Richview Resources Inc.

Richview Resources Inc.

March 20, 2006 10:24 ET

Richview Announces Proposed Private Placement

TORONTO, ONTARIO--(CCNMatthews - March 20, 2006) - Richview Resources Inc. ("Richview") (TSX VENTURE:RVR) is pleased to announce that it intends to complete a private placement for minimum gross proceeds of $1.5 million.

The company intends to issue a minimum of 750,000 units at a price of $2.00 per unit. Each unit will consist of four flow-through common shares, one non flow-through common share and two and one-half warrants. If the minimum offering is completed, the company will issue a total of 3,000,000 flow-through common shares and 750,000 non flow-through common shares at a deemed issue price of $0.40 per share and 1,875,000 warrants. Each warrant will entitle the holder thereof to acquire one additional common share at an exercise price of $0.60 for a period of two years following the closing date.

The closing of the private placement is subject to, amongst other things, approval of the TSX Venture Exchange and completion of definitive documentation. All securities issued pursuant to the private placement will be subject to a four month hold period following the closing date.

Richview intends to use the proceeds of the private placement for working capital purposes and to continue exploration work on its Thierry Mine property.

About Richview

Richview is a company that is conducting exploration and participating in joint ventures for base metals and gold. The company's primary property is the Thierry Mine property located near Pickle Lake, Ontario. This property was previously mined for five years by Union Minere Exploration Company ("UMEX") in the late 1970's and early 1980's. During that period, a copper concentrate was produced from the mine which did not maximize the recovery of nickel. Operations ceased due to the depressed commodity prices prevailing at that time. Management of Richview anticipates that the company will be able to take advantage of the extensive underground development to the 1,600 foot level completed by UMEX in proceeding with a detailed program to assess the Cu-Ni mineralization not previously mined by UMEX and to delineate extensions to determine the economic potential of the property.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.

Issued Capital: 63,777,350 Common Shares

Neither the TSX Venture Exchange, nor any other securities regulatory authority has approved or disapproved the contents.

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