TORONTO, ONTARIO--(Marketwire - Sept. 13, 2011) - Richmond Minerals Inc. (TSX VENTURE:RMD) ("Richmond" or the "Company") announces that an agreement has been reached with Lake Shore Gold Corp. to sell its 100% ownership interest in the Highway 101 Property (the property) located in Guibord Township, Ontario. As part of the agreement, Vendome Resources Corp. (Vendome) has agreed to cancel its August 2009 earn-in agreement with Richmond. Terms of the arrangement are as follows: Lake Shore will issue to Richmond 232,500 common shares of Lake Shore and 116,250 Lake Shore purchase warrants; Lake Shore will issue to Vendome 67,500 common shares of Lake Shore and 33,750 Lake Shore purchase warrants. The terms of the warrants are as follows: each warrant will allow the warrant holder to purchase one common share of Lake Shore at a price of $3.00 for a 2 year period following the closing date of the sale of the property. The 1st anniversary payment of 200,000 common shares of Vendome to Richmond as set out in the earn-in agreement between Richmond and Vendome has also been cancelled. Closing of the sale is scheduled on or before October 31, 2011.
In addition, Richmond announces the resignation of Mr. Robert Leinster, Director as of April 28, 2011.
This news release contains forward-looking statements. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Shares Issued and Outstanding: 79,059,239
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