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Patricia Mining Corp.

Patricia Mining Corp.

April 12, 2007 15:58 ET

Richmont Mines Inc. and Patricia Mining Corp. Announce a Significant Increase In Resources at the Island Gold Project

MONTREAL, QUEBEC--(CCNMatthews - April 12, 2007) - Richmont Mines Inc. (TSX:RIC)(AMEX:RIC) and Patricia Mining Corp. (TSX VENTURE:PAT) are pleased to announce that there is a significant overall increase in ounces of gold in the Measured and Indicated Resources categories at the Island Gold Project. Total Measured and Indicated Resources at the project are now calculated to be 477,462 ounces with another 195,550 ounces in the Inferred Resource category. This new resource calculation was prepared by the independent consultant GENIVAR.

Based on definition drilling and underground openings in the Island Zone as at January 31, 2007, the Measured and Indicated Resources were increased by more than 47% to 279,028 ounces of gold compared with those calculated as at June 30, 2006. Furthermore, GENIVAR concluded that the Island Zone remains open at depth and along strike in certain areas. In addition, a new resource calculation was completed for the Lochalsh and Goudreau zones, with Indicated Resources for these two zones of 110,793 ounces and 87,640 ounces of gold respectively.

The newly updated information is currently being used by GENIVAR to finalize a reserve calculation and the results will be made available as soon as possible. A complete report will be filed on SEDAR within 45 days as prescribed by the National Instrument 43-101. The Joint Venture participants are pleased with the new resources estimates and are working with GENIVAR to complete the reserve calculation.


Technical Report 43-101 Technical Report 43-101
to be filed November 30, 2006
Resources as at Resources as at
January 31, 2007 June 30, 2006
Tonnes Grade Ounces Tonnes Grade Ounces
g/t Au g/t Au
Island Zone
Resources 186,787 9.92 59,571 68,523 11.80 25,996
Resources 757,963 9.01 219,457 451,206 11.27 163,434
Measured and
Resources 944,750 9.19 279,028 519,729 11.34 189,430
Resources 96,169 8.80 27,194 196,917 10.16 64,949

Lochalsh Zone
Resources 249,173 13.83 110,793 N/A N/A N/A
Resources 346,083 10.17 113,160 N/A N/A N/A

Goudreau Zone
Resources 232,586 11.72 87,640 N/A N/A N/A
Resources 168,476 10.19 55,195 N/A N/A N/A

Island Gold
Measured and
Resources 1,426,509 10.41 477,461 519,729 11.34 189,430
Resources 610,728 9.96 195,550 196,917 10.16 64,949

The following technical parameters were used in estimating the resources:

- The geological envelope takes into account a cut-off grade of 5 g/t Au
and a minimum true thickness of 1.5 metres;

- The cut-off grade for high values was set at 75 g/t Au;

- The average density was 2.82 tonnes/m3;

- The method of interpolation by the inverse distance to the second power
was employed;

- A 20-metre (Island Gold) and a 25-metre (Lochalsh and Goudreau)
spherical search ellipsoid was used in the model with restriction on a
maximum of 4 composites.

The Measured Resource category was calculated with a zone of influence of 10 metres from mine openings along strike. The Indicated Resource category was calculated with a maximum of 20 metres between drill holes for the Island Zone and 25 metres for the Goudreau and Lochalsh zones. Finally, the Inferred Resources are defined by isolated drill hole intercepts showing no clustering inside an envelope of 20 and 25 metres respectively. The crown pillar is not included in this resource estimate. The average true thickness of each zone is 2.7 metres for the Island Zone, 2.3 metres for the Lochalsh Zone and 3.1 metres for the Goudreau Zone.

About Richmont Mines Inc.

Richmont Mines is a gold exploration, development and mining company. Since its incorporation in 1981, the Company has produced over 900 thousand ounces of gold from its holdings in Quebec and Newfoundland since 1991. Richmont Mines' 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 Mines' expertise is in finding and developing complex, narrow veined advanced projects to production.

More information on Richmont Mines can be found on its website at:

About Patricia Mining Corporation

Patricia Mining Corp. is a Canadian exploration and development company about to become Canada's newest gold producer. Patricia's main asset is the Island Gold Project. More information on Patricia Mining Corp. can be found on its website at:

About Genivar

GENIVAR is a leading Canadian engineering services firm providing clients with a full range of professional consulting services through all execution phases of a project including planning, design, construction and maintenance. After more than 45 years of existence, GENIVAR is now a public company with more than 1,800 employees across Canada and abroad.

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

National Instrument 43-101 (NI 43-101)

The resource calculation of the Island Gold property filed on November 30, 2006 was performed by qualified persons as defined by NI 43-101 and was supervised by Mr. Michel Garon, P.Eng., of Genivar, qualified person under the terms of this standard.

Resource calculation as of January 31, 2007 was performed by Ms. Nicole Rioux, P.Geo., qualified person under the terms of this standard. The technical report, including reserve calculation, will be filed within 45 days as prescribed by NI 43-101.

Cautionary note to U.S. investors concerning resource estimates

Resource estimates

The resource estimates in this news release were prepared in accordance with National Instrument 43-101 adopted by the Canadian Securities Administrators. The requirements of National Instrument 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 to be used in Canada, the SEC does not recognize them. The SEC permits US 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 more certain 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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