Richview Resources Inc.
TSX VENTURE : RVR

Richview Resources Inc.

October 30, 2006 15:12 ET

Richview Resources Inc. Changes its Joint Venture Holdings on the Headway and Pickle Crow Properties

TORONTO, ONTARIO--(CCNMatthews - Oct. 30, 2006) - Richview Resources Inc. ("Richview") (TSX VENTURE:RVR) is pleased to announce it has reached a mutual agreement with its joint venture partner King's Bay Gold Corporation ("King's Bay") to adjust their joint venture interests in the Headway and Pickle Crow projects located in Northwestern Ontario at Red Lake and Pickle Lake respectively. This realignment of ownership interests will allow each company to better focus and manage the exploration and development of the two properties.

Specifically, Richview will reduce its holding in the Headway project from 45% to 15% and King's Bay will increase its holding from 45% to 75%. The joint venture participation will then be King's Bay 75%, Richview 15% and Palomino Mining & Exploration 10%.

The Headway property adjoins the Goldcorp property that is currently in operation. The Red Lake Camp has maintained gold production continuously since 1930, producing approximately 671,779 Kg of gold from a number of mines. Previous exploration on the property includes geophysics, trenching and drilling that have encountered gold values, however, no significant zones have yet been delineated. Further investigation at depth has been recommended.

Richview will increase its holding in the Pickle Crow project from 49% to 75% while being the operator, with King's Bay reducing its holding from 51% to 25%. The Pickle Crow property is in the Pickle Lake gold camp that maintained gold production from a number of properties between 1934 and 1993, producing 77,800 Kg of gold (approximately 2.4 million oz). This includes the Pickle Crow mine that is on the property. Previous exploration on the property includes geophysical surveys, trenching and drilling, including holes drilled in 2004 by King's Bay that had a number of significant gold intersections requiring further evaluation.

Richview is currently proceeding with a review and compilation of all available technical data on the Pickle Crow project to facilitate the planning of the next stage of exploration on the property.

About Richview

Richview Resources is a Tier 1 company on the TSX Venture Exchange that is conducting exploration and participating in joint ventures for base metals and gold. The company's primary property is the copper/nickel Thierry Mine project near Pickle Lake, Ontario. This property was previously mined by Union Minere Exploration Company in the late 1970's and early 80's. Operations ceased due to the depressed commodity prices prevailing at that time.

Richview has delineated a copper/nickel resource on the property that also contains economic values of platinum, palladium, gold and silver. is the company has now received all permits necessary to dewater the old workings and is now proceeding with a scoping study to determine the technical feasibility and economic viability of reopening the mine. This study will also define in more detail the parameters for proceeding with metallurgical studies, underground delineation drilling on extensions of the copper/nickel mineralization, mining methods and processing.

The TSX Venture Exchange has in no way passed upon the merits of the Options and has neither approved nor disapproved the contents of this press release.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe Richview's future plans, objectives or goals, including words to the effect that Richview or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

This press release is available on the Richview Resources 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.

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