Business
Richmond Minerals Inc. & Fort Chimo Minerals Inc. announce joint venture agreement
Richmond Minerals Inc. & Fort Chimo Minerals Inc. announce joint venture agreement.
About this update from Richmond Minerals Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, May 11 /CNW/ - Richmond Minerals Inc. (RMD - TSXV) (\"Richmond\")\nand Fort Chimo Minerals Inc. (FORT - CNQ) (\"Fort Chimo\") have entered into a\ntwo-year, two million dollar ($2,000,000) joint venture exploration agreement\ncovering approximately 212,449 acres (85,973 hectares) of mineral rights in\nthe central and southwest area of Quebec.\nPhase One of the exploration work will begin within 30 days and will\nconsist of an airborne geophysical survey of the properties. The estimated\ncost of these surveys is $400,000. Richmond has the option to withdraw from\nthe option agreement after reviewing the results of these airborne surveys. If\nRichmond elects to withdraw after its review of the surveys, it will receive\n1,000,000 common shares of Fort Chimo Minerals Inc.\nIf Richmond elects to proceed with the two-year option after its review,\nit will issue 1,000,000 common shares of Richmond Minerals Inc. to Fort Chimo\nand spend the remaining $1,600,000 over two years from the date of signing of\nthe agreement to earn a 50% interest in the properties.\nThe exploration targets for this project are iron oxide copper gold\ndeposits (\"IOCG\"), base metal deposits and uranium. Little exploration has\nbeen possible under the cover in this region of Quebec (south of the Grenville\nfront) to date. However, recent advances in the understanding of IOCG's and in\nexploration techniques have enhanced the prospective nature of this region.\nRichmond will act as operator during the earn-in period.\nThis agreement is subject to regulatory approvals.\n\n On Behalf of the Board of Directors\n\n (signed)\n\n Warren Hawkins, P.Eng., President\n Richmond Minerals Inc.\n\n On Behalf of the board of Directors\n\n (signed)\n\n James Brady, President\n Fort Chimo Minerals Inc.\n\n Neither the TSX Venture Exchange Inc. nor any other regulatory body\naccept responsibility for the adequacy or accuracy of this news release.\n\n%SEDAR: 00009282EF\n\n\n","length":2299,"tagName":"div"}]