Richmont knows the value of the Beaufor and surrounding claims better than anyone. The question is, as the half owner of the Beaufor mine and majority owner in Louvem which owns the other half, how does it benefit them to increase shareholder value?

It only makes them pay more someday when they decide to purchase the remainder of the Louvem shares not owned.

The only time we'll benefit, outside of the perceived value by others, is when Richmont Mines wants to hype their own stock as a result of good mining results or an improving reserve picture at the mine.

The main reason Richmont doesn't make an offer for the remaining shares held by minority owners is that their potential stock ratio exchange is too low for them and they have other developments that require their cash on hand. For an example as of September 1, 2008, they will have spent $3 million on their Golden Wonder Mine project in Colorado. If this project continues to move forward, it will continue eating up Richmont's cash.

Over the past years I have written Louvem's board requesting that they do currency hedges with the US dollar. If they had followed this advice sharerholders would have today been in a much better financial condition.

I agree with you that we need a more focused set of eyes on the company. Ones that are more responsive to minority shareholders concerns and ones that exhibit respect for intelligent ideas like the one I suggested to insure holders of the company against a falling dollar which I totally understood some years back.

I even suggested that if they didn't believe that the dollar was headed lower they could contact a seasoned and experienced analyst by the name of Mr. James Sinclair. The board chose to ignore my input and cost shareholders needless amounts of money. This kind of money mistake is not forgivable when it comes out of my pocket along with the pockets of other owners when it could have been prevented.

Are we not in the business to cut costs when available, to insure a better shareholder return? The current board may know about mining but do they really have enough perspective concerning the world around them as it applies to protecting the interests of its other owners that care?