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Richmond And Fort Chimo Sign MOU With Long Point First Nation

by NationTalk on September 24, 2009350 Views

Phase I Exploration of Nickel Project Set to Begin

TORONTO, – Sept. 23 – Richmond Minerals Inc. (RMD: TSXV) (Richmond) and Fort Chimo Minerals (FCM: CNSX) (Fort Chimo) are pleased to announce that a formal Memorandum of Understanding (MOU) has been signed with Long Point First Nation allowing Richmond and Fort Chimo (JV partners) to proceed with Phase I Exploration work of the Halle Township nickel discovery project near Belleterre, Quebec.Details of the MOU require the JV partners to provide contract work to Long Point First Nation that includes skills training. The MOU also provides the framework for negotiations to develop a socio-economic agreement should the project proceed to development phase. Mr. Birks Bovaird, President of Richmond, states “the team, led by our exploration manager, Warren Hawkins, has forged strong working relationships with Chief Steev Mathias and the members of the council of Long Point First Nation. We look forward to building on the solid foundation that we developed over the course of the negotiations and are now poised to initiate work on this highly prospective nickel property. We acknowledge the Long Point First Nation and their traditional rights to the Halle Township land.”

Mr. James Brady, President of Fort Chimo, states “we support the desire of Long Point First Nation to their fiduciary interest in the benefits generated from the resources found within their traditional territories.”

The Halle Township Project is located in the Grenville Front, which is a well-known and highly potential area for new mineral discoveries. As described in Richmond’s previous news releases, two strongly magnetic and highly conductive Fugro GEOTEM airborne anomalies were identified on the Halle property. Anomaly 1, located along the central eastern property boundary is approximately 1.3 kilometers in length. Anomaly 2, located in the north central portion of the property, is approximately 4.5 kilometers in length. Grab samples collected from surface along the axis of anomaly 2 returned values as high as 1.4 % nickel, 0.07% copper, 282 ppm cobalt, and 0.22% chromium. Given the elevated base metal values near the anomaly source, Richmond management believes that the anomaly could be a new Volcanogenic Massive Sulphide (VMS) occurrence. A review of historical assessment files indicates no definitive historical exploration work in the target area.

Warren Hawkins, P.Eng in his capacity of Qualified Person under National Instrument 43-101 has reviewed the contents of this news release.

We seek safe harbor.

Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Canadian National Stock Exchange has reviewed this press release and neither accepts responsibility for the adequacy or accuracy of this news release.

This press release contains certain forward-looking statements, which are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected. Neither Richmond or Fort Chimo undertake any obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

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For further information: Birks Bovaird, President or Warren Hawkins, Exploration Manager, Telephone: (416) 603-2114, Facsimile: (416) 603-8436; James M. Brady, Fort Chimo Minerals Inc., President, Telephone: (416) 361-2832, Facsimile: (416) 423-9325

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