Richmont Mines Inc. (Richmont Mines) is engaged in the acquisition, exploration, operation, financing, and development of mineral properties. The Company produces gold from its Beaufor and Island Gold mines, its material properties. On December 16 2008, Richmont Mines acquired Patricia Mining Corp (Patricia Mining) by way of plan of arrangement. As a result of the arrangement, Richmont Mines owns a 100% interest in the Island Gold Mine, which had been the subject of a joint venture between Richmont Mines and Patricia Mining and has been in commercial production since October 1, 2007. Richmont Mines holds 80% of the Camflo Northwest property located in the Malartic Gold Camp, adjacent to the Camflo Mill. On February 5, 2009, Mountain Lake Resources inc. (Mountain Lake) and Richmont Mines entered into an agreement (the Valentine Lake Agreement), pursuant to which the Company granted Mountain Lake the option to purchase Richmont Mines’s 70% interest in the property.