BONDY GNEISS COMPLEX PROJECT

The Institut National de la Recherche Scientifique –Université du Québec (INRS), through a contractual agreement with Richmond, has undertaken geophysical, geological and geochemical studies on Bondy, located approximately 35 kilometers southeast of Mont Laurier, Québec. Applied research in 2007 and 2008 was focused primarily on determining the prospectivity and the characteristics of IOCG and/or Volcanogenic Massive Sulphide (VMS) style mineralization . Preliminary results are extremely promising:

• Application of specialized processing techniques to regional gravity data has shown that there is a clear association between regional crustal structures and recently identified mineral showings in the Bondy Gneiss Complex. In particular, the most promising of these regional associations is referred to as the Bing showing, and occurs at the intersection of two such crustal structures. The Bing showing occurs within a high aeromagnetic and a low aeromagnetic domain traced for a distance of 800 meters. Several outcrops with mineralization similar to the Bing have been found along the length of this magnetic domain. Specifically, the Bing showing mineralization consists of blebs, veins and disseminated chalcopyrite, malachite, pyrite, and magnetite in a coarse-grained clinopyroxene rich calcosilicate rock. Copper values up to 2.8% have been obtained from grab samples. Recent stripping and blasting has determined the Bing showing to be approximately 15 meters long and 15 meters wide.

• Sulphides were discovered at a well-defined electromagnetic, K and K/Th anomaly within an aeromagnetic high located approximately 3 kilometers northeast of the Bing showing. This occurrence is referred to as the Lac Harvey showing. Preliminary results of a gravity survey over this area suggest the presence of a mafic intrusion beneath this area. Note that similar mafic bodies are interpreted beneath IOCG-style ore deposits elsewhere (e.g. northern Sweden). Gneisses show evidence for two periods of alteration and are cut by ductile shear zones. Copper values in grab samples obtained from the Lac Harvey showing assayed up to 0.55%. Recent stripping and blasting has exposed the Lac Harvey showing over a 15-meter width and a 40-meter length.

• A sulphide-rich zone, referred to as the EM1 showing, was discovered coincident with an airborne electromagnetic anomaly. The EM1 showing is located 1 kilometer north of and on-strike with the Lac Harvey showing. Recent stripping and blasting has exposed the EM1 showing over 15 meters in width and 50 meters in length. Major element composition of grab samples collected from the EM1 showing indicates that the protholith is equivalent to alunite-kaolinte-quartz-sulphide rocks similar to the Sphane alunite deposits in Turkey. In addition, quartz-alunite rocks are known to occur in Cu-Au-Ag epithermal deposits. EM1 mineralization consists of magnetite, and disseminations and blebs of pyrite and pyrrhotite (up to 20% sulphides). The rocks here are also enriched in light rare-earth elements (REE), and have low concentrations of copper. The low concentration of copper at EM1 does not exclude copper (or other metal) enrichment at depth due to the possibility of vertical sulfide zonation, commonly found in VMS and IOCG deposits.

• A series of northeast striking mineralized breccia zones were discovered on the northeast margin of a coincident gravity and aeromagnetic anomaly. These zones are referred to as the Breccia Trail showings and are located approximately 2.5 kilometers north of the EM1 showing. The Breccia Trail showings are found within an area the INRS has mapped as a possible metamorphosed hydrothermal system. Several different lithological units in the area have been affected by these late crosscutting structures. Breccia/deformation zones are characterized by high biotite concentrations, an increase in magnetite, and the presence of pyrite and chalcopyrite as blebs, disseminations or as veins. Concentrations of up to 0.27 % copper, 454 ppm REE, and anomalous uranium were detected in grab samples from the Breccia Trail zone.

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In late October 2008, Richmond completed an Induced Polarization survey on the property. This survey confirmed that there are depth extensions to the sulphide mineralization in the showings described above. A 2,375 metre, 14 hole diamond-drilling program was undertaken in December 2008. Significant results were obtained in Holes RB-05-08 and RB-06-08 that tested the depth extension at the southern limit of the Bing Zone. Hole RB-05-08 assayed 0.21% copper over a 37.45 metre interval, from 15.3 to 52.75 metres down hole. Minor amounts of gold and silver were also identified in this zone.

Hole RB-06-08 was drilled to test the vertical extension of copper mineralization at the extreme southern limit of the Bing Zone. Hole RB-06-08 assayed 0.14% copper and 0.7 grams per tonne silver over a 28.51 metre interval, from 74.29 to 102.8 metres down hole. Anomalous values of gold were also identified in this hole. RB-06-08 was collared 25 metres southwest of RB-05-08. Mineralization in both holes consists of pyrite, chalcopyrite and bornite, hosted within a garnet biotite bearing quartz-feldspar gneiss.

Management is very encouraged by these initial drilling results from the Bing Zone. Spotting collar locations for holes 5 and 6 was difficult due to the extreme terrain. Recent magnetic geophysical data and surface prospecting indicates that the Bing Zone copper mineralization extends at least 800 metres north of the Hole 5 and 6 collar locations. The highest concentrations of copper were obtained in surface grab samples collected from showings found along the Bing Zone northern extension. Further drilling work to test these areas will require road upgrading prior to the resumption of the next phase of exploration work.

True width for the Bing Zone is unknown at this time. Assays have been received from the remaining 12 holes drilled in the Western Zone and the Lac Harvey Showing. Anomalous values for copper, silver and gold were obtained in zones from each hole. However, no significant concentrations were detected. It should also be noted that drilling of the EM-1 showing could not be attempted during this initial phase due to frozen local water sources. Management believes that, based on the style and type of mineralization observed in the nearby Lac Harvey drill holes, the EM-1 target is a highly prospective target that will be tested during the next phase of exploration work.

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