RICHMONT MINES INC. ACQUIRES
PATRICIA MINING CORP.
MONTREAL, QC
and TORONTO, ON, Canada,
December 16, 2008 � Richmont Mines Inc. (�Richmont�)
(TSX-NYSE-A: RIC) and Patricia Mining Corp. (�Patricia Mining�) (TSX-V: PAT)
today announced that the acquisition of Patricia Mining by Richmont
has been completed.
Richmont acquired 42,929,581 common
shares of Patricia Mining (representing approximately 98.2% of Patricia
Mining's outstanding common shares) in exchange for CAN$0.15 cash and 0.055 of
one common share of Richmont for each one common
share of Patricia Mining pursuant to a plan of arrangement under the Business Corporations Act (Ontario).� Richmont now owns
all 43,704,581 common shares of Patricia Mining. Following this transaction, Richmont has a total of 26.1 million shares issued and
outstanding.
The TSX Venture Exchange halted trading in the common shares of Patricia
Mining prior to the opening of the market on December
11, 2008, and Patricia Mining�s common shares will cease to be
listed for trading on the TSX Venture Exchange after the close of the market on
December 16, 2008.
Patricia Mining intends to file with the applicable Canadian securities
regulatory authorities the necessary documentation to cease to be a reporting
issuer in all of the jurisdictions in which it is currently a reporting issuer.
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
its mining assets, exploit mineralized reserves on properties owned and
acquired, or develop partnerships to expand its reserve base. Richmont routinely posts news and other important
information on its website at: www.richmont-mines.com.
Legal Counsel
Richmont is represented by Davies Ward
Phillips & Vineberg LLP in Toronto,
and Patricia Mining is represented by Cassels Brock
and Blackwell LLP in Toronto.
Forward-Looking Statements
This news release contains forward-looking statements that include risks
and uncertainties. When used in this news release, the words �project�,
�expect�, �may� and similar expressions, as well as �will� 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�s and
Patricia Mining�s Annual Information Form, Annual Reports and periodic reports.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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E-mail: jculligan@keiadvisors.com