GOLD RESOURCES – New estimate for Island Gold project

ONTARIO - Last year's underground drilling at the Island Gold joint venture of Montreal's RICHMONT MINES and Toront...
ONTARIO - Last year's underground drilling at the Island Gold joint venture of Montreal's RICHMONT MINES and Toronto's PATRICIA MINING has led to a new resource estimate for the property near Dubreuilville. Measured and indicated resources are believed to contain 116,277 oz of gold, and there are another 136,705 oz contained in the inferred category.

Specifically, there are 29,277 tonnes grading 10.90 g/t Au in the measured category, 294,680 tonnes at 11.19 g/t Au indicated, and 352,028 tonnes at 12.08 g/t Au inferred.

Richmont and Patricia have noted that preliminary estimates indicate the Island Gold mine will produce 20,000 oz of gold this year and 60,000 to 65,000 oz in 2007. Total operating costs are given as approximately US$120/oz.

A technical report on the project is available at www.Richmont-Mines.com.

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