MONTREAL, QUEBEC--(Marketwire - Oct. 3, 2007) - Richmont Mines Inc. (TSX:RIC)(AMEX:RIC) and Patricia Mining Corp. (TSX VENTURE:PAT) are hosting an Island Gold Opening and Investor Day today at the Island Gold mine location in Dubreuilville, Ontario. Guests of the invitation event include management and Board of Director members from Richmont Mines and Patricia Mining, institutional investors and media representatives.
The event will feature presentations from Island Gold project management, as well as the Vice President of Operations and the Director of Geology and Exploration for Richmont Mines. Guests will also have the opportunity to tour the underground mine and the on-site mill.
Island Gold has proven and probable reserves of 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, or 149,972 ounces of gold were categorized as measured and indicated resources, while inferred resources were evaluated at 610,728 tonnes at a grade of 9.96 g/t, or 195,549 ounces of gold.
Presentation materials from the Investor Day are available on Richmont Mines' website at www.richmont-mines.com and www.patriciamining.com.
Martin Rivard Chris Chadder President and President and Chief Executive Chief Executive Officer Officer Richmont Mines Inc. Patricia Mining Corp
About Richmont Mines Inc.
Richmont Mines produces gold from its operations in Canada and 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 Patricia Mining Corporation
Patricia Mining Corp. is a Canadian exploration and development company about to become Canada's newest gold producer. Patricia's main asset is the Island Gold Project. More information on Patricia Mining Corp. can be found on its website at: www.patriciamining.com.
National Instrument 43-101 (NI 43-101)
National Instrument 43-101 - The reserve and resource calculation for the Island Gold property as of May 15, 2007 was performed by GENIVAR for Richmont Mines Inc. as operator of the project. Mr. Michel Garon, Eng., of GENIVAR, is the qualified person under the terms of NI43-101.
FOR FURTHER INFORMATION PLEASE CONTACT:
Richmont Mines Inc.
Patricia Mining Corp.
Kei Advisors LLC
Tammy Swiatek, Investor Relations