Exploration Drilling Confirms Mineralization at Beaufor Mine Below Current Infrastructure
01 Octubre 2008 - 7:30AM
Marketwired Canada
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
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BEAUFOR MINE
2008 EXPLORATION DRILLING RESULTS BEAUFOR MINE
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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
----------------------------------------------------------------