Richmont Mines to Terminate Joint Venture Option at Golden Wonder Mine

Richmont Mines Inc. a gold exploration, development and production company with operations in North America, today announced that it has completed diamond drilling activities from drill station # 5 at the past-producing Golden Wonder Mine near Lake City, Colorado. A total of 16 holes were completed by Richmont Mines in 2008 for a total of 2,037 metres of drilling. Most of the drilling was targeted at confirming the depth extension of the previously mined-out area which was Richmont’s main exploration target. Only limited exploration was conducted in other areas of the mine. Drilling results are presented in Appendix I below and a longitudinal plan of the drilling is presented as Appendix II.

Results obtained to date have failed to confirm the continuity of an economically viable ore zone below current infrastructures at the sixth level. In light of these results, Richmont Mines has informed LKA International, Inc. that it has completed its “Initial Commitment Period” and that it will not exercise its option to the “Second Commitment Period” by notifying LKA of the termination of its option to proceed with the Joint Venture Agreement. Demobilization of the drilling crew is in progress.

Martin Rivard, President and CEO of Richmont Mines, commented “Unexpectedly failing to confirm the continuity of the zone below the sixth level has changed our approach to this project and we have decided to terminate our option at the Golden Wonder Mine. We will continue our focus on advancing our exploration at the Beaufor Mine, improving production at the Island Gold Mine and continuing exploration on our pipeline of projects. Importantly, we constantly search for other opportunities to grow our reserves and production profile.”

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. Richmont Mines routinely posts news and other important information on its website at: www.richmont-mines.com.