Ridley Corporation Ltd T.RIC

VL drill results

[Alcuin]

These are the best results I've seen in Nfld. MONTREAL, Apr 7, 2004 (BUSINESS WIRE) -- Richmont Mines Inc. (AMEX:RIC) (TSX:RIC) and Mountain Lake Resources Inc. (TSX VENTURE:MOA) announce drilling results on the Valentine Lake property, located in central Newfoundland, 55 km south of the town of Buchans. Richmont Mines has an option to acquire a 70% interest in the Valentine Lake property by carrying out $2.5 million in exploration work by October 31, 2007. During the due diligence period which ended March 31, 2004, Richmont Mines drilled six holes totalling 4,150 feet in the main zone. --------------------------------------------------------------------- 2004 DRILLING RESULTS(1)--------------------------------------------------------------------- Gold Gold EstimatedDrill hole From To Interval grade grade cut true thickness (feet) (feet) (feet) (oz/t) (1 oz/t) (feet)---------------------------------------------------------------------VL-04-86(i) 153.9 214.7 60.8 0.21 0.17 27.6including 174.9 214.7 39.8 0.27 0.20 18.0VL-04-87 275.8 437.2 161.4 0.19 0.15 40.5including 389.3 437.2 47.9 0.29 0.26 12.2VL-04-88(i) 398.8 421.8 23.0 0.92 0.56 18.9VL-04-89 710.3 716.9 6.6 0.12 0.12 3.3VL-04-90 413.4 421.6 8.2 0.02 0.02 6.2VL-04-91 594.0 621.6 27.6 0.15 0.15 17.7including 603.9 621.6 17.7 0.23 0.20 11.5---------------------------------------------------------------------(i)Visible gold(1)Method of analysisThe analyses were conducted at the Eastern Analytical Ltd. laboratoryin Springdale, Newfoundland, by means of fire assay fusion on 30grams of material with atomic absorption (AA) finish. The rejectsfrom all the zones of interest were sent to the ALS Chemex laboratoryin Val-d'Or, Quebec, for a second fire assay fusion with AA finish on30 grams of material. For samples assaying greater than 0.20 oz/t Au,fire assay with gravimetric finish was used. The cutoff grade for thehigh values was set at 1 oz/t. The rejects from drill holes 90 and 91are currently being analyzed at the ALS Chemex laboratory.--------------------------------------------------------------------- PREVIOUS DRILLING RESULTS--------------------------------------------------------------------- Gold Gold EstimatedDrill hole From To Interval grade grade cut true thickness (feet) (feet) (feet) (oz/t) (1 oz/t) (feet)---------------------------------------------------------------------VL-10 405.0 420.0 15.0 0.18 0.18 12.2VL-18 115.2 125.0 9.8 0.02 0.02 7.5VL-24 617.1 626.9 9.8 0.71 0.51 7.4VL-25 574.6 584.5 9.8 0.04 0.04 7.5VL-30 705.7 720.5 14.8 0.09 0.09 11.1VL-31 535.1 566.6 31.5 0.26 0.26 23.2VL-32 488.2 501.3 13.1 0.22 0.22 9.6VL-33 732.7 739.3 6.6 0.13 0.13 4.8VL-36 NSVVL-39 NSVVL-45 531.1 537.6 6.6 0.15 0.15 4.8VL-47 517.9 531.0 13.1 0.12 0.12 9.6VL-98-6 533.6 540.7 7.1 0.43 0.43 5.5VL-98-7 NSVVL-99-4 1,218.0 1,240.3 22.3 0.11 0.11 14.7VL99-7 421.1 459.8 6.9 0.31 0.31 5.1VL99-8 NSV02VL-79 45.9 55.0 9.0 0.21 0.21 6.702VL-80 NSV---------------------------------------------------------------------NSV equals No significant valuesThe drilling confirmed the continuity of the gold structure over athickness of more than 40 feet oriented 240 degrees N and dipping 65degrees toward the northwest. This zone is located near the contactbetween a felsic intrusion and a sedimentation unit. The gold zone ispart of an altered and sheared felsic intrusion controlled by shearedmafic dykes. The estimated true thicknesses are based on the dip ofthe gold mineralization encountered in:- quartz-tourmaline veins with pyrite masses of variable thickness (1 to 12 inches) oriented at various angles with respect to the core axis;- quartz-tourmaline cementation with disseminated pyrite in layered zones;- disseminated pyrite in the variously sheared and altered felsic intrusion. Following these drilling results, 323 additional claims were staked, increasing the surface area of the Valentine Lake property to 17,347 hectares. The extended property covers the favourable contact containing the mineralized zone over a distance of more than 40 km. Exploration work was interrupted by the spring thaw and a drilling program will resume in June or as soon as ground conditions permit. The next drilling program will verify the extent of the main zone, which remains open laterally and at depth. The Valentine Lake project will be Richmont Mines'main exploration target in Newfoundland. National Instrument 43-101 The exploration program was conducted by qualified geologist as required by National Instrument 43-101, under the supervision of Mr. Jules Riopel, M.Sc. Geo., Principal Exploration Geologist, an employee of Richmont Mines Inc. Disclosure regarding forward-looking statements This news release contains forward-looking statements that include risks and uncertainties. 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-U.S. 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 detailed in periodic reports from Richmont Mines Inc. Valentine Lake Property's maps are available on CCNMatthews'Web Site at the following address: https://www2.cdn-news.com/database/fax/2000/rica0407.ppt SOURCE: Richmont Mines Inc. Richmont Mines Inc.Martin RivardExecutive Vice President(819) 797-2465Fax: [phone]https://www.richmont-mines.comORMountain Lake Resources Inc.Allen E. SheitoPresident and Chief Executive Officer(902) 542-9773Fax: [phone]https://www.mountain-lake.com Customize your Business Wire news &multimedia to match your needs. Get breaking news from companies and organizations worldwide. Logon for FREE today at www.BusinessWire.com. Copyright (C) 2004 Business Wire. All rights reserved.