Richmont Mines Inc./ RIC (TOR, NYSE)

17 Targets Identified and $4 Million in Exploration Work Recommended

Last Update: 8:03 AM ET Oct 31, 2006

MONTREAL, QUEBEC AND PORT WILLIAMS, NOVA SCOTIA, Oct 31, 2006 (MARKET WIRE via COMTEX) -- Richmont Mines Inc. (CA:RIC) (RIC) ("Richmont Mines") and Mountain Lake Resources Inc. (CA:MOA) ("Mountain Lake") are pleased to report on the project compilation, target generation and exploration work proposal completed on the Valentine Lake Gold property by InnovExplo Inc. ("InnovExplo"), an independent mining and exploration consulting firm based in Val-d'Or, Quebec, Canada. The Valentine Lake property is located in central Newfoundland (Canada) approximately 55 km south of the town of Buchans.
The overall objective at Valentine Lake is to confirm and extend several gold mineralized zones: Valentine West; Leprechaun Pond; Osprey Pond; Victoria Bridge and Valentine East (Guano Pit). InnovExplo has concluded these main occurrences represent a significant gold potential and also illustrate targets for new discoveries at these locations. Geochemical sampling yielded anomalous gold values over the entire 27 kilometer structure. This area potential was demonstrated at Valentine East, situated at kilometer 12-13, where historical drilling has identified a 40 to 50 meter wide zone of mineralized trondhjemite. Historical assays include: 30.87 g/t gold over 1 meter and 5.55 g/t gold over 5 meters.

Last Update: 10:34 AM ET Nov 1, 2006

MONTREAL, QUEBEC, Nov 01, 2006 (MARKET WIRE via COMTEX) -- Richmont Mines Inc. (CA:RIC) (RIC) (the "Company") announces today that the TSX has accepted the Company's notice of intention to make a normal course issuer bid to purchase its outstanding common shares through the facilities of the TSX, for a period of twelve months expiring on November 2, 2007. Up to 1,200,000 common shares of Richmont Mines, representing approximately 5% of the 24,237,853 common shares of the Company issued and outstanding on October 31, 2006, may be purchased under the bid. The purchases may commence on November 3, 2006 and will extend to November 2, 2007.
In the opinion of management of the Company, this normal course issuer bid is justified by the fact that the common shares might be undervalued on the market from time to time with regard to Richmont Mines' financial position and future prospects and that the purchase thereof by the Company is an appropriate use of its funds.
All the shares acquired under the bid will be purchased through the facilities of the Toronto Stock Exchange in accordance with its requirements. All shares acquired will automatically be cancelled. The shares will be purchased at their market price at the time of acquisition.
To the knowledge of the Company, none of its directors, officers or other insiders intends to sell shares during the term of the issuer bid; however, should an insider decide to sell shares during the term, under no circumstances whatsoever will the benefits received by such insider differ from those received by any other shareholder.
Appointment
Richmont Mines is pleased to announce the appointment of Mr. Raynald Vezina as a Director of the Company and a member of the Audit and Remuneration Committees. Mr. Vezina obtained a Bachelor of Mining Engineering from Laval University in 1970. He has 30 years of experience in mining operations and project development in Canada. During those years, he worked in various management positions for Cambior, Falconbridge and Placer Dome. We are convinced that his experience will contribute to the expansion of the Company.
About Richmont Mines
Richmont Mines is actively pursuing the development of its mining assets while continuing to seek new gold projects. The Company has no long-term debt, no hedging contracts for gold and has working capital of approximately $24 million.
Martin Rivard
President and Chief Executive Officer

Last Update: 10:40 AM ET Nov 1, 2006

Nov 01, 2006 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
Richmont Mines Inc. (RIC) of Montreal plans to buy back up to 1.2 million common shares, or about 5% of the total outstanding.
The mining company said the buyback will start on Friday and end by Nov. 2, 2007.

Last Update: 9:36 AM ET Nov 7, 2006

ROUYN-NORANDA, QUEBEC, Nov 7, 2006 (CCNMatthews via COMTEX) -- Pershimco Resources Inc. (CA:PRO) is pleased to announce that Mr Jean-Yves Laliberte and Mr. Jean Lafleur will be joining the Company's Board of Directors.
Mr. Jean-Yves Laliberte, C.A., has been involved in every aspects of mining throughout his career, which has made him a leader in this sector. Involved with various mining companies, his ascension in the mine production sector, combined with a parallel academic career, permitted him to become Controller (1989-1994) and Vice-President, Finance (1994 to 2006) for gold producer, Richmont Mines Inc. M. Laliberte is also CFO for Scorpio Mining Corporation. All along in his career, M. Laliberte has been able to demonstrate at numerous occasion his capacities as a "mine builder".
Mr. Lafleur, M. Sc., P. Geo., has worked as a geologist, exploration manager and vice-president exploration for a number of companies in Canada and overseas over his 25 plus year career, most recently with Placer Dome, McWatters Mining, Crowflight Minerals and Beartooth Platinum. For the past three years, he has been a Mineral Exploration Consultant, not only leading multi-disciplinary teams in the search for gold, base metals, platinum-palladium, nickel and uranium, but also in the marketing junior companies and projects to the investment community. He is a Director of Eloro Resources Ltd and Champion Natural Health.Com. Inc. M. Lafleur is also Chairman of the Board for NioGold Mining Corp.
Pershimco President, Mr. Roger Bureau comments " We are delighted by the addition of a Mr. Lafleur and Mr. Laliberte so well versed in today's cutting edge exploration and mining technology, finance and marketing, who at the same time, carry more than 50 years in the industry. This is a significant addition to Pershimco growth prospects . (...)"
ON BEHALF OF THE BOARD OF DIRECTORS
Roger Bureau, President
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian based junior resource and exploration company trading under the symbol PRO on the TSX Venture Exchange. The Company holds 100% of several mining properties including the Courville Gold Project, near the Val-d'Or Gold Mining Camp, The Company also has an option to acquire 100% of a number of Canadian and Mexican properties including multiple properties in the State of Chihuahua. Mexico. Pershimco's wholly owned San Miguel Silver-Zinc Property, in the Cusi Mining District is under option to Dia Bras Exploration (CA:DIB) . Both partners are aggressively advancing the Property towards the pilot mining stage by the first quarter of 2007.
The Company's strategy is to advance its exploration properties towards metal reserves and eventual production, covering the exploration and development of the Courville Gold Project. Pershimco's management expects positive results from the pilot mining program at San Miguel.

MONTREAL, QUEBEC, Nov 20, 2006 (CCNMatthews via COMTEX) -- Richmont Mines Inc. (CA:RIC) (RIC) and Patricia Mining Corp. (CA:PAT) are pleased to announce the first gold pour at the Island Gold project. As part of its advanced underground exploration program, the CIP mill began operations last September in order to process a surface stockpile of approximately 30,000 tonnes of mineralized material from underground development and test mining.
The first planned gold pour was completed on November 15, 2006 and yielded one gold Dore bar of an approximate gross weight of 530 ounces. The bar has been shipped to the Royal Canadian Mint for refining and final determination of gold content. Assisting at Island Gold's first gold pour, Mr. Chadder stated "I am very pleased with the culmination of efforts by the Patricia team and the development to date by Richmont which has lead to this first Gold Pour."
The processing of the mineralized material from the underground development and test mining is on-going and a second gold pour is planned for this week. Upon completion of the current program, technical parameters and metallurgical results will be used for the reserve calculation with the objective of advancing the Island Gold project towards commercial production.

Martin Rivard Chris Chadder
President and President and
Chief Executive Officer Chief Executive Officer
Richmont Mines Inc. Patricia Mining Corp.

MONTREAL, QUEBEC, Dec 06, 2006 (MARKET WIRE via COMTEX) -- Richmont Mines Inc. (CA:RIC: news, chart, profile) (RIC) and Patricia Mining Corp. (CA:PAT) are pleased to confirm that a compliant R 43-101 technical report, prepared by the independent consultant GENIVAR, has been filed on SEDAR on November 30, 2006 in conformity with Richmont Mines' undertaking towards l'Autorite des Marche Financiers (AMF) taken in May 2006.
The overall resources in the Island Zone were confirmed by recent exploration work and the quality of the resources was upgraded. Definition drilling and underground openings as of June 30, 2006 increased the measured and indicated resources by more than 60% to 189,430 ounces compared with those calculated as at December 31, 2005. Furthermore, GENIVAR concluded that the Island zone remains open at depth and along strike in certain areas. In addition, based on a preliminary review of drill holes in the Lochalsh and Goudreau zones, they also determined that these two zones offer excellent exploration potential to add to the known mineral resources.
This Mineral Resource estimate is only an estimate of the Island Zone and does not include any evaluation on the Goudreau, Lochalsh, North or Shore zones which are also contained within this project. The Mineral Resource estimate for these zones will be revised once data becomes available.

The exploration program is ongoing as is the milling of the mineralized material from the underground development. Upon completion of this work, the results of an additional 16,000 metres of diamond drilling will be included to all technical data in order to allow GENIVAR to prepare the reserve calculation for the first quarter of 2007, with the objective of advancing the Island Gold project towards commercial production.
Richmont Mines and Patricia are also pleased to report that the second gold pour has now been completed. A gold Dore bar weighing approximately 500 ounces has been shipped to the Royal Canadian Mint for refining and final determination of gold content. A third gold pour is scheduled for this week.
Martin Rivard, President and Chief Executive Officer, Richmont Mines Inc.
Chris Chadder, President and Chief Executive Officer, Patricia Mining Corp.

Mining MarketWatch Review Provides Overview Behind Abcout Mines Ltd. 750 Million lb Zinc and 20 Million Oz Silver and 220K Oz Gold Mine Projects

SEATTLE, Jan 30, 2007 (BUSINESS WIRE) -- Mining MarketWatch Journal has published a review that breaks down the metrics behind the Abcourt Mines Inc. (CA:ABI: news, chart, profile) , offering insight and opportunity on the reopening of their 100% owned Abcourt-Barvue Zinc-Silver mine and expansion of the resource base on their Elder gold mine. A copy of the informative piece may be viewed free of charge at http://www.miningmarketwatch.net/abi.htm.
Editor's notes from the review: "750 Million lbs Zinc, 21 Million Oz Silver, 220k Oz Gold. 43-101 measured and indicated resources on most numbers. Only 43 Million shares out and trading a mere 0.68 cents; extrapolate those numbers and ABI.V is deserved of attention, we get a share value over $40.00 per share of in ground value. This company will become a major cash cow! Currently producing or developing miners in this mineral rich area include the likes of Agnico Eagle Mines Ltd. (AEM:Agnico-Eagle Mines Limited) , IAMGold Corp (IAG:iamgold corp com) , Richmont Mines Inc. (CA:RIC) (RIC:richmont mines inc com) , Breakwater Resources Ltd. (CA:BWR: news, chart, profile) and Xstrata Plc (LONDON:XTA). It wouldn't surprise us to see a buy-out offer from any of the aforementioned miners. A feasibility study is imminent and is likely to improve on what we already know. Abcourt Mines Inc. is currently at disproportionate multiples as inherit resource and infrastructure value per share is well in excess of the current trading price."

- Results for the Island Zone show good continuity and several high grade zones - Reserve and resource calculation for the Island Zone is expected at the end of the first quarter of 2007 - Results for the Goudreau and Lochalsh zones show excellent exploration potential

MONTREAL, CANADA, Mar 5, 2007 (CCNMatthews via COMTEX) -- Richmont Mines Inc. (CA:RIC) (RIC: richmont mines inc com) announces an update on the exploration results at the Island Gold property. The Island Gold Joint Venture (Richmont Mines 55% - Patricia Mining 45%) is an advanced underground exploration and development project located 15 km from Dubreuilville (90 km from Wawa) in Northern Ontario.

THOM CALANDRA'S STOCKWATCH
Rich mining stocks to get richer
Signs point to 'crisis' shift to precious metals

SAN FRANCISCO (CBS.MW) -- Here's the question of the year: When the investing public, already headed for the exits, runs screaming from the U.S. stock market, how will gold mining stocks, and gold, benefit?

...

Tiny Richmont Mines (RIC: richmont mines inc com) has the easiest road to travel, by these computations. With three-year median sales growth down 6 percent and a three-year median profit margin of 28 percent, Richmont need only boost sales by 14.8 percent to satisfy this pricing model.

MONTREAL, QUEBEC, Mar 16, 2007 (MARKET WIRE via COMTEX) -- Richmont Mines Inc. (CA:RIC: news, chart, profile) (RIC: richmont mines inc com) announced today the restatement of its United States generally accepted accounting principles ("US GAAP") reconciliation note with respect to the presentation of exploration and development costs incurred on its East Amphi and Island Gold projects for the years ended December 31, 2005 and 2004.
This restatement only pertains to the Company's US GAAP reconciliation note and has no impact on Richmont's previously reported financial results in accordance with Canadian generally accepted accounting principles ("Canadian GAAP"). This US GAAP restatement does not impact the Company's operations, cash flow or available cash and cash equivalents.
The Company reports in accordance with Canadian GAAP and provides note disclosure in its annual financial statements with respect to a reconciliation of net loss, and shareholders' equity of Canadian GAAP to US GAAP. Under Canadian GAAP, development costs incurred on properties for which mineral resources have the potential of being economically recovered are capitalized. Under US GAAP, as interpreted by United States Securities and Exchange Commission guidelines, all costs incurred before a commercially mineable deposit has been established, which generally requires the preparation of a bankable feasibility study, should be expensed as incurred and such property should be classified as exploration property.
In concert with its auditors and after having obtained approval from its board of directors, the results for the 2005 and 2004 financial years under US GAAP have been restated to properly account for costs relating to the East Amphi and Island Gold properties. The East Amphi and Island Gold projects that were improperly considered as being at the development stage prior to 2006, for US GAAP purposes, have been reclassified as exploration stage properties and the related capitalized costs have been charged to earnings. Accordingly, for the 2005 financial year, the Company increased its net loss under US GAAP from previously disclosed results by $3,585,656 from a loss of $27,456,697 to $31,042,353 representing a difference of $0.20 per share, and for the 2004 financial year, the Company realized a net loss of $5,571,748 rather than the previously disclosed net earnings of $613,439 representing a difference of $6,185,187 or $0.39 per share. The shareholders' equity decreased as at December 31, 2005 by $9,823,840 and December 31, 2004 by $6,238,184.
The Company will present a restatement of its US GAAP reconciliation note with respect to the years ended December 31, 2005 and 2004 as part of its 2006 annual financial statements reported in accordance with Canadian GAAP.
Because of this restatement, the US GAAP reconciliation note in the Company's previously filed annual financial statements with respect to the years ended December 31, 2004 and 2005 should not be relied upon.
As part of its Sarbanes-Oxley certification requirement for 2006, the Company's management identified that the process related to the preparation of financial information under US GAAP for years prior to 2006 required improvement. Accordingly, the Company has improved its process to ensure that significant elements of US GAAP are taken into consideration in the preparation of the related information. The Company's process now includes the preparation, review and update of a US GAAP checklist and consultation with industry experts.
Martin Rivard
President and Chief Executive Officer

Last Update: 9:25 AM ET May 10, 2007

May 10, 2007 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
Richmont Mines Inc. (RIC) had a 28% increase in first-quarter revenue to C$10.3 million from C$8.1 million a year earlier, as results were driven by an increase in precious-metal revenue and a gain on the sale of assets.
In the first quarter, 12,403 ounces of gold produced at a cash cost of US$493 were sold at an average price of US$659. In the same quarter the prior year, 12,108 ounces of gold produced at a cash cost of US$573 were sold at an average price of US$570.
The Montreal gold-exploration, development and mining company earned C$326,003 or 1 Canadian cent a share in the latest quarter, versus C$680,447 or 3 Canadian cents a year earlier.

Last Update: 8:12 AM ET May 11, 2007

May 11, 2007 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
Richmont Mines Inc. (RIC) has signed a binding letter of intent with Osisko Exploration Ltd. (OSK.V) giving Osisko the exclusive right to acquire a 100% interest in the East Amphi property, consisting of 87 claims and one mining concession.
The Montreal mining company said the property is immediately north and west of Osisko's Canadian Malartic property.
It said it will receive C$2.45 million plus Osisko shares valued at C$5 million. As well, it will retain a 2% net smelter return on the property.

Last Update: 8:57 AM ET May 10, 2007

MONTREAL, CANADA, May 10, 2007 (MARKET WIRE via COMTEX) -- Richmont Mines Inc. (CA:RIC: news, chart, profile) (RIC: richmont mines inc com)
- Net earnings of $326,003 or $0.01 per share
- Average cash cost per ounce declined 14%
- Cash flow from operations of $4.0 million
- As of January 31, 2007, Island Gold measured and indicated resources were 477,461 ounces of gold and inferred resources were 195,550 ounces of gold
Richmont Mines Inc. (CA:RIC: news, chart, profile) (RIC: richmont mines inc com) , a gold exploration, development and mining company with properties in Northeast Canada, announced today its financial results for the first quarter of 2007, which ended March 31, 2007. Financial results are based on Canadian GAAP and dollars are reported in Canadian currency, unless otherwise noted.
Revenue for the first quarter of 2007 was $10.3 million, up 28% compared with $8.1 million in the first quarter of the prior year driven by an increase in precious metal revenue and higher revenue from gain on the sale of assets and other revenue. In the first quarter of 2007, 12,403 ounces of gold produced at a cash cost of US$493 were sold at an average price of US$659. In the same quarter the prior year, 12,108 ounces of gold produced at a cash cost of US$573 were sold at an average price of US$570.
Net earnings in the first quarter of 2007 were $326,003, or $0.01 per share, compared with net earnings of $680,447, or $0.03 per share, the prior year. Cash flow from operations was $4.0 million for the first quarter of 2007, compared with $950,067 in the prior year.
Of the ounces sold during the first quarter, 6,211 ounces of gold came from the Beaufor Mine compared with 8,362 ounces in the first quarter of 2006. Several steps were taken to improve operating results at the Beaufor Mine during the previous quarters and operations are now being conducted in well-known mining sectors near the Beaufor Fault where encouraging results were obtained. The additional 6,192 ounces of gold sold in the first quarter were from the East Amphi Mine compared with 3,746 in the first quarter of 2006. Production began at the East Amphi Mine in February 2006.
Mr. Martin Rivard, President and CEO of Richmont Mines, commented, "We implemented a number of initiatives in the previous quarters to improve operating results at the Beaufor Mine, and progress was made in the first quarter. We believe this property has excellent potential and we will continue to invest in further exploration. At Island Gold, our main priority will be making a commercial production decision. On April 30, 2007, we received notice of the acceptance of a certified Closure Plan that allows mine production to begin, and GENIVAR, an independent consultant, is finalizing a NI 43-101 technical reserve report which will be filed shortly. We will then have all elements in hands to make our production decision regarding this property."
Gain on the sale of assets and other revenue for the first quarter were $431,603 and $333,023, respectively, compared with $113,426 and $148,054 in the first quarter of 2006, respectively.
Total operating costs, including royalties, for the first quarter of 2007 were $7.2 million compared with $7.9 million in the same period the prior year. Initiatives to reduce costs at the Beaufor Mine resulted in lower operating costs for the period. Cash cost also went down at the East Amphi Mine year-over-year due to lower expenses related to underground development and stope preparation.
Total expenses for the first quarter of 2007 remained stable at $9.9 million compared with total expenses incurred in the first quarter the prior year. Administrative expenses decreased to $802,602 in this year's first quarter compared with $873,113 during the same period last year. First quarter 2007 expenses for the exploration and evaluation of projects decreased to $300,983 from $455,531 in the same period the previous year while depreciation and depletion increased to $1.6 million from $678,257, reflecting a higher depreciation and amortization rate per ounce calculated on proven and probable reserves at the end of 2006. Mining and income taxes were $185,937 in the first quarter of 2007 compared with a revenue recognition of $2.4 million recorded in the first quarter of 2006 related to the issuance of flow-through shares for the amount of $7.5 million in December 2005.

...

Outlook
Mr. Rivard concluded, "Our strategy is to maximize our assets and identify advanced projects that we can participate in as well as to further improve the efficiency of our operations. Our five year goal is to become a strong, profitable intermediate-sized gold producer by adding three to four mines each producing at least 60,000 ounces of gold per year. We believe there are many opportunities that we can exploit because of our expertise. We are actively looking to uncover these opportunities through a number of avenues and hope to advance towards our goal this year."
Martin Rivard
President and Chief Executive Officer
About Richmont Mines Inc.
Richmont Mines is a gold exploration, development and mining company. Since it started production in 1991, the Company has produced over 900 thousand ounces of gold from its holdings in Quebec and Newfoundland. Richmont Mines' strategy is to cost effectively develop its mining assets, exploit mineralized reserves on properties owned and acquired, or develop partnerships to expand its reserve base.
More information on Richmont Mines can be found on its website at: http://www.richmont-mines.com.
National Instrument (NI) 43-101

Last Update: 8:01 AM ET May 11, 2007

MONTREAL, QUEBEC, May 11, 2007 (MARKET WIRE via COMTEX) -- Richmont Mines Inc. (CA:RIC: news, chart, profile) (RIC: richmont mines inc com) is pleased to announce that it has signed today a binding letter of intent with Osisko Exploration Ltd. (OSK:TSX-V, EWX:Deutsche Boerse) giving Osisko the exclusive right to acquire a 100% interest in the East Amphi property, which property consists of 87 claims and one mining concession. The property is located immediately north and west of Osisko's Canadian Malartic property and covers a surface area of approximately 3187 hectares. It includes the underground East Amphi Mine, which is scheduled to close at the beginning of June 2007.
Richmont Mines will sell its 100% interest in the East Amphi property, including surface buildings, in consideration for 1) a cash payment of $2,450,000; 2) such number of common shares of Osisko equivalent to a cash value of $5,000,000, based on the average closing price of the shares for the five trading days prior to the closing date and 3) 100,000 additional common shares of Osisko. Richmont Mines will retain a royalty of 2% of net smelter return (NSR) on a certain portion of the East Amphi property and a 2% NSR royalty on future production of up to 300,000 ounces of gold from another portion of the property.
An amount of $2,000,000 will be held under escrow until Richmont Mines completes the full closure of the East Amphi Mine. Richmont Mines expects full mine closure to be complete by the end of June 2007.
The closing of the transaction is expected to occur on or about June 15, 2007 and is subject to the satisfaction or waiver of certain customary conditions and receipt of all regulatory approvals.
Martin Rivard
President and Chief Executive Officer
About Richmont Mines Inc.
Richmont Mines is a gold exploration, development and mining company. Since it started production in 1991, the Company has produced over 900 thousand ounces of gold from its holdings in Quebec and Newfoundland. Richmont Mines' strategy is to cost effectively develop its mining assets, exploit mineralized reserves on properties owned and acquired, or develop partnerships to expand its reserve base.
More information on Richmont Mines can be found on its website at: http://www.richmont-mines.com.

Last Update: 8:01 AM ET May 11, 2007

MONTREAL, QUEBEC, May 11, 2007 (MARKET WIRE via COMTEX) -- Osisko Exploration Ltd. (CA:OSK: news, chart, profile) (FRANKFURT: EWX) is pleased to announce that it has signed a binding letter of intent (LOI) with Richmont Mines Inc. (RIC:AMEX and TSX) giving Osisko the exclusive right to acquire a 100% interest in the East Amphi property, consisting of 87 claims and one mining concession. The property is located immediately north and west of the Canadian Malartic property and covers a surface area of 3187 hectares. It includes the East Amphi Mine, operated by Richmont Mines and scheduled to close at the beginning of June 2007.
Osisko will purchase a 100% interest in the East Amphi property, including surface buildings, in consideration for 1) a cash payment of $2,450,000; 2) issuing such number of common shares of Osisko equivalent to a cash value of $5,000,000, based on the average closing price of the shares for the five trading days prior to the closing date and 3) issuing an additional 100,000 common shares of Osisko. Richmont will retain a 2% NSR interest on a portion of the property and on future production of up to 300,000 ounces gold from another portion of the property. Other portions of the property are subject to NSR interests to third parties varying between 2% and 3%.
The closing date for the transaction is slated for June 15, 2007. An amount of $2,000,000 will be held under escrow until full mine closure is completed by Richmont. This transaction is subject to approval by regulatory authorities, and all securities issued under this transaction will be subject to a four month hold period.
Osisko's 100%-owned Canadian Malartic gold deposit and adjacent areas are being evaluated for a large-scale open pit, bulk-tonnage mining operation. A preliminary NI 43-101 compliant, inferred gold resource estimate on the main deposit was released on December 6, 2006 and the full report has now been filed on SEDAR. Ongoing drilling will lead to an upgraded inferred resource calculation, which is slated to be released at the end of the second quarter of 2007.

Richmont Mines Inc. and Patricia Mining Corp. Announce the Reserve Calculation for the Island Gold Project
- Proven and Probable Reserves of 278,711 ounces

MONTREAL, QUEBEC, May 18, 2007 (MARKET WIRE via COMTEX) -- Richmont Mines Inc. (CA:RIC) (RIC: richmont mines inc com) and Patricia Mining Corp. (CA:PAT) are pleased to announce results of the reserve calculation for the Island Gold Project from the independent consultant GENIVAR. The Proven and Probable Reserves are estimated at 1,013,854 tonnes of ore at an average diluted grade of 8.55 g/t for a total of 278,711 ounces of gold, representing more than four years of production. In addition to the reserves, a total of 454,705 tonnes at an average grade of 10.26 g/t for 149,972 ounces of gold were classified as Measured and Indicated Resources while Inferred Resources are estimated at 610,728 tonnes grading 9.96 g/t for 195,549 ounces. Furthermore, GENIVAR concluded that the main zones remain open at depth and along strike in certain areas. The complete 43-101 technical report will be filed on SEDAR next week.

About Richmont Mines Inc.
Richmont Mines is a gold exploration, development and mining company. Since it started production in 1991, the Company has produced over 900 thousand ounces of gold from its holdings in Quebec and Newfoundland. Richmont Mines' strategy is to cost effectively develop its mining assets, exploit mineralized reserves on properties owned and acquired, or develop partnerships to expand its reserve base.

Richmont Mines and Mountain Lake Resources Commence Next Phase of Exploration for Valentine Lake Gold Project
Work to include helicopter borne surveys and drilling

MONTREAL, QUEBEC AND PORT WILLIAMS, NOVA SCOTIA, Jun 12, 2007 (MARKET WIRE via COMTEX) -- Richmont Mines Inc. (CA:RIC) (RIC: richmont mines inc com) ("Richmont Mines") and Mountain Lake Resources Inc. (CA:MOA: news, chart, profile) ("Mountain Lake") have commenced the next phase of exploration work on the Valentine Lake Gold property, located in Central Newfoundland. As outlined in the National Instrument 43-101 compliant technical report (Jan. 2005), the Valentine Lake property has inferred mineral resources of 1.3 million tonnes grading 10.50 grams per tonne (g/t) gold. Cutting assays to 58 g/t gold, the average grade is 8.51 g/t gold, for a total estimated mineral resource of 359,000 ounces of gold in the Leprechaun Pond area.
The overall objective at Valentine Lake is to confirm and extend the gold mineralized zones of Leprechaun Pond, Valentine West, Osprey Pond, Victoria Bridge and Valentine East (Guano Pit), based on recommendations made in the Fall of 2006 by of InnovExplo Inc. ("InnovExplo"), an independent mining and exploration consulting firm based in Val-d'Or, Quebec, Canada. InnovExplo has concluded these main occurrences represent a significant gold potential and also illustrate targets for new discoveries at these locations. Soil geochemical sampling yielded anomalous gold values over the entire 22 kilometer structure. The potential of the area was shown at Valentine East, situated at kilometer 12-13, where historical drilling has identified a 40 to 50 meter wide zone of mineralized trondhjemite. Historical assays include: 30.87 g/t gold over 1 meter and 5.55 g/t gold over 5 meters.
"There has been very little work done to develop the regional potential of the Valentine Lake claim block as indicated by the kilometers of highly anomalous gold values from soil surveys taken by BP-Selco in the late 1980's. This next phase of work will be a significant first step in evaluating the gold potential of the rest of the property," stated Gary Woods, President and CEO of Mountain Lake.
Martin Rivard, President and CEO of Richmont Mines, commented "Since late last year, we have been diligently working on the exploration plan for the Valentine Lake property and are very anxious to finally begin this project. We believe there is excellent potential for significant gold discoveries outside of the immediate area of the Leprechaun Pond resource and intend to invest approximately $1.0 million in 2007 to acquire our 70% interest in the property."
The 2007 exploration program will include the following:
1) Helicopter High Definition Magnetic + Spectrometry + VLF borne surveys over a total of 1,800 km with 100 meter flight line spacing to cover all of the property. This work was started on June 1, 2007 and is carried out by Geophysics GPR International Inc.
2) Geologists and technicians from both Richmont Mines and InnovExplo will undertake ground follow up of the targets identified by InnovExplo and the airborne surveys (field work/prospecting/mapping/whole rock sampling and logistics).
3) A drilling program of 3,850 meters is planned on best targets outside of the Leprechaun Pond Zone, at the beginning of August 2007.
The Valentine Lake property is located in central Newfoundland, Canada, approximately 55 km south of the town of Buchans. Richmont Mines has an option to acquire a 70% interest in the Valentine Lake property from Mountain Lake by carrying out $2.5 million in exploration work by October 31, 2007. As of April 30, 2007, Richmont Mines has invested approximately $1.57 million on the project and intends to complete the option. Mountain Lake is currently acquiring its remaining 50% interest from Xstrata and should complete all of their option exercise requirements with Xstrata including the issuance of 1.0 million Mountain Lake shares by October 31, 2007.
About Richmont Mines Inc.
Richmont Mines is a gold exploration, development and mining company. Since it started production in 1991, the Company has produced close to one million ounces of gold from its holdings in Quebec and Newfoundland. Richmont Mines' strategy is to cost effectively develop its mining assets, exploit mineralized reserves on properties owned and acquired, or develop partnerships to expand its reserve base.
More information on Richmont Mines can be found on its website at: http://www.richmont-mines.com.
About Mountain Lake Resources Inc.
Mountain Lake Resources Inc. (CA:MOA: news, chart, profile) is a diversified junior mining and exploration company whose corporate strategy is to build shareholder value through the exploration and development of economically viable mineral properties. Current projects include: a 100% interest in the Bobby's Pond Base Metal Project; the Valentine Lake Gold Project, in which Richmont Mines Inc. is earning a 70% interest; and a 17.2% stake in Etruscan Diamonds (Pty) Limited of South Africa, a producing diamond miner. For more information visit: http://www.mountain-lake.com.
This news release was prepared by the companies' management teams, which assume full responsibility for its content.

Martin Rivard Gary Woods
President and CEO President and CEO
Richmont Mines Inc. Mountain Lake Resources Inc.

MONTREAL, CANADA, Jun 29, 2007 (MARKET WIRE via COMTEX) -- Richmont Mines Inc. (CA:RIC) (RIC: richmont mines inc com) is pleased to announce that it completed today the previously-announced sale of its East Amphi property and related surface equipment to Osisko Exploration Ltd. (CA:OSK: news, chart, profile) (Deutsche Boerse:EWX).
In consideration for the sale of the East Amphi Property, Richmont Mines received (i) a cash payment of approximately $2,450,000, (ii) 909,000 common shares of Osisko (being that number of common shares of Osisko equivalent to a cash value of $5,000,000, based on the average closing price of the common shares of Osisko for the five trading days prior to the closing date) and (iii) 200,000 additional common shares of Osisko. Richmont Mines will retain a royalty of 2% of net smelter return on a certain portion of the East Amphi property and an equivalent royalty on future production of up to 300,000 ounces of gold on another portion of the property.
An amount of $2,000,000 will be held under escrow until full closure of the mining concession located on the East Amphi property is completed by Richmont Mines. Richmont Mines expects full mine closure to be complete by the end of July 2007. Blackmont Capital acted as financial advisor for Richmont Mines in this transaction.
Martin Rivard
President and Chief Executive Officer.
About Richmont Mines Inc.
Richmont Mines is a gold exploration, development and mining company. Since it started production in 1991, the Company has produced approximately one million ounces of gold from its holdings in Quebec, Ontario and Newfoundland. Richmont Mines' strategy is to cost effectively develop its mining assets, exploit mineralized reserves on properties owned and acquired, or develop partnerships to expand its reserve base.
More information on Richmont Mines can be found on its website at: http://www.richmont-mines.com.

MONTREAL, QUEBEC, Jun 29, 2007 (MARKET WIRE via COMTEX) -- Osisko Exploration Ltee (CA:OSK) (FRANKFURT: EWX) is pleased to report that it has concluded the previously announced acquisition of the East Amphi property and related surface equipment from Richmont Mines Inc.
In consideration for the sale of the East Amphi property, Richmont Mines received (i) a cash payment of a $2.45 million, (ii) 909,000 common shares of Osisko (being that number of common shares of Osisko equivalent to a cash value of $5 million, based on the average closing price of the common shares of Osisko for the five trading days prior to the closing date) and (iii) 200,000 additional common shares of Osisko. Richmont Mines will retain a 2 percent net smelter return royalty on a certain portion of the East Amphi property and an equivalent royalty on future production of up to 300,000 ounces of gold on another portion of the property.
Osisko will immediately proceed with the acquisition and compilation of Richmont's East Amphi data base with the objective of defining drill targets for potential bulk tonnage gold mineralization.
Osisko's 100%-owned Canadian Malartic gold deposit and adjacent areas are being evaluated for a large-scale open pit, bulk-tonnage mining operation. A preliminary NI 43-101 compliant, inferred gold resource estimate on the main deposit was released on December 6, 2006 and the full report is available on SEDAR. Ongoing drilling is leading to an upgraded inferred resource calculation, which is slated to be released in early July 2007.

ast Update: 9:25 AM ET May 10, 2007

May 10, 2007 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
Richmont Mines Inc. (RIC) had a 28% increase in first-quarter revenue to C$10.3 million from C$8.1 million a year earlier, as results were driven by an increase in precious-metal revenue and a gain on the sale of assets.
In the first quarter, 12,403 ounces of gold produced at a cash cost of US$493 were sold at an average price of US$659. In the same quarter the prior year, 12,108 ounces of gold produced at a cash cost of US$573 were sold at an average price of US$570.
The Montreal gold-exploration, development and mining company earned C$326,003 or 1 Canadian cent a share in the latest quarter, versus C$680,447 or 3 Canadian cents a year earlier.