TORONTO, Sept. 9 /CNW/ - Richmond Minerals Inc. (Richmond) (TSXV: RMD) is
pleased to announce that it has entered into an Earn in Option Agreement
("Agreement") on August 31, 2009 with Vendome Capital II Corp. ("Vendome"), a
capital pool company. Vendome may earn a 51% interest in Richmond's Guibord
Property, located in the Abitibi Greenstone Belt which hosts the Porcupine and
Kirkland Lake mining camps, upon payment of $25,000 and the issuance of
600,000 common shares of Vendome to Richmond within one year of receiving the
Final Exchange Bulletin, as well as incurring a minimum of $250,000 in
exploration expenditure within 2 years of the Final Exchange Bulletin. The
deemed price of the common shares of Vendome is $0.10 per common share for a
total deemed value of $85,000. The transaction shall serve as Vendome's
Qualifying Transaction as defined in Policy 2.4 of the TSX Venture Exchange
and is subject to approval by the Exchange.
The Letter of Understanding between Richmond and Vendome entered into
earlier this year with respect to the Company's Lac Colombet Property has been
terminated.
Mr. Birks Bovaird, President of Richmond, comments: "These are exciting
times for Richmond. We are very pleased to have entered into this agreement
with Vendome who will take over the exploration activities that will be
conducted on the Highway 101 property in accordance with the previous
recommendations included in a National Instrument 43-101 technical report. In
addition, negotiations with Long Point First Nations regarding the Halle
Township property, one of the properties in the Joint Venture with Fort Chimo
Minerals, continue to be positive and it is anticipated that a Memorandum of
Understanding will be finalized by the end of September."
We seek safe harbor.
Neither the TSX Venture Exchange, its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) nor the
Canadian National Stock Exchange has reviewed this press release and
neither accepts responsibility for the adequacy or accuracy of this news
release.
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