RE: RIC annual reportFrom Richmont annual report:
In November 2003, Richmont Mines signed an agreement with Mountain Lake Resources Inc. providing the Company with an option to acquire a 70% interest in the Valentine Lake property in Newfoundland. According to this agreement, Richmont Mines must invest $2.5 million in exploration work by October 31, 2007 to acquire its 70% interest.
The Valentine Lake property includes a major system of quartz-tourmaline veins containing high grades of gold, with intersections of 0.70 ounces of gold per ton over 10 feet and 0.27 ounces of gold per ton over 31 feet. This gold system was identified by means of 2,600 feet of drilling, and remains open laterally and at depth as of 600 feet beneath the surface. Richmont Mines has undertaken $150,000 in exploration work during the due diligence period, which will end
on March 31, 2004. The Company will then be able to pursue the exploration work and acquire its interest in
the property. VALENTINE LAKE