TORONTO , Dec. 4, 2014 /CNW/ - Richmond Minerals Inc. (RMD.V) ("Richmond" or "the Corporation") is pleased to announce additional grab sampling results from its Swayze Property (the "Property") at two new sample locations along the strike length of the Agaura Vein located in the central Property area. The two samples were collected from wall rock material and were separated by approximately 100 m. These samples returned assays of 3.66 and 6.16 grams/tonne gold. The wall rock material consisted of an intermediate to mafic metavolcanic that was silicified, chloritized and carbonatized and contained approximately 5% disseminated pyrite, with minor chalcopyrite and sphalerite. 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. An application for an exploration plan for the first phase of exploration work at the Property was filed in November with the Ontario Ministry of Northern Development and Mines and Richmond anticipates the plan will come into effect in January of 2015.
The Corporation also announces that it intends to complete a non-brokered private placement financing for aggregate gross proceeds of up to $40,530 (the "Offering). The Offering will consist of the sale of flow-through shares ("FT shares") at $0.07 per share. The securities issued pursuant to the Offering will be subject to a four month and one day statutory hold period. In connection with the Offering, certain qualified finders may receive a cash commission.
Richmond intends to use the net proceeds from the Offering to fund exploration work on the Company's Swayze area gold properties during 2015, and will renounce the qualifying expenditures to subscribers of the Offering for the fiscal year ended December 31, 2014.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange ("TSX-V") and applicable securities regulatory authorities. Richmond intends to close the Offering on or around December 8 th, 2014.
Warren Hawkins , P. Eng, a "Qualified Person" within the meaning of Nation Instrument 43-101 – Standards of Disclosure for Mineral 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 STATEMENT: 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 release. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that 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, including successful completion of the Offering. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments, 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.