TORONTO, July 17 /CNW/ - Richmond Minerals Inc. (RMD-TSXV) ("Richmond" or the "Corporation) is pleased to announce an agreement in principal to acquire a 100% interest in a 98 mineral claim property located near Lac Mistamisk, 200 kilometers northwest of Schefferville, Quebec. Under the agreement, Richmond will pay the vendors $25,000.00 cash and issue 1,000,000 common shares of Richmond. The vendors will also receive a 3% net smelter return. A further payment of 4.4 million common shares of Richmond will be due to the vendors 2 years from the date of signing of the agreement.
The property covers a recently discovered, exceptionally strong radiometric airborne anomaly. Although the area of the anomaly is overburden covered, a ground crew currently on the property has confirmed its intensity using a hand-held scintillometer. The exact dimensions of the radioactivity anomaly have not yet been determined, however it is believed to approach 800 to 1,000 meters in strike length.
In the immediate area southeast of Lac Mistamisk, boulders carrying values as high as 4% U(3)O(8) and 15 ounces of gold per ton are known to occur. These boulders are located approximately 4 kilometers east of Richmond's newly discovered radiometric airborne anomaly.
Warren Hawkins, P.Eng in his capacity as Qualified Person under National Instrument 43-101 has reviewed the contents of this news release. Fieldwork is currently underway and results will be reported on an ongoing basis. The agreement to acquire the Lac Mistamisk property is subject to the approval of the TSX Venture Exchange.
On Behalf of the Board of Directors
(signed)
Matthew Goldman, Corporate Secretary
Neither the TSX Venture Exchange Inc. nor any other regulatory body
accept responsibility for the adequacy or accuracy of this news release.
%SEDAR: 00009282E