- 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--(CCNMatthews - March 5, 2007) - Richmont Mines Inc. (TSX:RIC) (AMEX:RIC) 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.
Island Zone
The following results are for underground drilling performed on various systems of veins, and only those that intersected zones with mining potential showing continuity have been included in Table 1.
During the exploration program, most of the holes were drilled between the elevation -240 (5140 elevation) and to -380 metres (5000 elevation). The objective was to develop the data to enable the conversion of resources into reserves and to increase the resources of the sector. The drilling results show good continuity in the zones, vertically and horizontally, these holes confirm also that all gold-bearing zones extend below elevations -380 and the C/D and E/E1 extend laterally through the east on the other side of the diabase dyke (section 15 270E - PRS-295). They have identified significant intersections, including 27.6 g/t Au over 3.6 metres, 20.1 g/t Au over 4.3 metres, 19.2 g/t Au over 5.1 metres, 14.7 g/t Au over 6.9 metres and 16,3 g/t over 4.6 metres (estimated true width).
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TABLE 1
SELECTED DRILLING RESULTS
ISLAND ZONE
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Section Hole Elevation From Core Est. true Uncut Grade
(m) number (m)(i) (m) length width grade cut at
PR-UG (m) (m) g/t Au 75 g/t
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B1 ZONE
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14970 303 5155 85.6 3.4 2.8 13.72 9.97
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B ZONE
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14840 314 5129 109.2 2.3 2.2 5.34 5.34
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14950 313 5151 56.0 3.5 2.7 13.77 13.77
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15060 291 5002 123.3 6.2 4.7 9.49 9.41
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15270 295 5036 216.0 4.1 3.5 8.04 8.04
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C ZONE
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14850 316 5168 99.8 2.2 1.9 20.68 12.64
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14860 321 5134 93.2 1.6 1.5 17.06 17.06
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14870 320 5090 113.9 2.6 2.5 7.00 7.00
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15010 330 5179 94.6 3.1 1.9 7.27 7.27
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15040 257 5098 85,0 2.1 2.1 14.58 12.25
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261 5169 101,0 2.5 1.7 5.82 5.82
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15090 277 4910 217.2 13.6 9.2 28.99 8.59
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296 5142 107.0 2.7 2.2 20.48 14.25
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15125 242 5001 135.0 6.7 5.6 10.02 9.19
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239 5052 100.0 2.4 2.3 12.44 12.44
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263 4999 163.7 3.8 3.5 5.90 5.90
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15190 253 5096 166.6 2.2 2.0 6.34 6.34
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D ZONE
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14860 321 5134 89.7 1.9 1.8 28.91 17.80
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15040 262 5045 94.9 1.9 1.7 15.25 14.21
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15060 291 5027 92.4 3.8 2.8 5.19 5.19
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290 5041 81.0 1.9 1.5 8.21 8.21
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15075 283 5038 85.0 3.5 2.7 22.03 11.12
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282 5051 76.5 2.7 2.3 20.67 17.03
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284 5016 104.5 2.7 1.9 16.97 14.39
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281 5060 68.5 2.0 1.7 23.32 23.32
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15090 299 5028 114.5 3.5 3.1 10.88 10.88
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300 5012 125.6 3.6 3.0 5.14 5.14
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15095 298 5061 94.6 1.9 1.8 9.06 9.06
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297 5077 88.2 2.2 2.2 22.40 19.04
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15100 276 4975 154.0 5.0 3.8 117.56 9.76
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15125 238 5075 81.5 2.1 2.0 6.39 6.39
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242 5012 120.9 3.2 2.7 19.11 17.69
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241 5023 114.2 2.2 1.9 6.03 6.03
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237 5098 81.8 2.6 2.5 16.44 10.37
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240 5037 104.5 2.5 2.3 6.07 6.07
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15145 246 5023 113.0 3.0 2.5 9.99 9.99
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244 5100 84.7 2.3 2.1 14.32 14.32
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245 5041 102.4 2.6 2.3 10.00 10.00
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15160 263 5006 149.4 2.5 2.3 42.60 21.03
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D+C ZONE
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14970 307 5020 120.4 3.6 2.5 8.35 8.35
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D+C ZONE
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14970 304 5107 75.0 2.0 2.0 66.13 45.25
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305 5087 79.9 2.5 2.4 158.66 20.97
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329 5165 78.3 3.7 2.6 22.65 21.15
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15070 292 5146 73.0 4.6 3.2 6.81 6.81
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15125 233 5279 94.7 4.2 3.9 6.87 6.87
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15145 236 5232 102.5 8.1 8.0 11.18 7.92
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232 5241 103.9 4.4 4.3 5.58 5.58
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15180 250 5175 140.2 3.1 3.1 6.95 6.95
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247 5240 142.6 1.7 1.5 9.34 9.34
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15270 295 5047 198.1 3.0 2.5 14.56 14.56
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D1 ZONE
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14860 320 5102 80.4 1.9 1.8 16.95 12.17
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14950 310 5108 29.0 3.0 2.8 5.24 5.24
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15010 330 5157 62.2 3.1 1.9 5.70 5.70
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15040 261 5153 77.0 2.6 1.7 6.45 6.45
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15070 292 5133 50.9 4.5 3.1 11.83 11.83
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293 5115 43.1 4.8 4.1 8.08 8.08
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278 5100 40.1 3.9 3.6 52.47 27.46
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15095 277 4939 186.4 4.0 2.7 22.94 19.90
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15100 296 5133 86.4 2.4 1.9 36.63 11.05
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15125 238 5077 74.7 3.0 2.9 5.75 5.75
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239 5060 82.4 2.8 2.6 5.70 5.70
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15145 244 5100 75.4 2.6 2.4 6.60 6.60
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231 5257 83.3 2.5 2.4 8.01 8.01
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230 5267 79.7 2.2 2.1 12.23 12.23
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15160 265 5081 114.2 2.8 2.7 17.66 12.36
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15180 269 5004 149.7 2.9 2.6 5.07 5.07
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E ZONE
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14970 304 5111 48.6 2.1 2.1 10.77 10.77
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14990 224 5127 49.6 1.6 1.5 6.85 6.85
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E1 ZONE
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14990 224 5125 45.0 1.7 1.5 8.42 8.42
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E+E1 ZONE
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14970 306 5066 75.4 3.1 2.6 8.96 8.96
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15010 330 5154 57.5 2.8 1.7 105.77 44.59
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15040 258 5112 63.0 2.4 2.3 21.78 12.34
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260 5125 60.6 1.9 1.6 25.76 21.02
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261 5148 69.7 3.5 2.2 5.81 5.81
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262 5056 74.2 2.6 2.3 51.26 25.15
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15060 291 5050 63.0 3.3 2.4 5.34 5.34
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289 5068 47.4 3.8 3.2 19.39 11.95
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288 5079 40.8 3.2 3.0 25.42 13.01
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285 5105 38.7 4.2 4.0 31.66 14.79
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290 5059 55.1 3.4 2.6 11.77 11.77
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E+E1 ZONE
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15060 286 5094 37.9 3.2 3.2 5.77 5.77
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15070 292 5128 44.1 2.2 1.5 13.71 13.71
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293 5113 38.0 2.2 1.9 9.13 9.13
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283 5055 60.6 3.2 2.4 31.05 28.50
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282 5066 52.2 3.4 2.8 27.20 21.76
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284 5041 72.8 4.0 2.8 13.80 13.80
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280 5082 43.0 2.7 2.5 7.11 7.11
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279 5091 40.9 3.0 2.8 11.11 11.11
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281 5072 47.6 3.8 3.2 13.36 13.36
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15100 300 5025 104.8 4.8 4.0 5.15 5.15
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299 5041 90.3 5.3 4.6 48.91 16.25
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298 5068 74.9 2.7 2.6 19.56 16.53
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276 4985 140.7 3.8 2.9 8.24 8.24
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15110 275 5024 99.8 5.0 4.1 6.15 6.15
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274 5053 74.9 4.7 4.3 9.30 9.30
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15130 242 5025 101.3 2.2 1.8 5.82 5.82
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239 5063 71.8 7.3 6.9 20.72 14.71
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241 5036 91.4 3.1 2.7 6.23 6.23
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237 5098 65.5 5.0 4.9 9.63 9.63
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235 5246 75.1 2.1 2.0 17.38 17.38
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240 5050 80.0 4.8 4.4 8.59 8.10
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15145 244 5099 68.0 5.8 5.4 13.61 9.85
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246 5033 94.7 5.1 4.3 27.41 20.06
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245 5049 82.8 5.8 5.1 35.28 19.21
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232 5245 78.0 2.4 2.4 36.01 14.20
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15160 256 5033 126.6 3.0 2.9 26.54 22.95
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264 5053 114.9 4.5 4.4 8.72 8.72
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266 5108 111.6 4.4 4.2 21.40 16.29
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265 5081 107.3 3.4 3.3 11.99 11.99
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15185 248 5223 126.0 1.9 1.6 15.06 15.06
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268 5025 133.9 3.3 2.9 8.84 8.84
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251 5146 129.6 1.9 1.9 74.31 14.68
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267 5046 124.1 2.9 2.7 11.33 11.33
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255 5052 182.7 3.6 3.0 24.24 14.93
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E2 ZONE
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15130 238 5081 58.9 1.7 1.7 5.75 5.75
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237 5098 58.8 1.7 1.7 17.45 17.45
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15140 246 5039 87.4 2.1 1.7 8.24 8.24
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FLAT ZONE
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15145 232 5248 58.1 3.6 3.6 8.36 8.36
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(i) Surface 5380 m
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The drilling results show an extension of the veins located within the Island Zone from the original estimates outlined in the 43-101 technical report that was prepared with the information available as of June 30, 2006. The extension of the veins demonstrates strong continuity with several high grade zones.
In addition to the encouraging results at the Island Zone, preliminary surface exploration drilling results for the Lochalsh and the Goudreau zones resulted in strong gold mineralization. These zones are located at 400 metres west and 600 metres east of the Island Zone, respectively, within the Island Gold project. The Lochalsh Zone shows good continuity, both vertically and horizontally, and is located in a geological context very similar to the Island Zone. Preliminary resource calculation on these two zones should also be available at the end of the first quarter of 2007.
Goudreau and Lochalsh zones
The following results for these zones were obtained by the surface drilling performed on various systems of veins during last summer. These holes were drilled to confirm the preliminary interpretation and to provide sufficient data for the resource estimations of these two zones. Results presented in Table 2 as well as in Table 3 show that there are several high grades intersections.
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TABLE 2
SURFACE EXPLORATION DRILLING RESULTS
GOUDREAU ZONE
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Section Hole Elevation From Core Uncut Grade
(m) number (m)(i) (m) length grade cut at
PRS (m) g/t Au 75 g/t
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15665 09 5177 282.2 2.8 21.60 21.60
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15675 08 5219 241.5 4.3 16.06 16.06
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15725 02 5153 338.6 2.3 5.93 5.93
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5150 342.0 3.7 46.60 12.16
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15765 10A 5221 194.8 1.5 105.24 50.00
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5184 239.1 1.5 7.88 7.88
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03(iii) 5335 69.2 1.5 25.32 25.32
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5176 275.1 3.6 125.15 18.06
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5169 285.1 2.1 70.49 21.33
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15815 06 5154 330.4 7.4 25.02 20.44
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5149 339.4 3.2 7.61 7.61
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15825 07 5126 362.7 1.8 9.99 9.99
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(i) Surface 5380 m
(ii) True widths were not evaluated at this time.
(iii) Partial results were previously reported for hole # 3
Hole 5: No significant values
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TABLE 3
SURFACE EXPLORATION DRILLING RESULTS
LOCHALSH ZONE AND MIDDLE ZONE
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Section Hole Elevation From Core Est. true Uncut Grade
(m) number (m)(i) (m) length width grade cut at
PRS (m) (m) g/t Au 75 g/t
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L-DC ZONE
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14495 11 5123 335.3 2.0 1.5 4.23 4.23
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12 5200 274.9 1.7 1.5 3.33 3.33
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14540 19 5192 264.0 2.5 2.0 26.65 25.08
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14550 18 5139 354.9 5.1 4.3 12.72 12.72
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L-E1 ZONE
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14495 11 5184 253.6 2.3 1.7 57.09 17.13
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14540 19 5242 192.5 3.1 2.4 12.88 12.88
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14550 18 5181 288.8 4.3 3.6 13.01 10.08
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L-E2 ZONE
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14495 11 5203 228.5 2.2 1.6 10.51 10.51
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12 5249 194.8 2.4 2.0 25.70 15.51
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MIDDLE ZONE
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14495 12 5299 118.9 2.9 2.3 4.50 4.50
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14540 19 5313 93.6 3.8 2.9 4.26 4.26
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14550 18 5257 177.0 6.0 4.7 16.97 6.97
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ND ZONE
(ii)
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14490 12 5092 467.0 1.7 1.5 3.76 3.76
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12 5122 411.4 1.9 1.7 4.27 4.27
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14590 13(iii) 5345 52.9 3.1 2.3 8.64 8.64
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13(iii) 5290 127.2 2.7 2.0 8.39 8.39
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14750 20 5225 223.7 2.3 1.8 12.12 10.09
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(i) Surface 5380 m
(ii) ND equals Indeterminate zone
(iii) Preliminary Results
Results pending for holes 14, 15, 16, 17, 22, 23, 24 and 25
Hole 21: No significant value
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All the available underground drilling and sill development results for the Island Zone were recently provided to Genivar inc., an independent consultant. The data will be used in the preparation of the resource and reserve calculation, which is expected to be completed at the end of the first quarter of 2007. In addition, Genivar will include in the 43-101 technical report details on the appropriate mining methods as well as technical parameters obtained from the milling of the mineralized material.
The onsite mill has processed 39,200 tonnes of mineralized material at an average rate of 426 tonnes per day in the fourth quarter of 2006. The average throughput at the mill in January 2007, was 462 tonnes per day. The required closure plan for commercial production will be completed and submitted this week to the Ontario Ministry of Northern Development and Mines, which has 45 days from submission to take a decision regarding the acceptance of the plan. There are currently 146 employees and 22 contractors on site and, upon completion of the reserve calculation and the acceptance of the closure plan, a decision for the advancement of the project to commercial production will be taken shortly.
Richmont Mines is very pleased with exploration results from underground and surface drilling and is looking forward for the Island Zone resource and reserve calculations as well as for the Goudreau and Lochalsh zones' resource calculations from Genivar.
About Richmont Mines Inc.
Richmont Mines is a gold exploration, development and mining company. Since its incorporation in 1981, 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' competency is in finding and developing complex, narrow veined advanced projects to production.
More information on Richmont Mines can be found on its website at: www.richmont-mines.com.
Martin Rivard
President and Chief Executive Officer
Regulation 43-101
The underground and surface diamond drilling programs involving geological core logging, sampling and assaying tasks are supervised by Jules Riopel, M.Sc., Geo., MBA, a qualified person designated by Regulation 43-101. He has also reviewed the content of this news release. Underground supervision of drilling operations and survey control is provided by Richmont Mines personnel. The assays were conducted at Swastika Laboratory, Swastika, Ontario.
Disclosure Regarding Forward-Looking Statements
This news release contains forward-looking statements that include risks and uncertainties. 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 detailed in Richmont Mines' Annual Information Form, Annual Report and periodic reports.
FOR FURTHER INFORMATION PLEASE CONTACT:
Richmont Mines Inc.
Julie Normandeau
Investor Relations
514-397-1410
jnormandeau@richmont-mines.com
www.richmont-mines.com
Kei Advisors LLC
Tammy Swiatek
Investor Relations
716-843-3853
tswiatek@keiadvisors.com
