RICHFIELD CLOSES $7.5 MILLION PRIVATE PLACEMENT

Dec 15, 2009 (TheNewswire.ca via COMTEX News Network) --

(via Thenewswire.ca)

December 15, 2009 -- Quesnel, British Columbia: Richfield Ventures Corp. ("Richfield" or the "Company") is pleased to announce that is has completed a private placement for gross proceeds of $7.5 million, of which approximately $5.46 million was placed primarily with institutional investors by Richfield's agent, Loewen, Ondaatje, McCutcheon Limited (the "Agent") and approximately $2.04 million was placed on a non-brokered basis.

The Company intends to spend the net proceeds primarily for its Blackwater project and regional exploration in the Nechako Plateau. Peter Bernier, President and CEO of Richfield, commented: "Richfield expects to be the most active explorer in the Nechako Plateau in 2010. Our exploration program will include more than 10,000 metres of drilling on the Blackwater project and we expect to generate a NI 43-101-compliant resource estimate."

Pursuant to the private placement, the Company issued a total of 5,057,305 common share units ("CS Units") at a price of $1.00 per CS Unit and 2,035,580 "flow-through" common share units ("FT Units") at a price of $1.20 per FT Unit to investors, 399,255 compensation options ("Compensation Options") to the Agent, and 47,813 common share purchase warrants ("Finder Warrants") to finders.

Each CS Unit consists of one common share and one share purchase warrant (a "Warrant") of the Company and each FT Unit consists of one common share issued on a flow-through basis and one-half of a Warrant. Each Warrant entitles the holder to purchase one common share at a price of $1.50 per share until December 14, 2011, subject to abridgement on the occurrence of a trigger event. Each Compensation Option entitles the Agent to acquire one CS Unit (having the same terms as those sold to investors) at a price of $1.00 per Unit until December 14, 2011, subject to abridgement on the occurrence of a trigger event. Each Finder Warrant entitles the holder to purchase one common share at a price of $1.50 per share until December 14, 2011.

A trigger event shall occur if on any day during the exercise period of the warrants the twenty-day volume weighted average trading price of the Company's common shares on the TSX Venture Exchange exceeds $2.00 per share. The occurrence of a trigger event entitles the Company, on written notice to the holders, to abridge the exercise period to an expiry date which is 30 days following notice.

A cash commission of $402,604 was paid to the Agent and a cash fee of $82,225 is payable to finders. All securities issued under the private placement are subject to a four month hold period.

Richfield Ventures Corp. is a public mineral exploration company trading on the TSX Venture Exchange under the symbol RVC. Richfield has been actively acquiring and exploring mineral tenures in the Quesnel Trough and Nechako Plateau regions of British Columbia.

FOR FURTHER INFORMATION PLEASE CONTACT:

Peter Bernier, President & CEORichfield Ventures Corp.Tel: (877) 992.6644Email: pete@RichfieldVentures.ca Susanne Bonn, CFORichfield Ventures Corp.Tel: (877) 992.6644Email: susanne@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, 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.

Copyright (c) 2009 Thenewswire.ca - All rights reserved.