Valentine Lake

Size	134.75 km² (13,745 hectares)
Location	55 km south of Buchans, in central Newfoundland
Ownership	70% Richmont - 30% Mountain Lake Resources (TSX Venture Exchange: MOA)
	Note: In February 2009, Richmont granted MOA a 5-year option to acquire the Company’s 70% interest
Technical report	Click here to view the technical report.

Resources (Richmont's 70% share as of December 31, 2009)

	Tonnes (metric)	Au (g/t)	Au Ounces
Inferred Resources	920,000	8.50	251,600

Brief history:

On November 13, 2003, Richmont was granted an option to acquire 70% of the Valentine Lake project from Mountain Lake Resources (TSX Venture Exchange: MOA). By meeting its option work commitments of CAN $2.5 million in expenditures by October 31, 2007, Richmont Mines successfully acquired a 70% interest in the Valentine Lake property.

From late 2007 through early 2009, Richmont spent a total of $0.3 million on the property, mainly for building and upgrading a total of 40 km of roads to provide access to the Leprechaun Pond deposit. On February 11, 2009, Richmont Mines granted Mountain Lake an option to re-purchase Richmont’s 70% interest in the property. Under the terms of the agreement, MOA paid Richmont an option fee of 2.5 million of its common shares, at a deemed value of CAN $0.65 million, or $0.26 per share. MOA may exercise the purchase option over a 5 year period by making option payments to Richmont for an additional CAN $3 million (in cash and/or shares), and by incurring CAN $1 million in exploration and development expenditires within that timeframe.

Notwithstanding Richmont's diminished day-to-day role, the Company will benefit from any future success on this property as one of MOA's largest shareholders.

Geological characteristics:

The Valentine Lake property is situated within the Exploits sub zone of the Dunnage tectono stratigraphic zone of Newfoundland. This sub zone is composed of lower Ordovician volcanics and epiclastic rocks intruded by small granodioritic to gabbroic plutons.

In the Leprechaun Pond area, the mineralization is located near the contact between the Valentine Lake intrusive and the underlying Rogerson Lake Conglomerate. Interpretation of diamond drill results have identified several mineralized areas including: a Main Zone confined by two mafic dykes, Zone 2 and Zone 3 contained in the hangingwall and several highgrade intersections defined as an extension of the Main Zone to the northeast.

Early in the exploration of the property, visible gold was identified at surface in quartz- tourmaline veins that infill tension-gash fractures. Gold occurs both in quartz-tourmaline veins and in alteration selvages. Gold is strongly associated with pyrite, although there are several generations of pyrite present. The highest gold values are normally associated with coarse, euhedral aggregates of pyrite.

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