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Message: 10/10/2007 - Press release

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10/10/2007 - Press release

posted on Nov 14, 07 05:16AM

Source MARKET NEWSDate 10/10/2007Time 06:29:57 AM Company Richmond Minerals Inc.Title Property Aquisition CDNX Symbol: RMD Press Release [1][200/News Release]RMDVRICHMOND MINERALS INCOCT 10 2007 07:29 AMProperty Aquisition --->@NEWS RELEASERICHMOND MINERALS INC. ("RMD-V")- Property Aquisition Richmond Minerals Inc. ("Richmond" or the "Corporation) is pleased toannounce an agreement in principal to acquire a 100% interest in 34 mineralclaims located in McArthur, Bartlett and Musgrove Townships, Ontario. Theproperties are referred to as the Triple Lake Properties and are locatedapproximately 20 kilometres south of Timmins, Ontario. Under the agreement,Richmond will pay the vendor $15,000.00 cash and issue 300,000 commonshares of Richmond. The vendor will also receive a 3% net smelter return.Further payments of 250,000 common shares each of Richmond will be due tothe vendor on the anniversary date of the signing of the agreement over thenext two years.The Triple Lake Properties consist of 3 separate land parcels. TheTriple Lake gold property is located in McArthur Township and is host to anumber of high-grade gold showings. In 1932, a 55-foot mining shaft wassunk on a vein on the property that produced 155 tons of ore. Historicalsurface sampling of veins up to 1981 have returned values as high as 2.0ounces per ton gold. In 2006, the Precambrian Geosciences Section (PGS) ofthe Ontario Geological Survey initiated a multi-year project of geologicalmapping of the Bartlett Dome area as part of an ongoing project to updategeological information in the Timmins mining camp. PGS recently releasedan updated map of McArthur Township that identified several previouslyunrecognised features on the Triple Lake gold property, including atonalite plug.The two remaining land parcels enclose two recently identifiedairborne electromagnetic and magnetic anomalous clusters. These anomalieswere identified following review of new Government of Ontario airbornegeophysical data released in April 2007. Examination of records held inthe Timmins Mining Office indicates that these anomalies have not beendrill tested nor subjected to intensive investigation. Triple LakeProperty 2 is located in Musgrove and Bartlett Townships and is 3.3kilometres on strike to the south south-east of the Hollinger deposit,which has a drill proven resource of 114,200 tons grading 1.66% copper.Triple Lake Property 3 is located in Bartlett Township, 2 kilometres southand on strike with the Triple Lake high-grade gold occurrences.Warren Hawkins, P.Eng in his capacity as Qualified Person underNational Instrument 43-101 has reviewed the contents of this news release.Fieldwork on the Triple Lake Property group will commence immediately andresults will be reported on an ongoing basis. The agreement to acquire theTriple Lake Property group is subject to the approval of the TSX VentureExchange.For further information contact Paul Ankcorn, President of RichmondMinerals Inc. or Warren Hawkins, Exploration Manager at (416) 603-2114.We seek safe harbor. On Behalf of the Board of Directors{signed}Matthew Goldman, Corporate Secretary Neither the TSX Venture Exchange Inc. nor any other regulatory bodyaccept responsibility for the adequacy or accuracy of this news release.

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