Richmond Minerals Inc. - Corporate Update

TORONTO, Jan. 23, 2014 /CNW/ - Richmond Minerals Inc. (TSX-V: RMD) ("Richmond" or the "Company") is pleased to announce the closing of a $105,000 Non-Brokered Private Placement announced on January 14, 2014 in which the Company will issue 2,100,000 units priced at $0.05 per unit. Each unit consists of one common share issued on a "flow through" basis, plus one whole share purchase warrant entitling the holder thereof to purchase an additional "non-flow through" common share of Richmond at a price of $0.10 for a period of 18 months. The flow through common shares issued will be subject to a four month hold period that expires on May 16, 2014.

In connection with this private placement, Richmond will pay a finder's fee of $3,500 and issue 70,000 finder's warrants. The TSX-Venture Exchange has accepted for filing documentation with respect to this Non-Brokered Private Placement.

Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the litigation will be resolved. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and  expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

On Behalf of Richmond Minerals,

{signed}

Franz Kozich
President and CEO

SOURCE Richmond Minerals Inc.