Richmond Energy Corp.

November 26, 2008 11:30 ET

Richmond Energy Corp. Announces Filing of Interim Financial Statements for the Nine Months Ended September 30, 2008 and Related Management's Discussion and Analysis

TORONTO, ONTARIO--(Marketwire - Nov. 26, 2008) -

NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Richmond Energy Corp. ("Richmond" or the "Corporation") announced today that it has filed on SEDAR its interim financial statements for the nine months ended September 30, 2008 and its related Management's Discussion and Analysis. Copies of these documents are available at www.sedar.com.

In light of the current deterioration of the equity capital markets, the Corporation has postponed its proposed initial public offering of common shares (the "Offering"). The completion of the Offering in the future is not assured and may be challenging given the current difficult conditions in the equity capital markets, particularly with respect to junior resource companies. In the event that the Offering is not completed, the Company will need to find alternative sources of financing to move ahead with its planned exploration activities.

ABOUT RICHMOND:

Richmond is a reporting issuer in Ontario and British Columbia with an experienced management team engaged in the acquisition, exploration and development of properties for the mining of precious and base metals and uranium in Canada and West Africa (Republic of Niger). The principal property of Richmond is the Yukon Olympic Property, comprised of 272 quartz mining claims in the Dawson Mining Division, Yukon Territory, which is prospective for iron oxide, copper and gold mineralization and in which Richmond holds an option to acquire up to a 65% interest. The Corporation also holds an option to acquire a 100% in the North Nonacho Property comprised of two mining claims covering 60 units in the vicinity of Nonacho Lake, Northwest Territories. In addition, the Corporation has made formal application for eight uranium concessions with the Niger Ministry of Mines and Energy, but no concessions have been granted as of the date of this press release.

No securities commission or regulatory authority has approved or disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Richmond Energy Corp.
    Kabir Ahmed
    Chairman, President, Chief Executive Officer and Director
    (416) 941-9663
    (416) 946-1951 (FAX)