Richview Resources Inc.
TSX : RVR

Richview Resources Inc.

November 05, 2007 09:14 ET

Richview Resources Inc. Completes $3.3 Million Private Placement with the MineralFields Group

TORONTO, ONTARIO--(Marketwire - Nov. 5, 2007) - Richview Resources Inc. ("Richview") (TSX:RVR) is pleased to announce that it has completed a non-brokered private placement for gross proceeds of $3,300,000 through the sale of 15,000,000 flow-through units at an issue price of $0.22 per unit to the MineralFields Group.

Each unit consists of one flow-through common share and one non flow-through common share purchase warrant. Each whole warrant entitles the holder thereof to acquire one additional non flow-through common share at an exercise price of $0.35 for a period of two years following the closing date.

All securities issued pursuant to the private placement will be subject to a four month hold period following the closing date.

Richview paid a finder's fee in respect of the private placement in the amount of $165,000, being 5% of the gross proceeds raised pursuant to the private placement. Richview also issued 1,200,000 compensation options, each option exercisable at $0.22 and entitling the holder to purchase one unit consisting of one non flow-through common share and one common share purchase warrant exercisable at $0.35. The compensation option will expire 2 years from the date of issue.

"We are very pleased to be entering into this relationship with the MineralFields Group", said Sol Prizant, President and CEO of Richview. "This is an important milestone in the growth of Richview and we look forward to working with MineralFields Group as we continue to develop our properties."

About Richview

Richview is the sole owner of the past-producing Thierry Mine property in north-western Ontario, adjacent to the town of Pickle Lake. Richview is a Canadian company committed to responsible development of natural resources while respecting local environmental, community and social interests.

This press release is available on the Richview IR HUB for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/IR/richview. Alternatively, investors are asked to e-mail all questions and correspondence to RVR@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and correspondence directly.

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.

This press release includes certain forward-looking statements within the meaning of Canadian securities laws that are based on expectations, estimates and projections as of the date of this press release. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.

Forward-looking statements contained in this press release are based on a number of assumptions that may prove to be incorrect, including, but not limited to: timely implementation of anticipated drilling and exploration programs; the successful completion of new development projects, planned expansions or other projects within the timelines anticipated and at anticipated production levels; the accuracy of reserve and resource estimates, grades, mine life and cash cost estimates; whether mineral resources can be developed; title to mineral properties; financing requirements; general economic conditions; and changes in laws, rules and regulations applicable to Richview. In addition to being subject to a number of assumptions, forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to be materially different from those expressed or implied by such forward-looking statements. Richview has no intention or obligation to update the forward-looking statements contained in this press release.

Neither the TSX, nor any other securities regulatory authority has approved or disapproved of the contents of this news release.

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