QUESNEL, BC, Oct. 12 /PRNewswire/ - Richfield Ventures Corp. ("Richfield" or the "Company") (RVC:TSX.V) is pleased to announce that the Company has acquired a 100% interest in claims immediately west of its Blackwater Gold Project, known as the Blackwater West Property. All terms of this acquisition are subject to approval by the TSX Venture Exchange.
Richfield staked 795.25 hectares and purchased 3,780.22 hectares for $10,000 in aggregate and 25,000 common shares to a non-arms length private individual. Previous owners recently completed a 440 line kilometre helicopter-borne DIGHEM electromagnetic (EM) geophysical survey which defined two anomalies on the property. Richfield will assess the available data for the property this winter to identify areas and methods for ground follow-up next season. This may identify drill targets on the property for 2011.
Blackwater Gold Project Update
Richfield is currently drilling BW 96 and BW 97 on our 100% owned portion of the Blackwater Gold Project. BW 79, 80, 81, and 82 are now in the Lab and assay results for these holes are expected to be released on October 19th 2010. Richfield is now fully funded with a fully functional 40 man camp that has been winterized for year round drilling, and drill permits are in place through to Dec. 31st 2012. "We are doing everything to ensure that drilling will continue smoothly through the winter with the exceptional team we have assembled," remarks Richfield's President and CEO, Mr. Peter Bernier.
Paget Joint Venture and Cabin Lake Option
The Company and Paget Mineral Corporation have agreed to wind-up their exploration joint venture, which covered certain exploration activities conducted by the parties within a defined area of the Nechako Basin of central British Columbia. In connection with the wind-up, the Company and Paget entered into an option agreement in respect of two mineral tenures known as the Cabin property. Under the terms of the option, Paget must spend $500,000 in exploration work on the claims within three years of the date of the definitive option agreement and pay cash of $500,000 on exercise of the option. Upon such exercise, Paget would acquire a 100% interest in the Cabin property, subject to a 2% NSR in favour of Richfield (of which, 1% may be purchased by Paget for $1 million).
Richfield Ventures Corp. is a public mineral exploration company trading on the TSX Venture Exchange under the symbol RVC. Richfield has been actively acquiring and exploring mineral tenures in the Quesnel Trough and Nechako Plateau regions of British Columbia.
Certain statements in this press release may be considered forward-looking information, including those relating to the "expectations", "intentions" or "plans" of the Company. Such information involves known and unknown risks, uncertainties and other factors - including the approvals of regulators, availability of funds, the results of financing and exploration activities, the interpretation of drilling results and other geological data, project cost overruns or unanticipated costs and expenses and other risks identified by the Company in its public securities filings - that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither 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 release.
SOURCE Richfield Ventures Corp.