LITERATURE REVIEW — NEWS ROUNDUP — Richmont files issuer bid

In the belief that its shares are undervalued, Richmont Mines (RIC-T) has filed notice that it intends to make a normal course issuer bid to buy its shares on the Montreal and Toronto exchanges.

Up to 734,000 common shares, representing about 5% of the issued and outstanding shares, may be purchased under the bid.

Richmont owns the Francouer gold mine in Quebec, which produces 30,000 oz.

gold annually, as well as the nearby Camflo mill. It also has a 30% stake in Louvem, which holds a 50% interest in the Beaufor gold mine (30,000 oz. gold per year), also in Quebec. In Newfoundland, Richmont owns the Nugget Pond gold project, which is under development. This new mine is expected to produce 32,000 oz. gold annually in 1997, and 46,000 oz. thereafter.