Richmont sweet on Valentine (October 04, 2004)

Richmont Mines (RIC-T) and Mountain Lake Resources (MOA-V) have intersected significant gold at their Valentine Lake property, 55 km south of Buchans, Nfld.

Highlights from drilling of the main zone include 5.2 metres (all widths given are estimated true width) grading 34.2 grams gold per tonne, and 5.76 metres grading 31.66 grams gold.

Eleven holes totalling 3,048 metres tested two zones. The main gold zone has a 200-metre strike, varies from 3 to 12 metres in width, and extends down to at least 250 metres. It is still open at depth. Two hundred metres northeast of the main zone is a separate zone, which assayed 19.4 grams gold over 3.4 metres.

A couple of holes intersected multiple gold zones with significant gold grades in the range of 6-25.8 grams over 0.3-7.1 metres. Eight of the 11 holes contained visible gold. Four of these assayed up to 1.7-6.5 grams gold over 1-8 metres.

Two holes failed to intersect significant gold.

The 150-sq.-km property covers about 25 km of strike length of a major northeast-trending structure that hosts intrusive rocks. Gold is associated with quartz-tourmaline veins with local pyrite. Veins range from 1 cm to 1 metre in width and are oriented at various angles in the felsic intrusion.

The property is accessible via logging roads that extend from Millertown, some 75 km distant.

Richmont is earning a 70% interest in the property from Mountain Lake by spending $2.5 million on exploration by the end of October 2007. Mountain Lake is concurrently earning a 100% interest from Noranda (NRD-T), which has retained a 1.5-3% net smelter return royalty. Some of the property is subject to a net profits royalty.