Central Newfoundland RICHMONT MINES of Montreal is sending a drill rig to MOUNTAIN LAKE's Valentine Lake property to expand the hunt for gold. The Longyear 38 rig should be ready to turn early next month. Richmont has an option to earn a 70% undivided interest in the property by spending $2.5 million by Oct. 31, 2007.
The first phase of the program, and as part of Richmont's due diligence, calls for the drilling of five holes totaling 1,250 m before March 31, 2004. The rig will be positioned in the Leprechaun Pond area where past drilling, carried out by BP Minerals, had returned the following gold assays: 9.1 g/t over 9.6 metres, 6.3 g/t over 4.6 metres, 7.4 g/t over 4 metres, and 9.12 g/t over 3 metres.
The Valentine Lake property consists of 12,100 hectares and includes a strike length of 25 km containing anomalous gold values throughout the property. More information is available at both www.richmont-mines.com and www.mountain-lake.com.