Red River: Drilling Underway at Blythe Project, Tasmania

May 29, 2008

May 29 (Iron Ore Daily Post/Press Release) – Red River Resources Limited (ASX code: RVR) is pleased to announce that its 50:50 joint venture partner, Iron Mountain Mining Limited (ASX code: IRM), has commenced a Reverse Circulation (RC) drilling program to test a number of potential magnetite targets identified through surface rock chip sampling and ground magnetic surveys in the region surrounding the Kara magnetite/tungsten mine, 30 kilometres south of the port of Burnie in northern Tasmania.

The program will consist of up to 100 holes to test six target areas, each of which is coincident with magnetic highs on aeromagnetic surveys. Historic drilling has indicated the presence of magnetite at a number of these target areas.

The aim of the program is to define the boundaries of the magnetite pods, their depth potential and their continuity. The program will also test the presence of a high grade cap on the pods, which could potentially be mined as direct shipping iron ore (DSO), overlying a lower grade material which would require beneficiation to produce a saleable magnetite iron ore product.

The drilling program also has a high likelihood of encountering tungsten mineralisation similar to that encountered at Kara.

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