FRANCOEUR MINE

Richmont Mines announced that the revenue for the fourth quarter of 2009 was $17.1 million, down from last year’s $22.9 million. Net income for the fourth quarter of 2009 was $0.11 million, or $0.00 per share, compared with the $2.1 million, or $0.09 per share earned in the fourth quarter of 2008.

Richmont Mines announced that it has filed a NI 43-101 compliant technical report on the Francoeur Gold Project. An internal pre-feasibility study estimates that the Francoeur Gold Project has probable reserves of 615,664 tonnes grading 6.91 g/t Au and that it can produce 136,000 ounces of gold (before recovery) over an initial 4-year period. The capital cost of the project is evaluated at CAN$14.8 million. The following table presents the net present value (NPV) at a discount rate of 5% and the internal rate of return (IRR) of the project using various gold price assumptions.

Dewatering commenced. The dewatering of the mine, which reaches a depth of approximately 820 metres, will also include the commissioning of the existing hoist and the upgrade of the related infrastructure. This work is expected to be completed over an eight month period.