Acquisition of Patricia Mining Corp. by Richmont Mines Inc. Receives Securityholder Approval

• Press Release
• Source: RICHMONT MINES INC. and Patricia Mining Corp.
• On 1:24 pm EST, Thursday December 11, 2008

ROUYN-NORANDA, QUEBEC and TORONTO, ONTARIO, CANADA--(MARKET WIRE)--Dec 11, 2008 -- Richmont Mines Inc. ("Richmont") (Toronto:RIC.TO - News)(AMEX:RIC - News) and Patricia Mining Corp. ("Patricia Mining") (CDNX:PAT.V - News) today announced that the acquisition of Patricia Mining by Richmont by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (Ontario) has been approved by more than 96% of the votes cast by Patricia Mining's securityholders at the special meeting of Patricia Mining's securityholders. Subject to the satisfaction or waiver of all other conditions to closing, including the approval of the Ontario Superior Court of Justice (Commercial List), Patricia Mining and Richmont expect the Arrangement to be effective on or about December 16, 2008.

Related Quotes Symbol Price Change RIC 3.43 -0.07 {"s" : "ric","k" : "c10,l10,p20,t10","o" : "","j" : ""}

As a result of the Arrangement, Richmont will become the holder of a 100% interest in the Island Gold Mine, which is currently the subject of a joint venture between Richmont and Patricia Mining. Upon the Arrangement becoming effective, in addition to the cash consideration they are entitled to receive under the terms of the Arrangement, Patricia Mining shareholders will receive Richmont shares and will hold approximately 9% of the outstanding shares of Richmont.

 

Martin Rivard                        Chris Chadder
President and                        President and
Chief Executive Officer              Chief Executive Officer
Richmont Mines Inc.                  Patricia Mining Corp

About Richmont Mines Inc.

Richmont produces gold from its operations in Canada and is focused on building its reserves in North America, and has extensive experience in gold exploration, development and mining. Since it began production in 1991, Richmont has produced more than one million ounces of gold from its holdings in Quebec, Ontario and Newfoundland. Richmont's strategy is to cost-effectively develop its mining assets, exploit mineralized reserves on properties owned and acquired, or develop partnerships to expand its reserve base. Richmont routinely posts news and other important information on its website at: www.richmont-mines.com.

About Patricia Mining Corp.

Patricia Mining is a Canadian gold exploration and development company. Patricia Mining's main asset is its joint venture interest in the Island Gold Mine located approximately 50 km northeast of Wawa, Ontario. More information on Patricia Mining can be found at its website www.patriciamining.com.

Legal Counsel

Richmont is represented by Davies Ward Phillips & Vineberg LLP in Toronto, and Patricia Mining is represented by Cassels Brock & Blackwell LLP in Toronto.

Forward-Looking Statements

This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "project", "expect", "may" and similar expressions, as well as "will" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenues and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Richmont's and Patricia Mining's Annual Information Form, Annual Reports and periodic reports.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

     Contacts:
     Richmont Mines Inc.
     James Culligan
     Investor Relations, Kei Advisors LLC
     716-843-3874
     jculligan@keiadvisors.com
     http://www.richmont-mines.com
      
     Patricia Mining Corp.
     Christopher R. Chadder, C.A
     President and CEO
     416-214-4900
     info@patriciamining.com
     http://www.patriciamining.com