TORONTO, May 20 /CNW/ - Richmond Minerals Inc. (Richmond) (TSXV: RMD) is
pleased to announce that it has entered into a Letter of Understanding ("LOU")
with Vendome Capital II Corp. ("Vendome"), a capital pool company, whereby
Vendome can acquire from Richmond a 100% interest in a contiguous group of 86
mining claims located in the Lac Jogues and Fort MacKenzie region of Québec,
referred to as the Lac Colombet Copper Property (the "Property"). Terms of the
LOU require Vendome to pay Richmond a cash payment of $20,000 and issue
600,000 common shares of Vendome to acquire a 75% interest in the Property.
Vendome must also incur $250,000 in exploration expenses over a two-year
period. Vendome can earn the remaining 25% interest in the Property by the
issuance of 600,000 additional common shares of Vendome and a further cash
payment of $25,000. The transaction shall serve as Vendome's Qualifying
Transaction as defined in Policy 2.4 of the TSX Venture Exchange and is
subject to approval by the Exchange.
Mr. Birks Bovaird, President of Richmond, comments: "We are very pleased
to have entered into this agreement with Vendome. Due to the Company's ongoing
commitments and focus on our projects in central Québec, we are excited that
exploration work will be continuing this season on the Property." The
exploration program carried out in 2005 on the Property by Richmond identified
several copper showings and glacial erractics containing high-grade copper.
We seek safe harbor.
Neither the TSX Venture Exchange, its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) nor the
Canadian National Stock Exchange has reviewed this press release and
neither accepts responsibility for the adequacy or accuracy of this news
For further information:
For further information: Birks Bovaird, president or Warren Hawkins,
Exploration Manager, Telephone: (416) 603-2114, Facsimile: (416) 603-8436,