Richview Resources Inc.: Press Release.TORONTO -- Richview Resources Inc. ("Richview") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:RVR RVR Regionalverband Ruhr (Ruhr area, Germany) RVR Runway Visual Range RvR Realm Versus Realm (game) RVR Renal Vascular Resistance RVR Risk vs. ) 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 Otto, Austrian archduke Otto: see Hapsburg, Otto von. Townships, located approximately 7 km west of the town of Kirkland Lake, Ontario Kirkland Lake is a town located in Timiskaming District in northeastern Ontario, Canada. The 2006 population, according to Statistics Canada, was 8,248. The lake nearby was named after Winnifred Kirkland, a secretary of the Ontario Department of Mines in Toronto. . The Option was acquired from an arm's length arm's length adj. the description of an agreement made by two parties freely and independently of each other, and without some special relationship, such as being a relative, having another deal on the side or one party having complete control of the other. 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 TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , 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 ad equacy or accuracy of this release. Richview Resources Inc. (TSX VENTURE:RVR) |
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