Exploration Drilling Confirms Mineralization at Beaufor Mine Below Current Infrastructure: Financial News

Exploration Drilling Confirms Mineralization at Beaufor Mine Below Current Infrastructure
Wednesday October 1, 2008 8:30 am ET

MONTREAL, QUEBEC, CANADA--(MARKET WIRE)--Oct 1, 2008 -- Richmont Mines Inc. (Toronto:RIC.TO - News)(RIC - News) and Louvem Mines Inc. (CDNX:LOV.V - News), today reported results from the 2008 exploration drilling program at their Beaufor Mine. Mining operations are currently conducted mainly in the C, CH and F Zones at a maximum depth of 630 metres. Exploration drilling has been focused on identifying opportunities to extend the mine below current infrastructure. Approximately 20 exploration holes have been drilled through the first half of 2008 for a total of 9,871 metres. The drilling has been mostly in the northwest portion of the Beaufor property.

As is expected in an exploration drilling program, grades are running in a wide range, but are demonstrating strong mineralization and excellent potential. The table in Appendix I presents results for the 16 drill holes where intercepts grading more than 2 g/t where encountered. The intercepts are presented with the core length. Highlights from this phase of drilling are presented in the table below:

 

-----------------------------------------------
Zone     Hole #  Core Length         Grade (g/t)
                          (m)   (cut at 100 g/t)
-----------------------------------------------
Q       106-105          1.0              45.48
M       106-106          0.8              17.05
M        128-36          1.0             100.00
M2       142-52          1.6              29.94
CH       157-13          0.8              38.83
S        157-13          2.5              49.10
CH       157-16          0.5             100.00
-----------------------------------------------

Similar to the producing C Zone, Q Zone and associates (R, S, T) are included in a massive diorite dyke averaging 3 to 5 meters in thickness and reaching 10 metres in specific locations. Actual lateral and vertical known extensions are also of comparable size, and most importantly, all the zones remain open laterally and at depth.

For the second half of 2008, an estimated 25 additional holes totalling 14,600 metres are planned. The objective is to increase the overall inferred resources to a depth of 610 metres below the lower level of the mine, where inferred resources stood at 133,692 tonnes at a grade of 7.03 g/t at the end of 2007.

Beaufor has been in production since 1996 and has produced 474,391 ounces of gold as of June 30, 2008. In the first half of 2008, 59,759 tonnes of ore were processed at an average grade of 8.69 g/t, and 16,705 ounces of gold were sold at an average price of US$928 (CAN$935) per ounce. Definition drilling is ongoing near the current mining areas and the objective is to replace the proven and probable reserves depleted by the 2008 production.

Martin Rivard

President and Chief Executive Office

About Richmont Mines Inc.

Richmont Mines produces gold from its operations in Canada and is focused on building its reserves in North America. The Company has extensive experience in gold exploration, development and mining. Since it began production in 1991, the Company has produced more than 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: www.richmont-mines.com.

About Louvem Mine Inc.

The Company has a 50% interest in the Beaufor Mine and owns other exploration properties located near Val-d'Or, in North-western Quebec, Canada.

More information on Louvem Mines can be found on its website at: www.louvem.com.

National Instrument 43-101 (NI 43-101)

The exploration programs were conducted by qualified geologist as required by National Instrument 43-101, under the supervision of Mr. Richard Dubuc, Geo., Chief Geologist at the Beaufor Mine, an employee of Richmont Mines Inc. The analyses were conducted at the ALS Chemex laboratory in Val-d'Or, Quebec, by means of fire assay fusion on 30 grams of material with atomic absorption (AA) and gravimetric finish. Mr. Richard Dubuc has reviewed the content of this news release.

Forward-Looking Statements

This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made.

The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenues and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Richmont Mines and Louvem Mines' Annual Information Form, Annual Reports and periodic reports.

Cautionary note to U.S. investors concerning resource estimates

Resource estimates

The resource estimate in this news release is prepared in accordance with Regulation 43-101 adopted by the Canadian Securities Administrators. The requirements of R 43-101 differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"). In this news release, we use the terms "measured", "indicated" and "inferred" resources. Although these terms are recognized and required in Canada, the SEC does not recognize them. The SEC permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that constitute "reserves". Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally extracted at the time the determination is made. United States investors should not assume that all or any portion of a measured or indicated resource will ever be converted into "reserves". Further, "inferred resources" have a great amount of uncertainty as to their existence and whether they can be mined economically or legally, and United States investors should not assume that "inferred resources" exist or can be legally or economically mined, or that they will ever be upgraded to a higher category.

 

                            APPENDIX I
----------------------------------------------------------------
                           BEAUFOR MINE
          2008 EXPLORATION DRILLING RESULTS BEAUFOR MINE
----------------------------------------------------------------
Hole #  Zone Elevation      From        To  Core length    Grade
                              (m)       (m)          (m)    (g/t)
----------------------------------------------------------------
----------------------------------------------------------------
106-104    F      2355     49.30     49.80         0.50     3.17
----------------------------------------------------------------
                  2325     79.00     79.50         0.50     2.63
----------------------------------------------------------------
                  2223    180.50    181.50         1.00     2.34
----------------------------------------------------------------
                  2192    212.90    213.40         0.50   100.00
----------------------------------------------------------------
                  2050    356.00    356.50         0.50     9.50
----------------------------------------------------------------
                  1980    426.80    427.30         0.50   100.00
----------------------------------------------------------------
                  1961    445.30    445.80         0.50     3.33
----------------------------------------------------------------
                  1955    452.20    452.70         0.50     7.69
----------------------------------------------------------------
----------------------------------------------------------------
106-105    F      2363     49.20     49.70         0.50     2.68
----------------------------------------------------------------
                  2258    179.20    179.70         0.50     3.86
----------------------------------------------------------------
                  2257    179.70    180.20         0.50    12.48
----------------------------------------------------------------
                  2199    253.00    253.70         0.70     2.04
----------------------------------------------------------------
           Q      2195    256.70    257.70         1.00    45.48
----------------------------------------------------------------
                  2195    159.80    160.60         0.80    17.05
----------------------------------------------------------------
                  2158    306.10    306.60         0.50     6.76
----------------------------------------------------------------
                  2133    337.60    338.30         0.70    76.80
----------------------------------------------------------------
----------------------------------------------------------------
106-106    F      2354     52.00     53.00         1.00    25.09
----------------------------------------------------------------
           M      2267    159.80    160.60         0.80    17.05
----------------------------------------------------------------
           Q      2148    270.70    271.80         1.10     2.38
----------------------------------------------------------------
                  2091    333.10    333.60         0.50     2.17
----------------------------------------------------------------
----------------------------------------------------------------
106-107           2233    171.00    171.60         0.60     4.75
----------------------------------------------------------------
                  2175    228.70    229.30         0.60    10.45
----------------------------------------------------------------
----------------------------------------------------------------
106-109           2494     14.40     14.90         0.50     5.44
----------------------------------------------------------------
           F      2369     51.20     51.70         0.50     9.64
----------------------------------------------------------------
----------------------------------------------------------------
115-36    FF      2342    100.70    101.70         1.00    49.25
----------------------------------------------------------------
----------------------------------------------------------------
115-38     A      2436      6.90      7.60         0.70     6.69
----------------------------------------------------------------
----------------------------------------------------------------
115-38            2232    214.90    215.40         0.50     4.65
----------------------------------------------------------------
           P      2187    261.00    262.00         1.00     3.89
----------------------------------------------------------------
           R      2023    429.10    429.90         0.80     7.73
----------------------------------------------------------------
----------------------------------------------------------------
115-42            2428     18.80     19.30         0.50    35.25
----------------------------------------------------------------
                  2369     93.40     93.90         0.50    20.19
----------------------------------------------------------------
           P      2221    278.70    279.50         0.80     8.22
----------------------------------------------------------------
                  2219    282.30    283.30         1.00     7.41
----------------------------------------------------------------
                  2218    283.80    284.60         0.80     6.60
----------------------------------------------------------------
          Q1      2152    369.00    369.80         0.80    51.63
----------------------------------------------------------------
----------------------------------------------------------------
128-36   CF8      2504     17.50     18.00         0.50     5.81
----------------------------------------------------------------
           E      2486     38.70     39.70         1.00     2.15
----------------------------------------------------------------
           E      2485     39.70     40.60         0.90     2.38
----------------------------------------------------------------
           E      2484     41.00     42.00         1.00     7.30
----------------------------------------------------------------
                  2401    136.40    137.40         1.00    29.00
----------------------------------------------------------------
           M      2348    197.40    198.40         1.00   100.00
----------------------------------------------------------------
                  2338    209.50    210.00         0.50     6.19
----------------------------------------------------------------
----------------------------------------------------------------
128-37   CF7      2495     24.40     25.30         0.90     4.86
----------------------------------------------------------------
                  2432     87.90     88.60         0.70     9.23
----------------------------------------------------------------
           P      2186    335.20    335.70         0.50     3.73
----------------------------------------------------------------
                  2177    343.50    344.10         0.60     7.55
----------------------------------------------------------------
                  2174    346.70    347.20         0.50     2.56
----------------------------------------------------------------
                  2168    353.50    354.00         0.50     9.32
----------------------------------------------------------------
           Q      2085    434.80    435.70         0.90     4.86
----------------------------------------------------------------
                  2039    482.40    482.90         0.50    12.15
----------------------------------------------------------------
----------------------------------------------------------------
142-51            2460     60.00     61.00         1.00     3.95
----------------------------------------------------------------
                  2414    106.00    107.00         1.00     6.05
----------------------------------------------------------------
                  2090    430.20    430.70         0.50    27.63
----------------------------------------------------------------
                  2086    433.70    434.70         1.00     2.78
----------------------------------------------------------------
----------------------------------------------------------------
142-52            2486     33.70     34.30         0.60     4.81
----------------------------------------------------------------
          M2      2187    333.60    335.20         1.60    29.94
----------------------------------------------------------------
                  2171    350.50    351.50         1.00    12.44
----------------------------------------------------------------
----------------------------------------------------------------
142-53            2505     15.00     15.50         0.50     2.19
----------------------------------------------------------------
                  2392    130.90    131.90         1.00     2.19
----------------------------------------------------------------
----------------------------------------------------------------
157-13    CH      2514     83.30     84.90         1.60    28.58
----------------------------------------------------------------
          CF      2504     88.55     89.51         0.96     3.26
----------------------------------------------------------------
                  2432    166.80    167.30         0.50    63.48
----------------------------------------------------------------
           F      2337    263.67    264.17         0.50     3.39
----------------------------------------------------------------
                  2289    313.21    313.71         0.50     8.36
----------------------------------------------------------------
                  2253    394.84    395.31         0.47     7.53
----------------------------------------------------------------
                  1948    664.94    665.50         0.56    11.99
----------------------------------------------------------------
           S      1931    681.90    684.36         2.46    49.10
----------------------------------------------------------------
                  1818    799.20    799.70         0.50     6.66
----------------------------------------------------------------
----------------------------------------------------------------
157-14    CH      2531     68.00     68.60         0.60     6.19
----------------------------------------------------------------
          CH      2527     72.00     72.87         0.87     2.62
----------------------------------------------------------------
                  2376    232.18    232.85         0.67     2.32
----------------------------------------------------------------
                  2168    453.94    454.44         0.50     2.32
----------------------------------------------------------------
                  2138    485.84    486.34         0.50     6.13
----------------------------------------------------------------
                  2028    604.69    605.38         0.69     5.68
----------------------------------------------------------------
                  2026    606.08    606.70         0.62     2.13
----------------------------------------------------------------
                  2025    607.40    607.90         0.50    13.65
----------------------------------------------------------------
                  1982    653.71    654.21         0.50    11.89
----------------------------------------------------------------
----------------------------------------------------------------
157-15            2565     35.00     35.57         0.57     3.30
----------------------------------------------------------------
          CH      2546     55.70     56.30         0.60     3.76
----------------------------------------------------------------
          CF      2523     80.95     81.73         0.78     7.50
----------------------------------------------------------------
          CF      2522     82.35     83.00         0.65    16.09
----------------------------------------------------------------
                  2213    431.42    431.92         0.50     2.51
----------------------------------------------------------------
                  2169    483.45    483.95         0.50     4.45
----------------------------------------------------------------
           R      2164    487.95    488.45         0.50     4.72
----------------------------------------------------------------
----------------------------------------------------------------
157-16            2585     14.06     14.65         0.59     2.54
----------------------------------------------------------------
          CH      2552     54.65     55.15         0.50   100.00
----------------------------------------------------------------
          CH      2550     55.75     56.89         1.14     2.32
----------------------------------------------------------------
                  2541     67.50     68.00         0.50    23.10
----------------------------------------------------------------
                  2535     74.64     75.14         0.50     2.80
----------------------------------------------------------------
          CF      2531     79.84     80.34         0.50     2.74
----------------------------------------------------------------
          CF      2530     80.34     80.84         0.50     3.37
----------------------------------------------------------------
                  2406    234.88    235.56         0.68     3.12
----------------------------------------------------------------
                  2405    235.56    236.26         0.70     5.92
----------------------------------------------------------------