Richmond Options Highway 101 Property, and Update on Negotiations for Halle Township

About this update from Richmond Minerals Inc.

[{"type":"text","content":"\n\n\n\nTORONTO, Sept. 9 /CNW/ - Richmond Minerals Inc. (Richmond) (TSXV: RMD) is\npleased to announce that it has entered into an Earn in Option Agreement\n("Agreement") on August 31, 2009 with Vendome Capital II Corp. ("Vendome"), a\ncapital pool company. Vendome may earn a 51% interest in Richmond's Guibord\nProperty, located in the Abitibi Greenstone Belt which hosts the Porcupine and\nKirkland Lake mining camps, upon payment of $25,000 and the issuance of\n600,000 common shares of Vendome to Richmond within one year of receiving the\nFinal Exchange Bulletin, as well as incurring a minimum of $250,000 in\nexploration expenditure within 2 years of the Final Exchange Bulletin. The\ndeemed price of the common shares of Vendome is $0.10 per common share for a\ntotal deemed value of $85,000. The transaction shall serve as Vendome's\nQualifying Transaction as defined in Policy 2.4 of the TSX Venture Exchange\nand is subject to approval by the Exchange.\n\n\nThe Letter of Understanding between Richmond and Vendome entered into\nearlier this year with respect to the Company's Lac Colombet Property has been\nterminated.\n\n\nMr. Birks Bovaird, President of Richmond, comments: "These are exciting\ntimes for Richmond. We are very pleased to have entered into this agreement\nwith Vendome who will take over the exploration activities that will be\nconducted on the Highway 101 property in accordance with the previous\nrecommendations included in a National Instrument 43-101 technical report. In\naddition, negotiations with Long Point First Nations regarding the Halle\nTownship property, one of the properties in the Joint Venture with Fort Chimo\nMinerals, continue to be positive and it is anticipated that a Memorandum of\nUnderstanding will be finalized by the end of September."\n\n\nWe seek safe harbor.\n\nNeither the TSX Venture Exchange, its Regulation Services Provider (as\nthat term is defined in the policies of the TSX Venture Exchange) nor the\nCanadian National Stock Exchange has reviewed this press release and\nneither accepts responsibility for the adequacy or accuracy of this news\nrelease.\n\n\n%SEDAR: 00009282E\n\n\n","length":2250,"tagName":"div"}]

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