TORONTO, Feb. 3, 2014 /CNW/ - Richmond Minerals Inc. ( TSXV: RMD) ("Richmond" or the "Company") is pleased to announce that a judgement has been reached in the Swayze Property litigation in which Richmond is a defendant. The Ontario Superior Court has dismissed the plaintiff's claim of an alleged interest in the Swayze Mining Claims located in Rainey and Rollo Townships, in the Province of Ontario. Accordingly, the Certificates of Pending Proceedings and Certificates of Interest registered by the plaintiff against title to the Swayze Mining Claims are vacated and discharged from title to those Mining claims. Richmond will be filing a submission with the Ontario Superior Court for re-imbursement of its litigation costs incurred in this matter.
The Swayze Property consists of a total of 154 mining claims in which Richmond holds a 50% interest in the central block of 35 claims, and a 100% interest in the surrounding block of 119 claims. These claims are located within the western portion of the Swayze-Deloro volcano-metasedimentary belt. This belt trends in a general east-west direction and consists of mafic to felsic metavolcanics locally intruded by quartz-feldspar porphyries, gabbro and diorite. Initial exploration work conducted in the mid 1980's on the Swayze Property identified multiple gold bearing quartz veins on surface in the central Swayze Property area. Follow-up geophysical surveying of these quartz vein areas identified several east-west trending drill targets at depth.
In 1989, approximately 2,500 m of diamond drilling in 13 holes tested these targets. Broad zones of gold mineralization were intersected in 11 of the 13 holes, and several modes of gold deposition were identified at that time. These include gold mineralization related to silicified, carbonatized, chloritized, mineralized fracture zones; gold mineralization related to quartz veins, stringers and stockworks; gold mineralization related to highly fractured shear zones, gold mineralization related to feldspar porphyry intrusives; and gold values possibly related to mafic flow and coarser-grained mafic flow contacts or felsic to intermediate flow contacts.
Since the registering of the Certificates of Pending Proceedings and Interest on the Mining Claims in 1991, no exploration work has been conducted on the Swayze Property. Richmond will be filing applications with the Ontario Ministry of Mines and Northern Development to obtain an exploration permit. The Company intends to mount a substantial work program on the Swayze Property which will primarily be focussed on diamond drilling.
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,
President and CEO
SOURCE: Richmond Minerals Inc.
For further information:
Franz Kozich, President or Warren Hawkins, Exploration Manager at (416) 603-2114.