TORONTO, July 25, 2017 /CNW/ - Richmond Minerals Inc. (TSX-V: RMD) ("Richmond") is pleased to announce that it has completed its previously announced acquisition (see news release dated June 27, 2017) of a 100% undivided interest in five (5) unpatented mining claims and a 50% undivided interest in thirty-five (35) unpatented mining claims (the "Ridley Lake Properties") situated in the mining district of Porcupine, in the township of Rollo, Ontario (the "Transaction") from a private party.
As a result of the Transaction, Richmond now owns 100% of the Ridley Lake Properties.
The securities issued and issuable as consideration for the Transaction will be subject to a four month and one day statutory hold period.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Richmond. Forward-looking statements include estimates and statements that describe Richmond's future plans, objectives or goals, including words to the effect that Richmond or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Richmond, Richmond provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward- looking information. Forward looking information in this news release includes, but is not limited to, Richmond's objectives, goals or future plans, statements, details of the exploration results, potential mineralization, the company's portfolio, treasury, management team and enhanced capital markets profile, the proposed private placement, the timing of the Transaction, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure or inability to complete the Transaction and the Offering on the terms as announced or at all, regulatory approval processes, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in Richmond's public documents filed on SEDAR. Although Richmond believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Richmond disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SOURCE Richmond Minerals Inc.
For further information: Warren Hawkins, P. Eng., Exploration Manager, E: [email protected], Tel: 416-603-2114, Fax: 416-603-8436