Business
Richmond Minerals Inc. property aquisition
Richmond Minerals Inc. property aquisition.
About this update from Richmond Minerals Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, July 17 /CNW/ - Richmond Minerals Inc. (RMD-TSXV) ("Richmond" or\nthe "Corporation) is pleased to announce an agreement in principal to acquire\na 100% interest in a 98 mineral claim property located near Lac Mistamisk,\n200 kilometers northwest of Schefferville, Quebec. Under the agreement,\nRichmond will pay the vendors $25,000.00 cash and issue 1,000,000 common\nshares of Richmond. The vendors will also receive a 3% net smelter return. A\nfurther payment of 4.4 million common shares of Richmond will be due to the\nvendors 2 years from the date of signing of the agreement.\n\n\nThe property covers a recently discovered, exceptionally strong\nradiometric airborne anomaly. Although the area of the anomaly is overburden\ncovered, a ground crew currently on the property has confirmed its intensity\nusing a hand-held scintillometer. The exact dimensions of the radioactivity\nanomaly have not yet been determined, however it is believed to approach\n800 to 1,000 meters in strike length.\n\n\nIn the immediate area southeast of Lac Mistamisk, boulders carrying\nvalues as high as 4% U(3)O(8) and 15 ounces of gold per ton are known to\noccur. These boulders are located approximately 4 kilometers east of\nRichmond's newly discovered radiometric airborne anomaly.\n\n\nWarren Hawkins, P.Eng in his capacity as Qualified Person under National\nInstrument 43-101 has reviewed the contents of this news release. Fieldwork is\ncurrently underway and results will be reported on an ongoing basis. The\nagreement to acquire the Lac Mistamisk property is subject to the approval of\nthe TSX Venture Exchange.\n\n\n On Behalf of the Board of Directors\n (signed)\n Matthew Goldman, Corporate Secretary\n\n\nNeither the TSX Venture Exchange Inc. nor any other regulatory body\n\n\naccept responsibility for the adequacy or accuracy of this news release.\n\n\n%SEDAR: 00009282E\n\n\n","length":2101,"tagName":"div"}]