TORONTO, Feb. 25, 2014 /CNW/ - Richmond Minerals Inc. (TSX-V: RMD) ("Richmond" or the "Company") and Mag Copper Inc. (CNSX: QUE) ("Mag") are pleased to announce the acquisition of seven mining claims in Halle Township, Quebec. These claims adjoin the southeast corner of the Richmond/Mag Halle Township Joint Venture Property located near Belleterre, Quebec and contain the southeast extension of the GEOTEM airborne anomaly identified by Richmond/Mag during the Phase I exploration program in 2006. Drilling of the northern portion of the anomaly in 2010 identified numerous intervals of anomalous zinc and nickel values. The newly acquired claims containing the southern extension of the airborne anomaly have never been drilled.
The claims are being acquired from Fieldex Exploration (TSX-V: FLX). Pursuant to the terms of agreement Richmond and Mag will each acquire 50% interest in the claims by issuing 250,000 of their common shares each to Fieldex. Fieldex retains the right to back-in anytime for a 33 1/3 interest in the claims by reimbursing twice the exploration funds invested in these claims by Richmond/Mag.
The acquisition of Richmond's interest in the southern extension claims is subject to the approval of the TSX-Venture Exchange.
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 for Richmond at (416) 603-2114, or Chris Irwin, President for Mag at (416) 361-2516