June 18, 2010 11:56 ET

The Shareholders of Louvem Mines Approve the Amalgamation With A Wholly-Owned Subsidiary of Richmont Mines

MONTREAL, QUEBEC--(Marketwire - June 18, 2010) - Louvem Mines Inc. (TSX VENTURE:LOV) ("Louvem" or the "Company") announces that at its annual and special general meeting of shareholders held today, the holders of the majority of the shares of Louvem, excluding those held by Richmont Mines Inc. ("Richmont"), have approved the amalgamation of Louvem and 9222 - 0383 Québec inc., a wholly-owned subsidiary of Richmont (the "Amalgamation").

The TSX Venture Exchange, the Toronto Stock Exchange and the NYSE Amex have all approved the Amalgamation subject only to the usual conditions.

Louvem expects the Amalgamation to take effect on June 30, 2010.

In conformity with the Amalgamation Agreement entered into on May 18, 2010 between Louvem and Richmont (the "Amalgamation Agreement"), on the effective date of the Amalgamation the outstanding shares of Louvem will be cancelled and the shareholders of Louvem other than Richmont (the "Minority Shareholders") will receive one share of Richmont for each 5.4 shares of Louvem that they hold. The Minority Shareholders will also be entitled to receive an amount in cash for their odd lots of shares of Louvem (see the Amalgamation Agreement on SEDAR at www.sedar.com). Richmont expects to issue the shares during the week of July 5, 2010. Louvem and 9222 - 0383 Québec inc. will continue to exist as one company that will be a wholly-owned subsidiary of Richmont.

About Louvem Mines Inc.

Louvem has a 50% interest in the Beaufor Mine and owns other exploration properties located near Val-d'Or, in northwestern Quebec, Canada. More information on Louvem Mines can be found on its website www.louvem.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Louvem Mines Inc.
    Jennifer Aitken
    Investor Relations
    514-397-8620 (FAX)