RICHMONT MINES TO
START DRILLING AT THE
GOLDEN WONDER
PROJECT
MONTREAL, Quebec, Canada, July 10, 2008 -
Richmont
Mines Inc. (RIC: AMEX-TSX), a gold
exploration, development and production company with operations in North
America, today announced that it has completed the portal rehabilitation work
at the Golden Wonder Project, located near Lake City, Colorado, and is proceeding
with exploration efforts to identify new mineralized zones. The drilling
contractor has mobilized its equipment and anticipates that this drilling
program will continue through August. The Company previously announced its
intention to acquire a 50% joint venture interest in the project, which is
owned by LKA International (OTCBB: LKAI).
Work to date includes the rehabilitation of the portal, installation of
a ventilation system, installation of electric power, construction of drilling
bays and a water containment system for diamond drilling. Exploration
activities will involve advancing the existing drift along the vein system at
Level Six and simultaneously drilling core holes to explore for lateral and
down plunge extensions of the main vein system and explore for parallel veins.
The past producing Golden Wonder Mine is a high-grade, epithermal
deposit, located in the historically precious metal rich Colorado Mineral Belt
near the mining districts of Ouray, Telluride, Silverton and Creede. The main lower
access is located on the sixth level and consists of a nine-by-nine foot
trackless haulage crosscut over 1,000
feet in length.
Martin Rivard
President and Chief Executive Officer
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.
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 revenue 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� Annual Information
Form, Annual Reports and periodic reports.
For more information, please contact:
Investor Relations������������������������������������������������������������� Listings: TSX � Amex
E-mail: jculligan@keiadvisors.com