Regulation 43-101

The reserve and resource calculation of the Island Gold and the Beaufor properties as of December 31, 2009 was performed by qualified persons as defined by NI 43-101 and was supervised by Mr. Daniel Adam, Geo., Ph.D., Exploration Director, an employee of Richmont Mines Inc. The reserve and resources calculation of the Island Gold as of December 31, 2009 was prepared by Michel Plasse, P.Geo, an employee of Richmont Mines Inc, and as of December 31, 2008 was prepared by Ms. Nicole Rioux, Geo., of Genivar, qualified persons under the terms of this instrument. The reserves and resources calculation of the Beaufor Mine as of December 31, 2009 and December 31, 2008 was prepared by Mr. Richard Dubuc, P.Geo., and Mr. Jessy Thelland, B.Sc., Geo., employees of Richmont Mines Inc., and qualified persons under the terms of this instrument. The reserve calculations were prepared using a gold price of US$785 (CAN$785) for 2008 and US$850 (CAN$850) for 2009.The reserve and resource calculation of the Francoeur Project was based on a technical report filed on SEDAR August 5, 2009 that was prepared by employees of Richmont Mines who are "qualified persons" as defined by the NI 43-101.The resource estimate of the Valentine Lake property is based on the 43-101 Technical Report dated January 12, 2005, and was performed by Mr Larry Pilgrim, P. Geo. a qualified person as defined by NI 43-101, and was supervised by Mr. Jules Riopel, M.Sc. P. Geo., MBA, a former employee of Richmont Mines Inc.The resource estimate of the Wasamac property is based on the 43-101 technical report dated March 24, 2004, performed by Mathieu Guay, P. Geo, a qualified person as defined by NI 43-101. The resource estimate was updated in January 2005 to reflect results obtained from additional drilling efforts undertaken, and conducted, by a qualified person of Richmont Mines as defined by NI 43-101.

Cautionary note to US investors concerning resource estimates

The resource estimates in this Web site were prepared in accordance with Regulation 43 101, adopted by the Canadian Securities Administrators. The requirements of Regulation 43-101 differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”). In this Web site, we use the terms “measured,” “indicated” and “inferred” resources. Although these terms are recognized and required in Canada, the SEC does not recognize them. The SEC permits US mining companies, in their filings with the SEC, to disclose only those mineral deposits that constitute “reserves.” Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally extracted at the time the determination is made. United States investors should not assume that all or any portion of a measured or indicated resource will ever be converted into “reserves.” Further, “inferred resources” have a great amount of uncertainty as to their existence and whether they can be mined economically or legally, and United States investors should not assume that “inferred resources” exist or can be legally or economically mined, or that they will ever be upgraded to a higher category.

U.S. Investors are urged to consider the disclosure in our annual report on Form 20-F, File No. 001-14598, which may be obtained from us or from the SEC’s web site: http://sec.gov/edgar.shtml.