Richmond Options Lac Colombet Copper Property to Vendome

About this update from Richmond Minerals Inc.

[{"type":"text","content":"\n\n\n\nTORONTO, May 20 /CNW/ - Richmond Minerals Inc. (Richmond) (TSXV: RMD) is\npleased to announce that it has entered into a Letter of Understanding ("LOU")\nwith Vendome Capital II Corp. ("Vendome"), a capital pool company, whereby\nVendome can acquire from Richmond a 100% interest in a contiguous group of 86\nmining claims located in the Lac Jogues and Fort MacKenzie region of Quebec,\nreferred to as the Lac Colombet Copper Property (the "Property"). Terms of the\nLOU require Vendome to pay Richmond a cash payment of $20,000 and issue\n600,000 common shares of Vendome to acquire a 75% interest in the Property.\nVendome must also incur $250,000 in exploration expenses over a two-year\nperiod. Vendome can earn the remaining 25% interest in the Property by the\nissuance of 600,000 additional common shares of Vendome and a further cash\npayment of $25,000. The transaction shall serve as Vendome's Qualifying\nTransaction as defined in Policy 2.4 of the TSX Venture Exchange and is\nsubject to approval by the Exchange.\n\n\nMr. Birks Bovaird, President of Richmond, comments: "We are very pleased\nto have entered into this agreement with Vendome. Due to the Company's ongoing\ncommitments and focus on our projects in central Quebec, we are excited that\nexploration work will be continuing this season on the Property." The\nexploration program carried out in 2005 on the Property by Richmond identified\nseveral copper showings and glacial erractics containing high-grade copper.\n\n\nWe seek safe harbor.\n\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":1966,"tagName":"div"}]

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