Richview Resources Inc.

Richview Resources Inc.

June 20, 2005 18:50 ET

Richview Resources Inc.: Press Release

TORONTO, ONTARIO--(CCNMatthews - June 20, 2005) - Richview Resources Inc. ("Richview") announced today the results from its annual meeting of shareholders held earlier today. The shareholders re-elected to the company's board of directors Trevor J. Eyton, Paul Vorvis and William Waters and also elected Dino Titaro as a new member of the board. The shareholders also re-appointed Moore Stephens Cooper Molyneux LLP as the company's independent auditors.

Richview and joint venture partner PGM Ventures Corp. ("PGM") have been continuing their exploration program of the Thierry property located near Pickle Lake Ontario (the "Thierry Property"). Richview has now acquired a 51% beneficial interest in the Thierry Property and is the operator. It can earn an additional 24% through the expenditure of a further $2.0 million in exploration on the property.

The Thierry Property was operated by Union Miniere Explorations and Mining Corporation ("UMEX") from 1978 to 1982 during which time a total of 5.8 million tonnes were mined producing 480 million pounds of copper, 15.2 million pounds of nickel and 81,000 ounces of combined platinum, palladium and gold. The mine closed in 1982 and the project has been dormant since.

During the period from October 2004 to March 2005, Richview carried out a drill program on the Thierry Property to:

1) Provide additional information in areas between those explored by previous exploration programs;

2) Verify the new interpretation of the structure and mineralization emplacement;

3) Test the strike and dip extensions of the known mineralization; and

4) Test the previous assay and resource estimate data prepared by the previous operator so that it could be validated and used in a new resource calculation that will be National Instrument 43-101 ("NI 43-101") compliant.

A total of fifteen holes for a total of 32,347 feet were drilled on the Thierry Property, as outlined in the following table.

To view the Thierry Property table click on the link provided below:

The current drilling campaign has confirmed that the mineralized zones are continuous along strike and extend to a depth to 3,000 feet vertical. The main mineralized zone is traceable over a 6,000-foot strike length dipping to the SW at 55 degrees. In the eastern portion of the deposit the dip steepens gradually to 70 degrees. There also appears to be several steeply plunging higher-grade mineralized zones within the main shear that should be the focus of future exploration programs.

Significant mineralization was intersected in each drill hole in this program. One hole was lost in difficult ground conditions due to a major fault zone that caused caving and hole (PGM-04-36) was not completed due to mechanical problems with the drill rig. The casings have been left in each hole to allow re-entry for deepening or down-hole geophysics if required. The significant mineralized intersections are:

To view the table for the Mineralized Intersections click on the link provided below:

An interpretation and evaluation of all data is currently underway to further define the pinch and swell nature of the mineralized zones and the associated higher-grade zones. This work will enable the validation of the previous data and enable Richview to have a resource estimate prepared.

All analytical results reported herein are from samples collected during the normal logging process of the drill core as conducted by, Brian Newton (B.Sc.), James Burns (P.Eng.), Howard Lahti (Ph.D.), and Neil Willoughby (B.Sc.) all of whom are "Qualified Persons" as defined by NI 43-101.

All mineralized sections were cut in half by a diamond core saw at the Thierry Property. One half was individually bagged and sealed in 10 X 16 inch plastic bags. Several individually bagged samples were placed in plastic rice sacks that were sealed with a numbered security tag. These samples were shipped by courier to the ALS Chemex sample preparation facility in Thunder Bay, Ontario. The remaining half of the core has been stored in core racks on site.

After being crushed and split, the samples were sent via bonded air carrier to the ALS Chemex Laboratory in Vancouver, British Columbia. The samples were analysed by fire assay using a 30 g aliquot with a finish of inductively coupled plasma spectroscopy (ICP) for platinum, palladium and gold. Copper, nickel and cobalt analyses are carried out as part of a 64 element ICP analysis. Assays of copper and nickel above 10,000 ppm are re-assayed. Analysis for mercury is carried out using cold vapour atomic absorption analysis.

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.

Contact Information

  • Richview Resources Inc.
    Paul Vorvis
    (416) 703-5435