FRANCOEUR MINE: DEWATERING PHASE COMPLETED, DEVELOPMENT WORK SET TO
MONTREAL, Quebec, Canada, July 7, 2010 - Richmont Mines Inc. (“Richmont” or the “Company”) (TSX -
NYSE Amex: RIC) is pleased to announce that all 17 levels of the Francoeur Mine have been dewatered and
that underground development work is scheduled to begin next week.
To date, surface infrastructure at the Francoeur Mine has been re-commissioned, and is fully equipped for mine
development purposes. Initial underground preparation work will be completed this week to prepare for the
planned drift excavation efforts needed to access the targeted West Zone. Installation of additional underground
electrical infrastructure required for commercial production will be done in conjunction with the development
Recruitment for the Francoeur Mine is progressing well, with crews needed for the development phase already in
place. The Company expects to be able to attract the needed additional qualified personnel, as the mine is
located just 25 km southwest of Rouyn-Noranda, Quebec, in the heart of the Abitibi Gold Belt.
Based on the property’s current probable reserves of 615,664 tonnes grading 6.91 g/t Au for 136,749 Au
ounces, the Francoeur Mine is expected to produce approximately 35,000 ounces of gold on an annual basis
over an initial 4 year mine life. From 1991 to 2001, Richmont produced more than 345,000 ounces of gold from
the No. 3 Deposit, one of the main ore bodies located in the Francoeur-Wasa shear zone. Despite the discovery
of the West Zone at that time, the Francoeur Mine ceased commercial production in 2001, when the prevailing
gold price was under US$300 per ounce. As a result of the higher gold price over the last few years, Richmont
re-assessed the resources of the Francoeur Gold Project, and filed an amended and restated Regulation 43-101
compliant technical report, dated May 19, 2010 (1) and available on the SEDAR website (www.sedar.com).
The Francoeur property also