Richview Resources Inc.
TSX VENTURE : RVR

Richview Resources Inc.

May 23, 2006 11:03 ET

Richview Resources Inc. Increases Private Placement to $5,550,000

TORONTO, ONTARIO--(CCNMatthews - May 23, 2006) - Richview Resources Inc. ("Richview") (TSX VENTURE:RVR) is pleased to announce that the amount of funds raised from its recently completed equity private placement has increased from $5,450,000 to $5,550,000 as a result of an additional subscription received for $100,000. In total, Richview issued 15,857,142 units at an issue price of $0.35 per unit. The company is accepting no further subscriptions in connection with the private placement.

Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of $0.50 for a period of two years following the closing date. All securities issued pursuant to the private placement are subject to a four month hold period following the closing date.

About Richview

Richview Resources is a Tier 1 TSX Venture Exchange company that is conducting exploration and participating in joint ventures for base metal and gold. The company's primary property is the copper/nickel Thierry Mine property 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 Thierry property that also contains economic values of platinum, palladium, gold and silver. The company is now proceeding with a scoping study to determine the technical feasibility and economic viability of the project. This study will set out the parameters for proceeding with dewatering of the mine, metallurgical studies and conducting underground delineation drilling on extensions of the copper/nickel mineralization.

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: 79,358,779 Common Shares

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

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