RICHMONT MINES INC.
TSX : RIC
NYSE Amex : RIC

RICHMONT MINES INC.

October 29, 2009 08:30 ET

Richmont Mines Reports its Results for the Third Quarter of 2009

MONTREAL, QUEBEC--(Marketwire - Oct. 29, 2009) - Richmont Mines Inc. (TSX:RIC)(NYSE Amex:RIC)

Highlights:

- Total gold sales of 16,840 ounces at an average price of US$899 (CAN$1,052) per ounce

- Q3 2009 EPS of $0.01 versus Q3 2008 EPS of ($0.04), and Q2 2009 EPS of ($0.05)

- Development work at the Francoeur project on schedule

- 5,000 metre drilling program announced for Cripple Creek property

- $25.7 million in working capital as at September 30, 2009

- No long-term debt

Richmont Mines Inc. (TSX:RIC)(NYSE AMEX:RIC), a Canadian-based gold exploration, development and production company, is pleased to announce financial and operational results for its third quarter ended September 30, 2009. Financial results are based on Canadian GAAP and dollars are reported in Canadian currency, unless otherwise noted.

"Along with the rest of the industry, our quarterly results definitely benefitted from the higher gold price," commented Mr. Martin Rivard, President and CEO of Richmont Mines. "However, we also made notable strides toward lowering our cash cost per ounce at our two operating mines, Island Gold and Beaufor, versus Q2 2009 levels. Furthermore, we reached our targeted annualized milling rates at our Island Gold Mine, which should translate into improved production results at this operation going forward. Lastly, development work at the Francoeur project is progressing well, and our targeted production launch continues to be the first half of 2011."

Total revenue for the third quarter of 2009 was $19.1 million, up 16% from the $16.5 million generated in the comparable period of 2008. Results reflect a 15% improvement in precious metal revenue, buoyed by a slight increase in the number of ounces of gold sold and a higher average selling price, and a 24% increase in other revenue, driven primarily by an increase in custom milling revenues.

Precious metal revenue rose 15% year-over-year in Q3 to $17.7 million, versus $15.3 million in the comparable period in 2008, and increased 24% over the $14.2 million generated in Q2 2009. This improvement is largely attributable to a 15% year-over-year increase in the average selling price per ounce of gold to CAN$1,052 (US$899), versus CAN$918 (US$861) in the third quarter of 2008. A total of 16,840 ounces of gold were sold in the quarter, versus 16,723 in Q3 2008, as a 26% increase in ounces of gold sold from the Island Gold Mine was offset by a similar decrease in the number of ounces sold from the Beaufor Mine.

Operating costs, including royalties, were $13.1 million in the third quarter of 2009, up 28% from last year's $10.3 million. This increase primarily reflects higher tonnage at the Island Gold and Beaufor mines, which were up 49% and 5% year-over-year, respectively. However, lower recovered grades realized at both operations contributed to an increase in the average cash cost per ounce of gold produced to US$667 (CAN$780), from US$577 (CAN$615) last year.

Quarterly exploration and project evaluation costs amounted to $2.5 million, down from $3.4 million in the third quarter of 2008, reflecting last year's incurrence of $1.8 million of exploration costs at the Golden Wonder Project in Colorado. In October 2008, Richmont decided not to pursue its option to a 50% interest in this property, after drilling results failed to confirm the continuity of an economically viable ore zone. The Company is committed to continuing its efforts to grow its reserve base at its other properties, and incurred approximately $1.1 million of costs during the quarter at the Island Gold Mine, $0.6 million at the Beaufor Mine, and an additional $1 million at its Francoeur project.

Richmont generated net earnings of $0.2 million in the quarter, or $0.01 per share, up notably from last year's net loss of $0.9 million, or ($0.04) per share. Driving this favourable shift was a higher realized average price per ounce, and lower year-over-year exploration and project evaluation costs, the benefits of which more than mitigated a lower grade of ore processed.

Nine-Month Review

In the first nine months of 2009, total revenue increased 15% to $54.8 million from $47.7 million in the comparable period of 2008. Results were driven by an 18% increase in the average sales price per ounce of gold to CAN$1,087 (US$929), which was partially offset by a 4% decrease in the number of gold ounces sold to 46,704. Year-to-date results were similarly buoyed by higher custom milling revenues generated by the Camflo Mill.

Including royalties, operating costs for the nine-month period were $38.6 million, up 22% over the prior year's $31.6 million. The year-over-year increase reflects a 41% jump in the number of tonnes produced at Island Gold Mine, and higher mining costs at the Beaufor Mine operations.

Exploration and project evaluation costs for the first nine months of 2009 were $6.7 million, down from the $8.2 million spent in the comparable period of 2008. The annual $1.5 million decrease was primarily attributable to the non-recurrence of $3.7 million of costs incurred at the Golden Wonder project in 2008. Richmont has spent over $1.9 million at its Francoeur property since launching a major exploration program at this site earlier in 2009, and has also continued to invest in exploration projects, incurring approximately $0.2 million of costs in the first nine months of the year. An additional $5.1 million has been spent year-to-date at the Island Gold and Beaufor mines, reflecting the Company's continuing commitment to grow its reserve base.

Net earnings for the first nine months of the year were $0.2 million, or $0.01 per share, up from the net loss of $0.45 million, or ($0.02) per share, incurred in the comparable period of 2008.

Financial Position and Capital Structure

At September 30, 2009, cash and cash equivalents totalled $22.9 million, unchanged from June 30, 2009 levels, and down $3.1 million from the $26.0 million at December 31, 2008. The decrease reflects the Company's $2.3 million of cash flow from operations, offset by capital expenditures of $5.4 million over the nine month period. Cash equivalents consist of $16.4 million in Guaranteed Investment Certificates (GICs) and Money Market Funds with high-level credit ratings, and $6.5 million in cash deposited in a major Canadian chartered bank. Richmont Mines has no long term debt, no hedging contracts, and has $25.7 million in working capital, with only 26.1 million shares outstanding.



Island Gold Mine
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Three months ended Nine months ended
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
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Tonnes 62,302 41,916 159,989 113,422
Head grade (g/t) 5.80 6.78 6.18 6.94
Gold recovery (%) 94.50 95.39 94.88 95.36
Recovered grade (g/t) 5.49 6.47 5.86 6.61
Ounces sold 10,988 8,721 30,150 24,122
Cash cost per ounce
(US$) 673 689 717 724

Investment in
property, plant and
equipment
(thousands of CAN$) 834 447 3,503 1,488
Exploration expenses
(thousands of CAN$) 1,129 658 2,724 1,425

Deferred development
metres 373 87 1,167 210

Diamond drilling
(metres)
Definition 3,350 640 13,213 8,876
Exploration 13,726 1,901 14,804 1,901
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The amount of ore processed at the Island Gold Mine in the third quarter of 2009 rose 49% year-over-year to 62,302 tonnes, driven by improved efficiency and production rates. The cash cost per ounce produced actually fell year-over-year in US dollar terms to US$673 from US$689 last year, due to more favourable exchange rates. However in Canadian dollar terms, the cash cost per ounce produced at the Island Gold Mine increased 7% year-over-year to CAN$787 from CAN$734 in 2008, reflecting a 15% drop in the recovered grade to 5.49 g/t (versus 6.47 g/t in 2008), primarily the result of a greater amount of development ore being processed. Q3 gold sales from the Island Gold Mine rose 26% over 2008 levels to 10,988 ounces, driven by the greater number of tonnes processed, while the average selling price obtained increased 17% year-over-year to CAN$1,051 (US$898).

Milling capacity at Island Gold continues to increase, and the average daily production rate in the current quarter was 666 tonnes, well above the Q2 2009 level of 576 tonnes, and a significant improvement over the Q3 2008 levels of 467 tonnes per day.

In the first nine months of 2009, a total of 159,989 tonnes of ore were processed at Island Gold, a 41% increase over 2008. The number of ounces of gold sold from this mine rose 25% in the first nine months of 2009 to 30,150 ounces, while the average selling price increased 19% year-over-year to CAN$1,086 (US$928). While results year-to-date reflect favourable efficiency improvements, the lower average recovered grade of 5.86 g/t (versus 6.61 g/t in 2008) was below expectations, due primarily to the continued processing of a greater than expected proportion of development ore and higher dilution in the first two quarters of the year.

"We are pleased with the progress made at our Island Gold Mine year-to-date, particularly with regards to milling capacity and overall efficiency, as well as in workplace health and safety performance," noted Mr. Rivard. "Staffing challenges experienced in the past have mostly been resolved, and we now have a good team in place. In fact, we attained our annualized milling rate in the third quarter, and also improved performance in production stopes over Q2, both of which are a testament to the progress made. Our main focus going forward is to achieve our targeted mill head grade of a minimum of 7 g/t."



Beaufor Mine
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Three months ended Nine months ended
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
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Tonnes 26,912 25,572 79,181 85,331
Head grade (g/t) 6.86 9.88 6.64 9.16
Gold recovery (%) 98.66 98.55 97.92 98.37
Recovered grade (g/t) 6.76 9.73 6.50 9.01
Ounces sold 5,852 8,002 16,554 24,707
Cash cost per
ounce (US$) 655 455 682 493

Investment in property,
plant and equipment
(thousands of CAN$) 266 6 654 112
Exploration expenses
(thousands of CAN$) 572 803 2,370 2,214

Deferred development
metres 219 - 581 -

Diamond drilling
(metres)
Definition 10,174 2,190 18,955 6,740
Exploration 7,100 9,028 23,636 24,467
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Richmont Mines processed a total of 26,912 tonnes of ore from the Beaufor Mine in the Q3 2009, up 5% over 2008 levels. However, cash cost per ounce sold increased a substantial 44% year-over-year to US$655 (CAN$766), from US$455 (CAN$485) in 2008, driven by 31% drop in the recovered grade to 6.76 g/t (from 9.73 g/t in 2008), which was primarily attributable to lower than expected results from room-and-pillar stopes. While Q3 gold sales from Beaufor Mine fell 27% year-over-year to 5,852 ounces, this level represented a 24% increase over Q2 2009 levels. The quarterly average price for ounces sold increased 12% over Q3 2008 levels to CAN$1,055 (US$902).

Year-to-date, Beaufor Mine has processed a total of 79,181 tonnes of ore, 7% below 2008 levels. Cash cost per ounce of gold produced rose 38% to US$682 (CAN$798), again reflecting a substantially lower recovered grade of 6.50 g/t (versus 9.01 g/t in 2008), driven by less favourable results from room-and-pillar stopes, most notably in the second and third quarters of 2009. Richmont sold a total of 16,554 ounces of gold from the Beaufor Mine in the first nine months of 2009, down 33% from 2008 levels, however this was partially offset by a 16% year-over-year increase in the average selling price to CAN$1,088 (US$930).

Exploration at the Beaufor Mine

The 7,100 metres of exploration drill testing completed in the quarter mainly focused on the east and west extensions of the Q Zone, the depth extension of the C Zone, and the area proximal to the Perron Fault. While results have not led to any significant increase in inferred resources in the zones at depth from year-end 2008, Richmont expects to complete the detailed analysis of these drilling results by the end of this year, at which point management will evaluate all possible alternatives for the mine. Definition drilling in the zones accessible from the current infrastructure increased substantially in 2009 to 10,174 metres in the quarter versus 2,190 metres in Q3 of last year. Results from this drilling will be compiled for the Company's year-end reserve calculations.

Camflo Mill

In addition to processing ore from the Beaufor Mine, the Camflo Mill processed a total of 42,460 tonnes in the quarter, up 67% over 2008 levels. This brought year-to-date custom milling tonnage to 111,833, versus the 42,060 tonnes milled in the comparable period of 2008. The 100%-owned Camflo Mill continues to place great emphasis on workplace health and safety, a practice that enabled it to realize the important milestone of three years without a single compensable accident in June 2009.

Francoeur

As previously announced, Richmont has decided to proceed with a development and exploration program at its 100%-owned Francoeur property, located 25 km west of Rouyn-Noranda, Quebec. This mine produced in excess of 345,000 ounces of gold between 1991 and 2001, at which point it was closed as a result of the low prevailing gold price. Current estimates for this property include probable reserves of 615,664 tonnes grading 6.91 g/t Au, and total production of 136,000 ounces of gold over an initial 4 year period. Complete details of the Francoeur Gold Project can be found in the NI 43-101 compliant technical report filed on SEDAR by Richmont on August 7, 2009.

Dewatering of the mine is progressing well, and is expected to be finished in Q1 2010. Once dewatering has been completed, drift excavation work will begin to reach the targeted West Zone. After a phase of definition drilling and stope preparation, we expect to begin gold production in the first half 2011. Based on current probable reserve estimates, this project is expected to produce 35,000 ounces of gold annually for an initial mine life of 4 years.

In tandem with the ongoing mine preparation work, a total of 7,434 metres of surface exploration drilling were completed on this property during the third quarter. While results from this drilling have yet to be finalized, one promising drill result intercepted 7.75 g/t of gold over 2.14 metres. Going forward, Richmont plans to initiate an underground exploration and definition drilling program once access to the mine has been re-established. In particular, several mineralized zones located in the footwall and hanging wall of the West Zone have already been drill identified. However, additional definition drilling from underground is needed to fully evaluate their size and grade before adding them to the mineral inventory.

Cripple Creek

During the third quarter of 2009 Richmont Mines also announced plans for a 5,000 metre drilling program at its 100%-owned Cripple Creek Gold Project. Covering 694 hectares, this property is located west of the Timmins Gold Camp in Ontario, where more than 70 million ounces of gold have been produced by various mining companies over the years. Exploration by previous owners during the 1980s and 1990s unveiled three notable zones on the property: Mahoney Creek Zone, Zone 16 and Zone 17. Drilling efforts are planned for the first quarter of 2010, and will mainly target the lateral and depth extensions of Zone 16 and Mahoney Creek Zone. Richmont plans to investigate other promising gold targets on the property in the future. Please see our September 23, 2009 press release for full details.

Outlook

Mr. Martin Rivard, President and CEO of Richmont Mines, commented: "Our focus going forward is fourfold. At Island Gold, our efforts are geared primarily toward increasing tonnage while meeting targeted grade levels and reducing costs. Our mission at Beaufor Mine, in addition to improving production performance, is to increase our resource base below the current infrastructure and to maintain our definition drilling efforts around our existing mining areas. We have completed a total of over 42,000 metres of definition and exploration drilling on this property to date in 2009, the results of which will be used to compile the Company's year-end Reserve and Resources. Our third focus, and this ties in with the Company's goal to become an intermediate North American gold producer with 3 to 4 producing mines, is to continue evaluating possible partnership and/or acquisition possibilities - something that we are actively in the process of doing. And lastly, we are focussed on advancing the development of our Francoeur project. Work here is progressing as planned, and we are excited about getting operations on line in the first half of 2011."

Martin Rivard

President and Chief Executive Officer

About Richmont Mines Inc.

Richmont Mines has produced over 1,000,000 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 www.richmont-mines.com.

Forward-Looking Statements

This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" 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 revenue and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Richmont Mines' Annual Information Form, Annual Reports and periodic reports.

Cautionary Note to U.S. Investors Concerning Resource Estimates

The resource estimate in this news release is prepared in accordance with Regulation 43-101 adopted by the Canadian Securities Administrators. The requirements of R 43-101 differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"). In this news release, 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 U.S. 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.

FINANCIAL STATEMENTS FOLLOW.



EXPLORATION PROPERTIES
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Three months ended Nine months ended
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
$ $ $ $
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Exploration costs
- Mines
Beaufor Mine 572 803 2,370 2,214
Island Gold Mine 1,129 658 2,724 1,425
-------------------------------------------------------------------------

1,701 1,461 5,094 3,639

Exploration costs
- other properties
Francoeur/Wasamac
properties 959 25 1,919 124
Golden Wonder
property - 1,849 - 3,663
Other properties 4 200 22 210
Project evaluation 41 90 188 251
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2,705 3,625 7,223 7,887

Exploration tax
credits (195) (210) (482) (567)
Reversal of
exploration tax
credits recorded
in 2007 - - - 850
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2,510 3,415 6,741 8,170
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FINANCIAL DATA
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Three months ended Nine months ended
September 30, September 30, September 30, September 30,
CAN$ 2009 2008 2009 2008
-------------------------------------------------------------------------

Results (in thousands
of $)
Revenue 19,145 16,495 54,784 47,683
Net earnings (loss) 183 (894) 226 (451)
Cash flow from
operations 1,594 820 2,334 4,689

Results per share ($)
Net earnings (loss)
basic and diluted 0.01 (0.04) 0.01 (0.02)

Basic weighted average
number of common
shares outstanding
(thousands) 26,112 23,924 26,109 24,002

Average selling price
of gold per ounce 1,052 918 1,087 924
Average selling price
of gold per ounce
(US$) 899 861 929 867
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September 30, December 31,
2009 2008
-------------------------------------------------------------------------

Financial position
(in thousands of $)
Total assets 81,867 82,881
Working capital 25,700 26,753
Long-term debt - -
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SALES AND PRODUCTION DATA
------------------------------------------------------------------------
------------------------------------------------------------------------
Three-month period ended September 30,
------------------------------------------------------------------------
Ounces of gold Cash cost
(per ounce sold)
Year Sales Production US$ CAN$
------------------------------------------------------------------------
Island Gold Mine 2009 10,988 9,492 673 787
2008 8,721 9,819 689 734
------------------------------------------------------------------------
Beaufor Mine 2009 5,852 5,685 655 766
2008 8,002 6,326 455 485
------------------------------------------------------------------------
Total 2009 16,840 15,177 667 780
2008 16,723 16,145 577 615
------------------------------------------------------------------------

------------------------------------------------------------------------
------------------------------------------------------------------------
Nine-month period ended September 30,
------------------------------------------------------------------------
Ounces of gold Cash cost
(per ounce sold)
Year Sales Production US$ CAN$
------------------------------------------------------------------------
Island Gold Mine 2009 30,150 28,923 717 840
2008 24,122 26,374 724 772
------------------------------------------------------------------------
Beaufor Mine 2009 16,554 14,934 682 798
2008 24,707 26,725 493 526
------------------------------------------------------------------------
Total 2009 46,704 43,857 705 825
2008 48,829 53,099 608 648
------------------------------------------------------------------------
Average exchange rate used for 2008: US$1 equals CAN$1.0660
2009 estimated exchange rate: US$1 equals CAN$1.1701



CONSOLIDATED STATEMENTS OF EARNINGS
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-------------------------------------------------------------------------
(in thousands of Canadian dollars)
(Unaudited) Three months ended Nine months ended
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
$ $ $ $
-------------------------------------------------------------------------

REVENUE
Precious metals 17,721 15,348 50,748 45,095
Other 1,424 1,147 4,036 2,588
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19,145 16,495 54,784 47,683
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EXPENSES
Operating costs 12,753 9,893 37,367 30,541
Royalties 386 389 1,193 1,097
Custom milling 876 620 2,587 978
Administration 652 769 2,570 2,431
Exploration and
project evaluation 2,510 3,415 6,741 8,170
Accretion expense
- asset retirement
obligations 58 44 171 130
Depreciation and
depletion 1,794 1,507 4,398 4,146
Loss (gain) on
disposal of mining
assets - 1 (580) 21
-------------------------------------------------------------------------

19,029 16,638 54,447 47,514
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EARNINGS (LOSS) BEFORE
OTHER ITEMS 116 (143) 337 169

MINING AND INCOME
TAXES (85) 549 102 34
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201 (692) 235 135

MINORITY INTEREST 18 202 9 586
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NET EARNINGS (LOSS) 183 (894) 226 (451)
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NET EARNINGS (LOSS)
PER SHARE
basic and diluted 0.01 (0.04) 0.01 (0.02)

BASIC AND DILUTED
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES OUTSTANDING
(thousands) 26,112 23,924 26,109 24,002
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See accompanying notes to consolidated financial statements available on
SEDAR (www.sedar.com).



CONSOLIDATED BALANCE SHEETS
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(in thousands of Canadian dollars)
September 30, December 31,
2009 2008
$ $
-------------------------------------------------------------------------
(Unaudited) (Audited)

ASSETS

CURRENT ASSETS
Cash and cash equivalents 22,879 26,021
Restricted cash - 116
Short-term investments 610 121
Accounts receivable 1,484 986
Mining and income taxes receivable 1,788 1,586
Inventories 5,824 6,012
-------------------------------------------------------------------------

32,585 34,842

DEPOSITS RESTRICTED 106 -

PROPERTY, PLANT AND EQUIPMENT 49,176 48,039
-------------------------------------------------------------------------

81,867 82,881
-------------------------------------------------------------------------
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LIABILITIES

CURRENT LIABILITIES
Accounts payable and accrued charges 6,807 6,912
Mining and income taxes payable 78 1,177
-------------------------------------------------------------------------

6,885 8,089

ASSET RETIREMENT OBLIGATIONS 4,936 4,664

MINORITY INTEREST 2,033 2,024

FUTURE MINING AND INCOME TAXES 661 1,086
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14,515 15,863
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SHAREHOLDERS' EQUITY

Capital stock 64,680 64,672
Contributed surplus 5,944 5,678
Deficit (2,899) (3,096)
Accumulated other comprehensive income (373) (236)
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67,352 67,018
-------------------------------------------------------------------------

81,867 82,881
-------------------------------------------------------------------------
-------------------------------------------------------------------------

See accompanying notes to consolidated financial statements available on
SEDAR (www.sedar.com).



CONSOLIDATED STATEMENTS OF CASH FLOW
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(in thousands of Canadian dollars)
(Unaudited) Three months ended Nine months ended
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
$ $ $ $
-------------------------------------------------------------------------

CASH FLOW FROM
OPERATING ACTIVITIES
Net earnings (loss) 183 (894) 226 (451)
Adjustments for:
Depreciation and
depletion 1,794 1,507 4,398 4,146
Stock-based
compensation 95 108 295 384
Accretion expense
- asset retirement
obligations 58 44 171 130
Loss (gain) on
disposal of mining
assets - 1 (580) 21
Loss on disposal of
short-term
investments 10 53 10 11
Minority interests 18 202 9 586
Future mining and
income taxes (357) 6 (425) (333)
-------------------------------------------------------------------------

1,801 1,027 4,104 4,494

Net change in non-cash
working capital
items (207) (207) (1,770) 195
-------------------------------------------------------------------------

1,594 820 2,334 4,689
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CASH FLOW USED IN
INVESTING ACTIVITIES
Property, plant and
equipment - Island
Gold Mine (834) (447) (3,503) (1,488)
Property, plant and
equipment - Beaufor
Mine (266) (6) (654) (112)
Property, plant and
equipment - Francoeur
project (394) - (788) -
Other property, plant
and equipment (94) (1,069) (398) (1,604)
Disposal of mining
assets - 12 9 67
Deposits restricted (106) - (106) -
Acquisition of
short-term investments - - - (23)
Disposal of short-term
investments 14 9 14 712
Cash received from
an advance to a
minority partner - - - 750
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(1,680) (1,501) (5,426) (1,698)
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CASH FLOW USED IN
FINANCING ACTIVITIES
Issue of common
shares - - 82 25
Redemption of
common shares (26) (419) (132) (683)
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(26) (419) (50) (658)
-------------------------------------------------------------------------

Net increase (decrease)
in cash and cash
equivalents (112) (1,100) (3,142) 2,333

Cash and cash
equivalents,
beginning of period 22,991 30,724 26,021 27,291
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Cash and cash
equivalents, end
of period 22,879 29,624 22,879 29,624
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-------------------------------------------------------------------------

See accompanying notes to consolidated financial statements available on
SEDAR (www.sedar.com).

Contact Information