GRENVILLE PROJECT

Richmond Minerals Inc. and Fort Chimo Minerals Inc. (FORT - CNQ) ("Fort Chimo") have entered into a two-year, two million dollar 50/50 joint venture exploration agreement covering approximately 212,449 acres of mineral rights (31 properties) in the central and southwest area of Quebec (referred to as the Grenville project).

Richmond Minerals is the operator of the Grenville project. The exploration targets are iron oxide copper gold deposits ("IOCG"), base metal deposits and uranium. Little exploration has been possible under the cover in this region of Quebec (south of the Grenville front) to date. However, recent advances in the understanding of IOCG's and in exploration techniques have enhanced the prospective nature of this region. Richmond will act as operator during the earn-in period. Airborne geophysical surveying in the fall of 2006 identified two strongly magnetic and highly conductive GEOTEM anomalies on the Grenville Project Halle property (located approximately 20 kilometers east of Belleterre, Quebec). Grab samples collected from surface along the axis of anomalies returned values as high as 0.14% nickel, 0.07% copper, 282 ppm cobalt, and 0.22% chromium.

Given the elevated base metal values near the anomaly source, Richmond management believes that the anomaly could be a new Volcanogenic Massive Sulphide (VMS) occurrence. A review of historical assessment files indicates no definitive historical exploration work in the target area. A link to the Halle property Geophysical Interpretation Mao is provided below. Drilling of the Halle VMS target is planned for the summer of 2007. Geophysical surveying and ground prospecting on the remaining Grenville properties will be ongoing throughout 2007.