Richfield Ventures Corp. announces $14.625 million private placement

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, Sept. 3 /CNW/ - Richfield Ventures Corp. ("Richfield" or the "Company") (TSX-V: RVC) is pleased to announce that it has arranged a non-brokered private placement of up to 7,500,000 units of the Company (the "Units") at a price of $1.95 per Unit for gross proceeds of up to $14,625,000 (the "Offering"). Each Unit will consist of one common share and one half of one common share purchase warrant (a "Warrant"). Each such Warrant will entitle the holder to purchase one common share of the Company for a period of eighteen months from the closing date at a price of $2.50 per common share.

In the event that the twenty-day, volume-weighted average trading price of the Company's common shares on the TSX Venture Exchange is greater than $2.75 per share at any time after closing of the Offering, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.

The Company has agreed to allocate a portion of the Offering to subscribers found by Axemen Resource Capital Ltd. and may agree to similar allocations to other exempt market or investment dealers. The Company will pay finder's fees equal to 5.0% of subscription amounts found, payable in cash or Units, plus issue finder's warrants in an amount equal to 6.0% of Units subscribed for, with each such finder's warrant exercisable into one common share of the Company at a price of CDN$2.00 for 18 months from closing.

Closing of the Offering is anticipated to occur on or before September 29, 2010 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. Securities issued under the Offering will be subject to a four month hold period which will expire four months from the date of closing.

The proceeds from the Offering will be used to continue exploration on the Company's Blackwater Gold project in the Nechako Plateau region of British Columbia and for general working capital purposes.

Richfield is a well-funded junior mining company focused on gold. For additional information please visit the Company's website at richfieldventures.ca

The Units have not been registered under the United States Securities Act of 1933, as amended (US Securities Act), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to buy such Units in any jurisdiction in which such an offer or sale would be unlawful.

Certain statements in this press release may be considered forward-looking information, including those relating to the "expectations", "intentions" or "plans" of the Company. Such information involves known and unknown risks, uncertainties and other factors -- including the approvals of regulators, 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 identified by the Company in its public securities filings -- 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 forward-looking statements, except to the extent required by law, whether as a result of new information, future events or otherwise.

Neither 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 release.

For further information: Peter Bernier, President, Richfield Ventures Corp., 101-242 Reid Street, Quesnel, BC, V2J 2M5, Toll Free 1-877-992-6644, Phone: [phone], Fax: [phone], [email protected]