Wasamac

Size	5.91 km² (591 hectares)
Location	15 km west of Rouyn-Noranda, Quebec
	100 km west of the Company's Camflo Mill
Ownership	100%
Drilling campaigns	20,000 metres in 2010
	50,000 metres in 2011
Technical report	Click here to view the 43-101 technical report.

Resources (as of December 2011)

	Tonnes (metric)	Au (g/t)	Au Ounces
Measured Resources	1,923,218	2.87	177,485
Indicated Resources	4,839,237	2.44	378,900
Inferred Resources	25,686,159	2.58	2,130,532

Brief history:

Gold mineralization on the Wasamac property was originally discovered in 1936 by Mine d’Or Champlain through surface trenching work. A considerable amount of exploration and development work has been carried out on the property since this time, and resulted in the discovery of several ore bodies. Intermittent production from the Wasamac Mine between 1965 and 1971 totaled 1,892,448 metric tons grading 4.16 g/t Au, for a total of 252,923 recovered ounces of gold, mostly from the Main Zone.

On May 7, 1986, Ressources Minières Rouyn (now Richmont Mines Inc.) signed an option agreement with Lac Minerals, the property owners at the time. This agreement entitled Richmont to earn a 50% interest in the property by incurring exploration expenses of CAN $5.0 million.

In 1992, Richmont acquired 100% ownership of the Wasamac property, at which time the Company began dewatering the pre-existing underground operations and completed additional surface drilling. Unfavourable economic conditions at the time, however, led to the project being shelved in 1994.

Over the 2002 – 2004 period, 13,754 metres of surface drilling on this property intersected mineralization in the #2 East Zone, which lies within the Wasa Shear Zone. This drilling resulted in estimated Inferred Resources of 1,282,000 tonnes, grading 6.92 g/t Au, for 285,200 ounces of gold.

Exploration drilling campaigns:

Richmont began a 10,000 metres drilling campaign on this property in May 2010, with the goal of reassessing resources using a lower cut-off grade in order to evaluate the potential for an underground bulk mining operation. Subsequent to favourable results being obtained, the 2010 drilling program was extended to 20,000 metres.

Drilling in 2011 will focus along a horizontal strike length of 2 km, and will target a maximum vertical depth of approximately -800 m. The main targets are: the lower part of the Main Zone between the bottom of the mine and the Horne fault, the lower part of Zone 1, the upper and the lower western parts of Zone 2, and Zone 3. Some exploration holes will also target the area between the Main Zone and Zone 1, which is mostly unexplored.

Geological characteristics:

The Francoeur-Wasa Shear, the most favourable geological target in this area, runs through the center of the property with an east-west trend (260°) and a northern dip between 50° – 55°. The mineralization, which remains open at depth, is closely associated with pyrite dissemination and alteration of the volcanic rocks within the shear zone. Five known gold bearing zones are located within this north dipping Shear: the Main Zone, Zone 1, Zone 2, Zone 3 and the Macwin Zone. Another zone of interest, the Wildcat Zone, is located approximately 300 metres south of the Main Zone, within a south dipping structure sub-parallel to the Francoeur-Wasa Shear.

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