The Valentine Lake Property is located in Central Newfoundland, 55 km south of the town of Buchans.

A total of $2,552,000 has been invested in the Valentine Lake exploration program since the option agreement was dated November 17, 2003. By meeting its option work commitments of $2.5 million in expenditures by October 31, 2007, Richmont Mines has acquired a 70% interest in the Valentine Lake property.

The main zone of the Valentine Lake property contains inferred resources of 1,314,780 tonnes at 8.50 g/t Au (cut at 58 g/t Au) for a total of 359,480 ounces of gold.

On February 11, 2009, Richmont Mines granted Mountain Lake an option to purchase Richmont’s 70% interest held in the Valentine Lake property.


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