Richmont turns Valentine Lake in central Newfoundland over to the minority partner, Mountain Lake Resources, for stock and annual cash payment to increase exploration focus at Beaufor and Island Lake mines.

Evidently, the majority holder of the Beaufor mine sees increasing potential at the east Val-D'Or mine property. This is significant as Richmont's stock has been strong lately. Richmont's future appears now based on Island Lake and Beaufor. Undoubtedly, the news flow concerning Beaufor will increase. This will greatly benefit Louvem's share price.