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."