TORONTO, Feb. 18, 2015 /CNW/ - Richmond Minerals Inc. (TSX-V: RMD) ("Richmond" or the "Company") is pleased to announce the Court of Appeal for Ontario today has dismissed the appeal of the Judgement announced in favour of the Company on February 3, 2014 regarding its Swayze Mining Claims located in Rainey and Rollo Townships, Province of Ontario. Accordingly, Richmond will apply to the Provincial Mining Recorders Office to have the Certificates of Pending Proceedings and Certificates of Interest registered by the appellant against title to the Swayze Mining Claims discharged from title to those Mining Claims. Richmond was also awarded its litigation costs incurred in this matter. The appellants have four days within which to serve a notice of motion to have a panel review the order of the single judge if they are seeking to have the order set aside.
The Swayze Property consists 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, approximately 23 miles due east of the Borden Lake Gold discovery. The western extension Ridout shear zone that hosts Iamgold`s Coté Gold Project strikes through the central Swayze Property area.
Initial exploration work conducted in the mid 1980's on the Swayze Property identified multiple gold bearing surface showings in the central Swayze Property area. Follow-up geophysical surveying of these surface targets identified several east-west trending drill targets at depth. In 1989, 2,500 m of diamond drilling in 13 holes tested these targets. Broad zones of gold mineralization up to 60 meters wide were intersected in 11 of the 13 holes, and several modes of gold deposition were identified. 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. The Company intends to mount a substantial work program on the Swayze Property this spring which primarily will be focussed on diamond drilling.
Warren Hawkins, P.Eng, a "Qualified Person", within the meaning of Nation Instrument 43-101- Standards of Diclosure for Minerals 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 Corporation (as defined in National Instrument 43-101), as he currently holds securities of the Corporation.
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: please contact Franz Kozich, President or Warren Hawkins, P. Eng, Exploration Manager at (416) 603-2114.