this looks good at a glance...

this looks good at a glance !!!



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23 May 2011
FRAMEWORK AGREEMENT SIGNED WITH HEBEI IRON & STEEL
HIGHLIGHTS
? Strategic alliance to be formed with one of the largest steel groups
in China, Hebei Iron & Steel Group Co., Ltd. (HBIS), to fast track
development of the Buena Vista Iron Project;
? HBIS to assist sourcing of 100% project debt financing, on an
expedited basis;
? HBIS shall use its best efforts to assist Richmond to procure
financing of US $9 million to fund long lead time plant equipment;
? Initial A$2.5M capital to be injected into Richmond subject to
certain preconditions; and
? 80% offtake to be acquired by HBIS, and priority over the balance.
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Richmond Mining Limited (?Richmond? or ?Company?) announces that it and its
wholly owned US subsidiary Nevada Iron LLC (?Nevada Iron?) have signed a
Framework Agreement with Hebei Iron & Steel Group Co., Ltd. (?HBIS?) to create a
strategic alliance to fast track the development of the 100% Richmond controlled
Buena Vista Iron Project (?Project?) located in Nevada, USA.
Richmond?s Managing Director, Max Nind, said the agreement was mutually
beneficial for both, with the Company importantly gaining strategic support to
secure 100% of the financing for project development and HBIS obtaining a long
term stable supply of product to be underpinned by its shareholding in the
Company.
?This agreement is the culmination of around 9 months of negotiations and brings to
the Project an endorsement that steel producers see Buena Vista as being a long
term provider of high grade magnetite to the steel making market?, said Mr Nind.
?It is an exciting prospect to be working in partnership with HBIS to expedite the
development of the Buena Vista project?, he said.
Mr Nind confirmed the Company was aiming to be in production by the December
quarter 2012 and added that HBIS would assist in obtaining full financing.
?This deal will provide the impetus to quickly transform the Company into a
producer of high quality iron concentrate?, said Mr Nind.