor on December 7, 2008    100,000   payable to vendor on June 7, 2009    200,000   payable to vendor on December 7, 2009  1,000,000   payable to vendor, royalty equal to 6% of net smelter, ----------   payable in full by December 7, 2011 $1,455,000 

Red Lake's president, John Di Cicco, stated, "The company is very excited about the Santa Rosa and Camila properties, which increase our operations in Chile to three properties."

About Red Lake Exploration, Inc.

Red Lake Exploration, Inc. is engaged in the acquisition, exploration and development of natural resource properties in Chile with headquarters in Richmond, Canada.

 Contacts: Red Lake Exploration, Inc. John Di Cicco President (604) 961-0301  

SOURCE: Red Lake Exploration, Inc.

Source: MARKET WIRE

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