Fort Chimo Minerals Inc. Announces Exercise of Option by Richmond Minerals Inc.

105 Airdrie Road Toronto, Ontario M4G 1M4

NEWS RELEASE

February 23, 2010 For Immediate Release Toronto, Canada

FORT CHIMO MINERALS INC. ANNOUNCES EXERCISE OF OPTION BY RICHMOND MINERALS INC.

February 23, 2010 – Fort Chimo Minerals (the “Company”)(FCM: CNSX) announces that pursuant to an option agreement (“Option Agreement”) between the Company and Richmond Minerals Inc. (“Richmond”), as amended, Richmond Minerals Inc. has acquired a 50% undivided right, title and interest to Grenville project (the “Properties”) located in central and southwestern Quebec. Pursuant to the Option Agreement, a joint venture between the Company and Richmond was formed as a result of the completion by Richmond of a $2,000,000 expenditure requirement on the Properties. In addition, the Company will issue 200,000 of its common shares to Richmond in connection with excess expenditures incurred on the Properties, subject to regulatory approval.

The Canadian National Stock Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

For further information contact:

James M. Brady Fort Chimo Minerals Inc., President Telephone: (416) 361-2832 Facsimile: (416) 423-9325