August 2, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Richfield Ventures Corp. (TSX Venture: RVC) said that it has given notice to Silver Quest Resources Ltd. of exercise of its two-stage option to acquire a seventy five percent interest in the Davidson Property, the northern portion of Richfield’s Blackwater Gold Project.

With the exercise, Richfield and Silver Quest Resources Ltd. will hold 75% and 25% interests, respectively, in the Davidson Property joint venture, subject to a third party 2% NSR (which may be purchased for $2 million).

In connection with the delivery of notices of exercise to Silver Quest of the initial 60% option and the additional 15% option (cumulative 75% interest) on the Davidson Property, Richfield issued 100,000 common shares on July 13, 2010, and 200,000 common shares on July 27, 2010.

In addition, Richfield said it has given notice to Silver Quest that it has incurred the minimum expenditure requirement of $1.5 millionand has made cash payments to Silver Quest totaling $240,000.

The Richfield common shares issued in connection with the exercise are subject to a four month hold period.

Canada-based Richfield Ventures is a mineral exploration company that has been actively acquiring and exploring mineral tenures in the Nechako Plateau region of British Columbia.

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