QUESNEL, BC, July 30 /CNW/ - Richfield Ventures Corp. (TSX.V:RVC) ("Richfield" or the "Company") is pleased to announce that it has given notice to Silver Quest Resources Ltd. of exercise of its two-stage option to acquire a seventy five (75%) percent interest in the Davidson Property, the northern portion of the Company's Blackwater Gold Project.
Richfield and Silver Quest Resources Ltd. will hold 75% and 25% interests, respectively, in the Davidson Property joint venture, subject to a third party 2% NSR (which may be purchased for $2,000,000).
In connection with the delivery of notices of exercise to Silver Quest of the initial 60% option and the additional 15% option (cumulative 75% interest) on the Davidson Property, Richfield issued 100,000 common shares on July 13, 2010, and 200,000 common shares on July 27, 2010. In addition, Richfield has given notice to Silver Quest that it has incurred the minimum expenditure requirement of $1,500,000 and has made cash payments to Silver Quest totaling $240,000. The Richfield common shares issued in connection with the exercise are subject to a four month hold period.
About Richfield Ventures Corp.
Richfield Ventures Corp. is a public mineral exploration company trading on the TSX Venture Exchange under the symbol RVC. Richfield has been actively acquiring and exploring mineral tenures in the Nechako Plateau region of British Columbia. On behalf of the Board of Directors of Richfield Ventures Corp.
Peter Bernier, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE RICHFIELD VENTURES CORP.
For further information: For further information: Peter Bernier, President, Richfield Ventures Corp., 101-242 Reid Street, Quesnel, BC, V2J 2M2, Toll Free 1-877-992-6644, Phone: (250) 992-6644, Fax: (250) 992-6643, firstname.lastname@example.org, www.richfieldventures.ca