The company earlier this year entered discussions with one party relating to the potential sale, while also pursuing its strategy of securing investment to potentially restart production.
Richland has been able to extend its convertible loan note facilities several times to allow sale discussions to continue.
The company said in early June that it was talking to the provider of the facility about increasing the quantum of the facility to provide additional working capital.
Richland had been preparing the ground at Capricorn pending sufficient funding being secured to recommence mining operations.
Test drilling to facilitate a more focused open pit operation and ultimately higher yield production was also planned.
Anthony Brooke, Richland’s chief executive, said the firm’s sightholder buyers and clients in Thailand were “keen for mining to restart” as inventories were running low and socially responsible sapphire sources were limited globally.
Upon production recommencing, potential forward sales of blue rough production were “very positive”, Brooke said, with non-traditional sapphire cuts reportedly being “highly sought after” in the retail segment.
The miner's last results showed an interim pre-tax loss of US$778,000 as revenues dropped to US$50,000 from US$1mln.
At 0.09p, Richland is valued at £0.5mln.