RICHMONT
MINES BEGINS DEWATERING
AT
ITS FRANCOEUR PROJECT
ROUYN-NORANDA, QC,
Canada, April 27, 2009
� Richmont Mines Inc. (TSX/NYSE Amex: RIC)
(�Richmont�), a gold exploration,
development and production company with operations in Canada, today announced it began
dewatering activities of the underground openings at its Francoeur
property, located 25 km
west of Rouyn-Noranda. The dewatering of the mine,
which reaches a depth of approximately 820
metres, will also include the commissioning of the
existing hoist and the upgrade of the related infrastructure. This work is
expected to be completed over an eight month period.
Richmont had produced more than 345,000
ounces of gold at the Francoeur
Mine from 1991 to 2001. The ore from the Francoeur
Mine was processed at Richmont�s Camflo
Mill from 1993 up to the mine�s closure in 2001, when the prevailing gold price
was under US$300 per ounce. The historical indicated resources, mainly located
in the West Zone, were estimated at 885,000 tonnes at a grade of 7.99 g/t
representing 227,500 ounces.
These historical resources are not compliant with the National Instrument
43-101 and therefore cannot be relied upon.
A surface drilling program consisting of
approximately 8,000 metres
is also planned for this summer with the objective of increasing known
resources. Richmont�s 2009 budget for the dewatering
and drilling program is approximately CAN$4.5 million.
In order to update the information on the West
Zone of the Francoeur Project, Richmont
is currently preparing a technical report in compliance with National
Instrument 43-101, and this report should be available at the beginning of
third quarter of 2009.
In the first quarter of 2010, underground
development is planned, followed by a definition drilling program later in the
year.
Martin Rivard
President and Chief Executive Officer
About Richmont
Mines Inc.
Richmont 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 has produced
more than one million ounces of gold from its holdings in Quebec,
Ontario and Newfoundland.
Richmont�s strategy is to cost-effectively develop
and exploit its gold mining assets, acquire properties, or develop partnerships
to expand its reserve base. Richmont routinely posts
news and other important information on its website at: www.richmont-mines.com.