TORONTO, March 18, 2013 /CNW/ - (RMD: TSXV) Richmond Minerals ("Richmond" or the "Company") is pleased to announce that a new purchase agreement has been reached with ARC Corporation ("ARC") whereby the Company will sell its 100% interest in the Lac Colombet Property to ARC for payment of Cdn $5,000 and the issuance of 2,000,000 common shares of ARC to Richmond. ARC shall have the right to terminate this purchase agreement if the CNSX Stock Exchange fails to accept the proposed arrangement for the Lac Colombet Property as the qualifying transaction for the ARC's listing on the CNSX Stock Exchange. If such an event occurs, the purchase agreement shall be terminated and Richmond will return the common shares of ARC, and ARC agrees to forfeit the deposit of $5,000. Richmond shall also have the right to terminate this purchase agreement if ARC fails to list its common shares on a recognized stock exchange within 6 months from the date of signing of this purchase agreement. If such an event occurs, this purchase agreement shall be terminated and the Richmond will return the common shares of ARC, and ARC agrees to forfeit the deposit of $5,000.
Furthermore, the TSX Venture Exchange (the "Exchange") has accepted for filing Surrey Capital Corporation's ("Surrey") Qualifying Transaction described in Surrey's Filing Statement dated January 28, 2013 and its press release dated March 1, 2013. As a result, at the opening of March 15, 2013 Exchange trading session, Surrey was no longer considered a Capital Pool Company. The Qualifying Transaction includes the following:
Surrey entered into an Option Agreement (the "Agreement") dated December 31, 2012 with Richmond and Mag Copper Limited ("Mag" and, together with Richmond, the "Vendors"). The Agreement will permit Surrey to earn a 50% interest in the Halle Township, Quebec Property, upon the payment of $20,000 and the issuance of 200,000 common shares of Surrey to the Vendors upon release of the Final Exchange Bulletin (the "Bulletin") and the issuance of an additional 400,000 common shares of the Corporation prior to the first anniversary of the release of the Bulletin, as well as the expenditure of a minimum of $200,000 in exploration costs within the first year following the release of the Bulletin.
Finally, litigation is underway pertaining to the Certificate of Pending Proceeding attached to the Company's Swayze Township Property claims in Northern Ontario. The certificates date back to 1990 and the plaintiff in this action seeks title to the Swayze Property and potential financial compensation from Richmond. Richmond is defending itself and expects a resolution in this matter later this year. Additionally Richmond recently staked 47 claim units that are contiguous with the western claim boundary of the Swayze claims (the "Raney Property"). Numerous historical gold-bearing mineralized zones have been identified on the claims immediately to the east and west of the Raney Property. An east-west trending airborne EM and magnetic anomaly was identified on the Raney Property in the mid 1980's and little follow-up exploration work on this target has been recorded since that time.
Warren Hawkins, P.Eng, a "Qualified Person", within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release. Mr. Hawkins is not considered to be "independent" of the Company (as defined in National Instrument 43-101), as he currently holds securities of Richmond.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the litigation will be resolved. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Neither the 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 news release.
On Behalf of Richmond Minerals,
SOURCE: Richmond Minerals Inc.
For further information:
133 Richmond Street West, Suite 403
Toronto, Ontario, Canada M5H 2L3
Phone: (416) 603-2114
Fax: (416) 603-8436