Richview Resources Inc.

Richview Resources Inc.

March 30, 2006 16:08 ET

Richview Resources Inc.: Press Release

TORONTO, ONTARIO--(CCNMatthews - March 30, 2006) - Richview Resources Inc. ("Richview") (TSX VENTURE:RVR) is pleased to announce that it has acquired an option (the "Option") to earn a 100% interest in a property (the "Property") consisting of 12 leased, non-patented contiguous claims in Eby and Otto Townships, located approximately 7 km west of the town of Kirkland Lake, Ontario. The Option was acquired from an arm's length party (the "Optionor").

The terms of the Option provide that Richview has the right to earn a 100% interest in the Property upon: (i) the payment to the Optionor of $35,000, of which $10,000 was paid upon the signing of the option assignment agreement (the "Agreement"), a further $10,000 is to be paid on September 7th, 2006, and a final $15,000 is to be paid on September 7th, 2007; and (ii) incurring incur certain exploration costs in relation to the Property in the amounts of $75,000 during the first year of the Agreement, an additional $75,000 during the second year and an additional $100,000 during the third year of the Agreement. In consideration for the granting of the Option, Richview has agreed to issue to the Optionor, subject to regulatory approval, 30,000 common shares. The Optionor will also retain an aggregate 2% net smelter royalty in any and all production from the Property.

All common shares issued to the Optionor are subject to a four month hold period from the date of issue.

The TSX Venture Exchange has in no way passed upon the merits of the Option 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.

Issued Capital: 63,777,350 Common Shares

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Richview Resources Inc.
    Michael Newbury
    Chief Executive Officer
    (416) 815-8666