MONTREAL, Quebec, Canada,
December 3, 2008 � Richmont Mines Inc. (the
�Company�) (TSX-NYSE-A: RIC), announces today that the Toronto Stock Exchange
(the �TSX�) has accepted the Company�s notice of intention to make a normal
course issuer bid (the �Notice�) to purchase some of its outstanding common
shares through the facilities of the TSX for a period of twelve months ending
on December 4, 2009. Up to 1,188,000 common shares of the Company,
representing approximately 5% of the 23,776,653 common shares of the Company
issued and outstanding on November
21, 2008, may be purchased under the bid. Daily repurchases will
be limited to 2,853 common shares, other than block purchase exemptions. The
purchases may commence on December
5, 2008 and may extend to December
4, 2009 or on such earlier date as the Company may complete its
purchases pursuant to the Notice or otherwise terminate the bid.
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 the Company�s financial position and future prospects and that the purchase
thereof by the Company is an appropriate use of its funds.
All the common shares acquired
under the bid will be purchased through the facilities of the TSX in accordance
with its requirements. All common shares acquired will automatically be
cancelled. The common shares will be purchased at their market price at the
time of acquisition.
In the past 12 months, the Company has purchased a
total of 285,700 of its common shares at an average price of $2.62 per common
share under its normal course issuer bid which commenced on December 5, 2007
and will expire on December 4, 2008.
President and Chief Executive
Richmont Mines Inc.
Richmont Mines produces
gold from its operations in Canada
and is focused on building its reserves in North America,
and has extensive experience in gold exploration, development and mining. Since
it began production in 1991, Richmont Mines 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. Richmont Mines routinely posts news and other important
information on its website at: www.richmont-mines.com.
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� Annual Information
Form, Annual Reports and periodic reports.
- 30 -
information, please contact:
Investor Relations�������������������������������������������������������������������������������������� Listings: TSX �
NYSE Alternext US