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Patricia Mining Corp.

Patricia Mining Corp.

December 06, 2006 09:19 ET

Richmont Mines Inc.: Island Gold Project Technical Report Filed on SEDAR

MONTREAL, QUEBEC--(CCNMatthews - Dec. 6, 2006) - Richmont Mines Inc. (TSX:RIC)(AMEX:RIC) and Patricia Mining Corp. (TSX VENTURE:PAT) are pleased to confirm that a compliant R 43-101 technical report, prepared by the independent consultant GENIVAR, has been filed on SEDAR on November 30, 2006 in conformity with Richmont Mines' undertaking towards l'Autorite des Marche Financiers (AMF) taken in May 2006.

The overall resources in the Island Zone were confirmed by recent exploration work and the quality of the resources was upgraded. Definition drilling and underground openings as of June 30, 2006 increased the measured and indicated resources by more than 60% to 189,430 ounces compared with those calculated as at December 31, 2005. Furthermore, GENIVAR concluded that the Island zone remains open at depth and along strike in certain areas. In addition, based on a preliminary review of drill holes in the Lochalsh and Goudreau zones, they also determined that these two zones offer excellent exploration potential to add to the known mineral resources.

This Mineral Resource estimate is only an estimate of the Island Zone and does not include any evaluation on the Goudreau, Lochalsh, North or Shore zones which are also contained within this project. The Mineral Resource estimate for these zones will be revised once data becomes available.

Technical Report Technical Report
43-101 43-101
November 30, 2006 July 7, 2006
Resources as at Resources as at
June 30, 2006 December 31, 2005
Tonnes Grade Ounces Tonnes Grade Ounces
g/t Au g/t Au
Measured Resources 68,523 11.80 25,996 29,277 10.90 10,261
Indicated Resources 451,206 11.27 163,434 294,680 11.19 106,016
Measured and
Indicated Resources 519,729 11.34 189,430 323,957 11.16 116,277
Inferred Resources 196,917 10.16 64,949 352,028 12.08 136,705

The exploration program is ongoing as is the milling of the mineralized material from the underground development. Upon completion of this work, the results of an additional 16,000 metres of diamond drilling will be included to all technical data in order to allow GENIVAR to prepare the reserve calculation for the first quarter of 2007, with the objective of advancing the Island Gold project towards commercial production.

Richmont Mines and Patricia are also pleased to report that the second gold pour has now been completed. A gold Dore bar weighing approximately 500 ounces has been shipped to the Royal Canadian Mint for refining and final determination of gold content. A third gold pour is scheduled for this week.

Martin Rivard, President and Chief Executive Officer, Richmont Mines Inc.

Chris Chadder, President and Chief Executive Officer, Patricia Mining Corp.

Regulation 43-101

The resources calculation of the Island Gold property filed on November 30, 2006 was performed by qualified persons as defined by Regulation 43-101 and was supervised by Mr. Michel Garon, Eng. and Ms. Nicole Rioux, Geo., of Genivar, qualified persons under the terms of this standard.

Cautionary note to U.S. investors concerning resource estimates

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.

Disclosure Regarding Forward-Looking Statements

This news release contains forward-looking statements that include risks and uncertainties. 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 detailed in Patricia Mining Corp. and Richmont Mines' Annual Information Form, Annual Report and periodic reports.

This news release was prepared by the companies' management teams, which assume full responsibility for its content.

The TSX Venture Exchange has not reviewed this news release and accepts no responsibility for its veracity or accuracy.

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