TORONTO, July 8, 2014 /CNW/ - Richmond Minerals Inc. (TSX-V: RMD) ("Richmond" or the "Company") announces that in connection with the preparation of an up to date National Instrument 43-101 Report for the Company's Swayze Property (the "Property") by an independent Qualified Person, a random grab sample of wall rock material collected during a recent site inspection from the Agaura Vein in the south central Property area returned an assay of 5.25 grams per tonne gold. The wall rock material consisted of an intermediate to mafic metavolcanic that was silicified, chloritized and carbonatized (alteration patterns typical of lode gold) and contained approximately 5% disseminated pyrite, with minor chalcopyrite and sphalerite, and was exposed over an estimated strike length of 70 meters. Richmond management is very excited with this result in that the wall rock hosting gold bearing quartz veins on the Swayze Property has the potential for high grade gold mineralization. The Property is located within the Ridout Shear Zone in the heart of the Swayze Greenstone Belt, approximately 23 miles due east of Probe Mine's Borden Lake gold discovery and 25 miles northwest of Iamgold's St. Jerome Mine. The Company is presently in the process of obtaining an exploration permit for the Property and plans to mount a substantial work program in the late summer or early fall of this year.
Richmond is also pleased to announce the appointment of Dr. Bogdan Nitescu, Ph.D, P.Geo to the Board of Directors. Dr. Nitescu obtained his Ph.D. from the University of Toronto in 2004 and is an expert in geophysical interpretations of the Western Superior Province and the Southern Kapuskasing Structural Zone. Dr. Nitescu will co-manage Richmond's upcoming Property exploration program. The company is also pleased to announce the appointment of David Ellis as Manager of Investor Relations. Mr. Ellis will work closely with Richmond's Board of Directors in developing and executing an investor relations program for the Company. Mr. Ellis currently provides a similar service to another Toronto-based mining exploration company and has in excess of 20 years' experience in investor relations and public company management.
At the May 30th, 2014 Annual General Meeting all of the resolutions were passed by an overwhelming majority of shareholders.
Warren Hawkins, P.Eng, a "Qualified Person", within the meaning of National Instrument 43-101 Standards of Disclosure 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 Company (as defined in National Instrument 43-101), as he currently holds securities of the Company.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release constitutes 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. 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 Inc.
Franz Kozich, President
SOURCE: Richmond Minerals Inc.
For further information: Warren Hawkins, P.Eng Exploration Manager at (416) 603-2114, ext. 20 or David Ellis, Investor Relations at (416) 704-0937.