Richfield Reports 1.83 Million oz Contained Gold in Preliminary Indicated Resource Estimate at Blackwater, Additional 2.34 Million oz Contained Gold in Inferred

QUESNEL, Canada, March 2, 2011 - Richfield Ventures Corp. (TSXV: RVC) ("Richfield" or the "Company") is
pleased to announce the first National Instrument 43-101 compliant resource
estimate for its Blackwater Gold Project, located 100 km south of Vanderhoof
in central British Columbia, Canada. Geosim Services Inc. of Vancouver,
Canada ("Geosim"), independent resource estimation consultant for Richfield,
has prepared and authorized the release of these estimates. At a base case
cut-off grade of 0.40 g/t Au, the estimated global Indicated resource is
53.46 million tonnes at an average grade of 1.06 g/t Au containing 1.83
million ounces gold, with an additional 75.45 million tonnes at an average
grade of 0.96 g/t Au containing 2.34 million ounces gold in the Inferred
category. The table below summarizes the Geosim resource estimates at
selected cut-off grades:

Blackwater Deposit - Indicated and Inferred Resource Estimates

    -------------------------------------------------------------------------
                     Indicated                         Inferred
    -------------------------------------------------------------------------
                          Grade     Contained             Grade     Contained
    Cut-off  Tonnes   --------------   Au M   Tonnes  --------------   Au M
    g/t Au    000's   Au g/t  Ag g/t    oz     000's  Au g/t  Ag g/t    oz
    -------------------------------------------------------------------------
      0.3    54,136    1.06    5.6     1.84   78,653   0.94    4.0     2.38
    -------------------------------------------------------------------------
      0.4    53,460    1.06    5.6     1.83   75,452   0.96    4.0     2.34
    -------------------------------------------------------------------------
      0.5    49,914    1.11    5.7     1.78   68,001   1.02    4.2     2.23
    -------------------------------------------------------------------------

The land tenures covering the Blackwater gold deposit are divided by a
property boundary. The Dave and Jarrit properties comprising the southern
portion of the Blackwater Gold Project, are owned 100% by Richfield. The
Davidson property covering the northern portion of the Blackwater Gold
Project is subject to a 75/25 joint venture between Richfield (75% and
operator) and Silver Quest Resources Ltd. (25%) (TSXV: SQI)("Silver Quest").

The resource estimates by property are summarized in the table below. The
recent more closely spaced drilling has been focused on the southern 100%
owned Dave and Jarrit properties and consequently a much higher portion of
resources are in the indicated category, as compared to the Davidson property
to the North.

Blackwater Deposit - Resource Estimates by Property at 0.4 g/t Au Cut-off
grade

    -------------------------------------------------------------------------
    Property         Indicated                         Inferred
              ---------------------------------------------------------------
                          Grade     Contained             Grade     Contained
              Tonnes  --------------   Au M   Tonnes  --------------   Au M
               000's  Au g/t  Ag g/t    oz     000's  Au g/t  Ag g/t    oz
    -------------------------------------------------------------------------
    Total
     Black-
     water    53,460   1.06    5.6     1.83   75,452   0.96    4.0     2.34
    -------------------------------------------------------------------------
    Dave and
     Jarrit
     (100%
     Rich-
     field)   53,128   1.07    5.6     1.82   29,183   1.04    5.5     0.98
    -------------------------------------------------------------------------
    Davidson
     (75%
     Richfield,
     25% Silver
     Quest       331   0.92    5.0     0.01   46,269   0.92    3.1     1.36
    -------------------------------------------------------------------------
    Total
     Rich-
     field    53,377   1.06    5.6     1.83   63,885   0.97    4.2     2.00
    -------------------------------------------------------------------------

Peter Bernier, President of Richfield, commented; "We are thrilled with
this initial resource estimate for our Blackwater Gold Project. We believe
this establishes Blackwater as one of the most important new gold discoveries
in Canada. As the gold mineralization remains essentially open in all
directions, we look forward in 2011 to continuing to explore the extent of
the mineralization laterally and to depth with aggressive drilling campaigns
on both the 100% owned southern portion of the property and with our joint
venture partner Silver Quest on the northern portion." Richfield has
commenced and plans to complete a 30,000 metre diamond drill program at
Blackwater in 2011.

Gold mineralization at Blackwater could be considered as a bulk tonnage
low sulphidation epithermal type of deposit. It is hosted within a series of
near surface altered, fractured and silicified volcaniclastic rocks and gold
appears to be associated with fine-grained disseminated and fracture-filling
pyrite and sphalerite.

The resource estimates have been made utilizing analytical and lithologic
data from 77 core holes (25,263 m) to develop a resource model. Only assays
received since 2005 were used for grade interpolation. Resource estimation
was constrained by 3-dimensional solid models developed from geological and
analytical data. Grade estimation was carried out by ordinary kriging using 5
metre downhole drill composites. Gold grades were capped at 15 g/t and Silver
grades at 50 g/t prior to compositing. The mineral resource was also
constrained by an optimized pit shell using a gold price of CAD$1,000 per
ounce. Block dimensions were 10 by 10 by 10 metres. The density values
assigned to the main lithologies were based on 5,748 bulk density
measurements of drill core.

A graphic of nested grade shells is available at
files.newswire.ca/710/Blackwater.doc and provides a reference for the
location and lateral extent of the resource estimate, and its relationship to
the property boundaries. The grade shell colour shades provide an approximate
distribution of the relative grades of the deposit.

Initial metallurgical test work has indicated an average of 92% gold
recovery using conventional whole ore direct cyanidation (see NR Nov 22,
2010). The Company has contracted a series of consultants to prepare a
preliminary economic assessment (PEA), planned for completion in Q4 of 2011.
This study will consider the potential for a large-scale open pit mine and
ore processing facility. With a current cash balance of CAD$17.2 million the
company is well funded to undertake the planned 2011 drilling and the PEA
study.

The resource estimate and other scientific and technical information
contained in this news release were prepared by or under the supervision of
Mr. Ronald Simpson, P. Geo, President of Geosim Services Inc., an independent
"qualified person" under National Instrument 43-101 Standards of Disclosure
for Mineral Projects ("NI 43-101"). The NI 43-101 technical report in respect
of the resource estimate disclosed herein will be filed on SEDAR within 45
days of the date of this news release.

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.

On behalf of the Board of Directors of Richfield Ventures Corp.

"Peter Bernier"

Peter Bernier, President

Cautionary Notes Concerning Estimates of Mineral Resources:

This news release uses the terms indicated and inferred resources as a
relative measure of the level of confidence in the resource estimate. Readers
are cautioned that the Blackwater mineral resources are not economic mineral
reserves and that the economic viability of resources that are not mineral
reserves has not been demonstrated. In addition, inferred resources are
considered too geologically speculative to have any economic considerations
applied to them. It cannot be assumed that all or any part of an inferred
mineral resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of inferred mineral resources may not form the basis of
feasibility or pre-feasibility studies or economic studies except for
Preliminary Assessment as defined under NI 43-101. Readers are cautioned not
to assume that that further work will lead to mineral reserves that can be
mined economically.

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.

For further information: Peter Bernier, President & CEO, Richfield
Ventures Corp., 101-242 Reid Street, Quesnel, BC, V2J 2M2, Toll Free:
+1-877-992-6644, pete(at)richfieldventures.ca,
www.richfieldventures.ca

For further information: Peter Bernier, President & CEO, Richfield Ventures Corp., 101-242 Reid Street, Quesnel, BC, V2J 2M2, Toll Free: +1-877-992-6644, pete(at)richfieldventures.ca