Richview Resources Inc.
TSX VENTURE : RVR

Richview Resources Inc.

October 26, 2006 17:54 ET

Richview Resources Inc. Restates Second Quarter Financial Statements

TORONTO, ONTARIO--(CCNMatthews - Oct. 26, 2006) - Richview Resources Inc. ("Richview") (TSX VENTURE:RVR) announces that it will be restating its financial statements for the Second Quarter ended June 30, 2006. During a review of the Third Quarter ended September 30, 2006 it was determined that the stock option expense was overstated. This resulted in an overstatement of the net loss of approximately $339,000.

The Company will also be adjusting the allocation of share capital and warrants in the Shareholders' Equity section of the Balance Sheet with no overall changes to the Shareholders' Equity total. Accordingly Richview intends to revise and re-file its Second Quarter ended June 30, 2006, Financial Statements and MD & A by November 8, 2006.

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.

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.


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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