Richmont Mines Inc. Announces Intention to Acquire Louvem Mines Inc.

Richmont Mines Inc. ("Richmont") (TSX:RIC)(NYSE Amex:RIC) and Louvem Mines Inc.
("Louvem") (TSX VENTURE:LOV) jointly announced today that Richmont has notified
Louvem that it intends to acquire all of the issued and outstanding shares of
Louvem that are not currently owned by Richmont (the "Transaction"). Richmont
holds approximately 70% of the shares of Louvem. Richmont has entered into
support agreements whereby certain Louvem shareholders holding approximately 54%
of the Louvem shares not already owned by Richmont have agreed to support the
Transaction.


Richmont has delivered a letter to the independent directors of Louvem
requesting that Louvem form a special committee and retain a financial advisor
to assess the terms of the Transaction.


Under the proposed Transaction, holders of shares of Louvem would receive one
share of Richmont for each 5.4 shares of Louvem held by them. Such consideration
represents a value of $0.76 per Louvem share and is a premium of approximately
48% to Louvem shareholders, based on the respective closing prices on the TSX-V
and the TSX of the Louvem shares and the Richmont shares on March 30th, 2010.


The Transaction remains subject to the approval of the Board of Directors of
Louvem, regulatory approvals, the execution of definitive documentation and the
approval of the Louvem shareholders. Richmont expects to issue approximately 1.4
million shares if the proposed Transaction is completed. There can be no
assurance that the Transaction will be completed.


About Richmont Mines Inc.

Richmont has produced over 1,000,000 ounces of gold from its operations in
Quebec, Ontario and Newfoundland since beginning production in 1991. With
extensive experience in gold exploration, development and mining, the Company is
well positioned to cost-effectively build its North American reserve base
through a combination of organic growth, strategic acquisitions and
partnerships. Richmont routinely posts news and other important information on
its website (www.richmont-mines.com).


About Louvem Mines Inc.

Louvem has a 50% interest in the Beaufor Mine and owns other exploration
properties located near Val-d'Or, in northwestern Quebec, Canada. More
information on Louvem Mines can be found on its website (www.louvem.com).

Louvem Mines Inc. (TSXV:LOV)
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