| March 23, 2009 Richfield Options Gold Property from SilverQuest. | |
| Quesnel, BC, Canada - March 23, 2009 Richfield Ventures Corp. ("Richfield" or "the Company") is pleased to announce that it has acquired an option to earn up to a 75% interest in the Davidson Property, located approximately 100 kilometres southwest of Vanderhoof in central British Columbia, from Silver Quest Resources Ltd. ("Silver Quest"). Richfield may acquire an initial 60% interest in the Davidson Property by making aggregate cash and share payments totaling $90,000 cash and 350,000 shares and incurring an aggregate $1,000,000 in exploration expenditures within three years of TSX-Venture acceptance of the agreement. After vesting of a 60% interest, Richfield may acquire an additional 15% (total 75%) interest in the Davidson Property by making an additional cash payment of $150,000, issuing 400,000 shares and incurring an additional $500,000 in exploration expenditures on the property in the fourth year. The Davidson property covers approximately 891 hectares in the Nechako Plateau. It was the subject of several major exploration programs between the late 1970's and 2006. Between 1987 and 1994, 34 rotary drill holes and 31 diamond drill holes were completed. Within an 800m by 300m area the 1987 and 1994 drilling defined two zones termed the Gold and Silver Zones. The Gold Zone, covering an area of about 500m by 200m, returned gold values in all 11 holes drilled, with a best intersection of 6.3 metres grading 14.28 g/t Au and 26.7 g/t Ag in hole DAV-11. The Silver Zone returned a number of long intervals of silver mineralization, including 94.9 metres grading 20.6 g/t Ag in hole DAV-15, and 41.6 metres grading 33.0 g/t Ag in hole DAV-16, and 83.9 metres grading 29.1 g/t Ag in hole DAV-17. During the fall of 2005, Silver Quest drilled five holes to test geophysical and geochemical targets for epithermal gold and silver mineralization, and discovered a new mineralized zone located 500m south of the Silver Zone and 500m west of the Gold Zone. Hole DAV-05-02 returned 140.5 metres grading 1.43 g/t Au and 3.4 g/t Ag, including 14.0 metres grading 4.93 g/t Au and 17.1 g/t Ag. Two subsequent holes drilled by Silver Quest in the winter of 2006 returned 8.0 metres grading 10.7 g/t Au and 42.8 g/t Ag, including 2.0 metres grading 35.5 g/t Au and 153.0 g/t Ag, and the second hole, 12.3 metres grading 1.25 g/t Au and 46.1 g/t Ag. This mineralization is hosted in a zone of strong fracturing and alteration in altered felsic volcanic rocks likely of the Hazelton Group. A possible west-northwest trending structural control is inferred, this being defined by a previous ground electromagnetic geophysical survey. Richfield plans a systematic diamond drilling program to test the area between the Gold, Silver and new zones, which has not previously been tested by diamond drilling. The main target in this area is centered on an IP resistivity anomaly, which may reflect alteration within the same strongly altered felsic volcanic rocks which host mineralization elsewhere on the property.. The Nechako Plateau hosts a number of precious metal occurrences, two of which are under active investigation by Silver Quest. The Capoose property located 25 km to the northwest, is a porphyry related base-precious metal occurrence with historic (non-NI 43-101 compliant) resources of 28.22 million tonnes averaging 36.0 g/t Ag and 0.34 g/t Au, About 15 km southwest of Davidson is the 3T's property, where a number of gold bearing veins are known with NI 43-101 compliant resources of 942,600 tonnes grading 4.89 g/t gold and 77.8 g/t silver in the Tommy and Ted veins hosted in felsic volcanic rocks of the Hazelton Group. At Richfield's recently completed Annual General Meeting, Peter Bernier, Raymond Fortier, Dirk Tempelman-Kluit, Victor Harwardt and Lindsay Bottomer were re-elected to the Board of Directors. All motions presented at the meeting were passed. Bruce Fair did not stand for reelection. The Company wishes to thank Mr. Fair for his service as a Richfield Director. Also at the meeting, Smythe Ratcliffe, LLP was re-appointed as auditor for the Company. The Company thanks its shareholders, employees and consultants for their continued support and interest during the past year and anticipates another active exploration season. The scientific and technical information contained in this news release was prepared under the supervision of Dirk Tempelman-Kluit Ph.D, FGAC, VP Exploration for Richfield Ventures Corp, and has been reviewed by Lindsay Bottomer P.Geo. who is a "Qualified Person" as defined under National Instrument 43-101. About Richfield Ventures Corp. Richfield Ventures Corp. is a public mineral exploration company trading on the TSX Venture Exchange under the symbol RVC. Richfield has been actively acquiring and exploring mineral tenures in the Quesnel Trough region of British Columbia and holds a 100% interest in mineral tenures in the Quesnel Trough covering approximately 63,700 hectares. Certain statements in this press release may be considered forward-looking information, including those relating to "plans" of the company. Such information involves known and unknown risks, uncertainties and other factors -- including the availability of funds, the results of financing and exploration activities, the interpretation of drilling results and other geological data, project cost overruns or unanticipated costs and expenses and other risks -- that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation to update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise. On behalf of the Board of Directors of Richfield Ventures Corp. "Peter Bernier" Peter Bernier, President THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. For further information contact: Peter Bernier, President Richfield Ventures Corp. 242 Reid Street Quesnel, BC V2J 2M5 Toll Free 1-877-992-6644 Phone: (250) 992-6644 Fax: (250) 992-6643 pete@richfieldventures.ca | |
