Richmond
Hill Resources Plc
("Richmond
Hill " or the "Company")
LOI
over high-grade Quebec copper
assets
Richmond Hill (AQSE: SHNJ), is pleased to announce that it
has signed a letter of intent with Three Mile Beach Ltd ("Three
Mile") with respect to the acquisition by the Company of the legal
and beneficial interest of certain mineral exploration licences in
Quebec ("Proposed
Transaction").
In
consideration for the Company undertaking and incurring fees,
expenses and other costs in connection with the due diligence
investigations in relation to the Proposed Transaction, Three Mile
has agreed to grant to Richmond
Hill a 60-day period of exclusivity to allow the Company to
conduct due diligence and to decide whether to proceed with the
Proposed Transaction.
Project
Details
The Saint
Sophie Copper Project spans 87 square kilometres and is located in
the Beauce region of Quebec, 60 Km
South of The Becancour Battery Park and 150 Km North-East of
Montreal. The project is comprised
of multiple worked indices and historic mines of high-grade native
copper, hosted in sedimentary rock and epithermal vein systems,
with 146 claims spanning 87 square kilometres.
Highlights
·
More than 14 worked indices and historic mines with
copper grades over 55% (see maps in
appendix)
· Highest
copper grades from drilling and indices:
include
1.25t of ore @32% Cu, trench containing 42% cu and grab sample at
55% Cu
·
Also, high grade discoveries of silver, gold (9
g/t au trench sample) and
molybdenum
· Drilling
discovered 13 metres and 6.70 metres of Pendlandite
Hamish Harris, Chairman of Richmond Hill,
commented:
"This is a
unique growth opportunity for Richmond
Hill to acquire and develop a high-grade ore body in a
sought-after, tier-1 mining jurisdiction.
We believe
that if the Proposed Transaction completes, it will not only be
transformational for Richmond
Hill, but coupled with the numerous historic mineralised
occurrences, really indicates the potential for large scale
opportunity across a polymetallic suite of minerals."
This
announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are
responsible for the release of this announcement.
For
further information, please contact:
The
Company
Hamish Harris
hharris@roguebaron.com
AQSE
Corporate Adviser and Broker:
Peterhouse
Capital Limited
+44 (0) 20
7469 0936
Joint
Broker:
Clear
Capital Limited
Bob Roberts
+44
(0) 20 3869 6080
Forward
Looking Statements
This
announcement contains forward-looking statements relating to
expected or anticipated future events and anticipated results that
are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the Company's ability to execute
and implement future plans, and the occurrence of unexpected
events.
Actual
results achieved may vary from the information provided herein as a
result of numerous known and unknown risks and uncertainties and
other factors.
