Richmont Mines Inc. (Richmont Mines) is engaged in activities related to the acquisition, exploration, development and operation of mineral properties. As of December 31, 2011, the Company operates two gold mines, two of its three material properties, (the Beaufor Mine in Quebec and the Island Gold Mine in Ontario) and is developing a third mine (the Francoeur Mine in Quebec). The Beaufor Mine property, along with other adjacent properties such as Pascalis, Perron, Colombiere, Courvan and Perron Blocks two, three and four, are located approximately 20 kilometers to the northeast of the town of Val-d�Or, in the Abitibi-East County, in the Province of Quebec. The Island Gold Mine is located approximately 50 kilometers northeast of Wawa, Ontario, in the Sault Ste. Marie Mining Division. Dubreuilville, Ontario, is approximately 10 kilometers northwest of the Island Gold Mine. On January 24, 2011, Richmont Mines sold its 70% Interest in the Valentine Lake Property.