Richfield says drilling at C. Sulawesi molybdenum project on schedule

ASX-listed exploration firm Richfield Group Limited confirmed on Thursday that drilling activity at Toli-Toli molybdenum project in Central Sulawesi is on time and on budget.

The company said as at 13 August 2008, drill hole M37 was at 97.85 metres with visual estimates confirmed previous Rio Tinto/Santos drilling in the same location.

Assaying will now be conducted to determine the correct grades, the company said.

The company said it now intended to call shareholders? meeting to approve transaction to acquire the project, which is anticipated to be held in October 2008.

The company said in December 2007 announcement that it would acquire 75 percent shares of Victory West Pty. Ltd., a company having right to exploration and exploitation of molybdenum in Indonesia. Victory West through its Indonesian subsidiaries had acquired five exploration-mining leases where previous exploration works had been carried out by Rio Tinto with expenditure of US$20.5 million.(denny)