Richmont, Mountain Lake to advance the valentine lake gold project

Richmont Mines Inc. and Mountain Lake Resources Inc. have finalized the parameters of the joint venture agreement between the two companies, which will govern the terms and conditions of future work programs on the Valentine Lake Project.

In addition, plans for the 2008 field work program have been completed. Mountain Lake will be the field operators conducting the field work on behalf of the joint venture. This work will consist of:

1. Establishing an access road to the property.

2.Commencing permit applications to enable the companies to expose the surface expression of the mineralization by trenching at the main deposit (Leprechaun Pond).

This work will allow the joint venture to extract a sufficient volume of rock in order to establish a higher degree of confidence in the grade and distribution of the gold and allow for future metallurgical studies.

In addition, the exposure of the mineralization will allow for a greater understanding of the gold mineralizing system which will be important in the planning of future detailed drill programs.

3.Field work consisting of geological mapping and geochemical surveys will be conducted on targets generated by the 2007 helicopter airborne surveys. The purpose of this work will be to identify areas of gold mineralization in close proximity to the existing Leprechaun Pond deposit.

A budget of $500,000 is planned for this initial phase of the program. The second phase of the program will commence upon receipt of the necessary governmental permits to allow for the trenching and sampling at the main deposit.

Mountain Lake President Gary Woods stated, Richmont has put six gold deposits in Eastern Canada into production since 1991 and we are very pleased with their strong commitment to the Valentine Lake project.

Martin Rivard, President of Richmont said, formalizing the joint venture agreement with Mountain Lake is another important step for the advancement of the Valentine Lake project.

We remain confident in Valentine Lake’s potential and look forward to working with our partners as we develop this project, concluded Mr. Rivard.