Rich Minerals Corp.

Rich Minerals Corp.

May 06, 2009 13:04 ET

Rich Minerals Corporation: News Release

CALGARY, ALBERTA--(Marketwire - May 6, 2009) - Rich Minerals Corporation ("Rich" or the "Corporation") (TSX VENTURE:RMC) is pleased to announce that at its recently held annual general and special meeting of shareholders held on April 23, 2009, Michael Bowie was elected as a director of the Corporation. Mr. Bowie joins David Antony, Ray Antony and Bernard Chamberland on the board. As part of his election, Mr. Bowie has been granted, subject to regulatory approval from the TSX Venture Exchange (the "Exchange"), 185,000 options to purchase common shares of Rich ("Options") at an exercise price of $0.15 and with an expiry date five years from the date of grant.

The Corporation has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 are available for the grant of these Options.

Further to the news release dated April 20, 2009, the Corporation has also received approval from the Exchange for the sale of certain lands owned by its subsidiary, Rich Venture Corporation (the "Subsidiary"), to an arm's length purchaser, and for the transfer of the mortgage by its Subsidiary to Bernard Chamberland ($180,000) and Debra Senger ($120,000), both former directors and officers of the Corporation, in satisfaction of the $300,000 of severance amounts owing by the Corporation to these parties pursuant to their serving as directors and officers of the Corporation for the past 18 years.

The Corporation intends to continue to pursue oil and gas opportunities in the Western Canadian Sedimentary basin, and in Brazil, through its 100% owned leasehold interests in two onshore blocks in the Potiguar Basin, which is located in the northeast region of Brazil.

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. Trading in the securities of the Corporation should be considered highly speculative.

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