Quantcast

Exploration Drilling Confirms Mineralization at Beaufor Mine Below Current Infrastructure

October 1, 2008

MONTREAL, QUEBEC, CANADA–(Marketwire – Oct. 1, 2008) – Richmont Mines Inc. (TSX:RIC)(AMEX:RIC) and Louvem Mines Inc. (TSX VENTURE:LOV), 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 —————————————————————-

(c) 2008 Marketwire. Provided by ProQuest LLC. All rights Reserved.




comments powered by Disqus