Richmont Mines Completes Sale of Its 70% Interest in the Valentine Lake Property

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Richmont Mines has numerous Producing, Development and Exploration Properties in Quebec and Ontario.

Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

To this end:

1.We have identified 8 fundamental but easily fixable flaws that will be corrected in the coming week, so that you can continue to use the forums exactly as you've been accustomed to.

2.Additionally we will also be implementing a couple of design improvements to "tighten up" the look and feel of the forums.

Have a great Sunday, especially those of you like me that are celebrating Orthodox Easter ... As well as those of you who are also like me and mourning another Maple Leafs Game 7 exit ... Ugggh!

Sincerely,

George et al

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Richmont Mines Completes Sale of Its 70% Interest in the Valentine Lake Property

posted on Jan 25, 2011 11:06AM

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MONTREAL, QUEBEC--(Marketwire - Jan. 25, 2011) - Richmont Mines Inc. (TSX:RIC)(NYSE Amex:RIC) ("Richmont" or the "Company") is pleased to announce that it has received a payment of CAN$3,000,000 from Mountain Lake Resources Inc. (TSX Venture: MOA) ("Mountain Lake") required to fulfill all of the conditions set out in the Letter Agreement (the "Letter Agreement"), signed in February 2009, that gave Mountain Lake the option to acquire Richmont's 70% interest in the Valentine Lake property (the "Property"), located in Newfoundland.

In accordance with the terms set out in the Letter Agreement, Mountain Lake paid Richmont an option fee of 2,500,000 of its common shares in April 2009, has incurred an amount of CAN$1,000,000 of exploration and development expenditures on the Property, and paid Richmont a sum of CAN$3,000,000 in cash on January 24, 2011 to satisfy the cash option payments set out in the Letter Agreement. With all conditions met, Richmont has proceeded with the transfer of its 70% interest in the Property to Mountain Lake.

About Richmont Mines Inc.

The Company has produced over 1.2 million ounces of gold from its operations in Quebec, Ontario and Newfoundland since beginning production in 1991. With extensive experience in gold exploration, development and mining, the Company is well positioned to cost-effectively build its North American reserve base through a combination of organic growth, strategic acquisitions and partnerships. Richmont routinely posts news and other important information on its website (http://www.richmont-mines.com/">www.richmont-mines.com).

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