rpa richmont wasamac ni 43-101technical report - final may 11, 2012

8/19/2019 RPA Richmont Wasamac NI 43-101Technical Report - FINAL May 11, 2012

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May 11, 2012

ROSCOE POSTLE ASSOCIATES INC.

RICHMONT MINES INC.

TECHNICAL REPORT ON THE

WASAMAC PROJECT,ROUYN-NORANDA, QUÉBEC,CANADA

NI 43-101 Report

Qualified Persons:

Jacques Gauthier, ing. Yves Galarneau, ing.Marc Lavigne M.Sc., ing.Daniel Adam, Ph.D., geo.Stéphane Lance, ing.Colin Hardie, P.Eng.



Report Control Form

Document Title Technical Report on the Wasamac Project, Rouyn-Noranda,Quebec, Canada

Client Name & Address Richmont Mines Inc.161 ave PrincipaleRouyn-Noranda, QuébecJ9X 4P6

Document Reference

Project #1804 Status &Issue No.

FINALVersion 0

Issue Date May 11, 2012

Lead Author Jacques Gauthier, ing.Yves Galarneau, ing.Marc Lavigne, ing.Daniel Adam, geo., Ph. D.Stéphane Lance, ing.Colin Hardie, P.Eng.

(Signed)(Signed)(Signed)(Signed)(Signed)(Signed)

Peer Reviewer Graham Clow, P.Eng. (Signed)

Project Manager Approval Jacques Gauthier, ing. (Signed)

Project Director Approval Graham Clow, P.Eng. (Signed)

Report Distribu tion Name No. of Copies

Client

RPA Filing 1 (project box)

Roscoe Postle Associates Inc.1305 Boulevard Lebourgneuf, Suite 302

Québec, QC G2K 2E4Canada

T (418)[email protected]

mailto:[email protected]





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Richmont Mines Inc. – Wasamac Project, Project #1804Technical Report NI 43-101 – May 11, 2012 Rev. 0 Page i

TABLE OF CONTENTS

PAGE

1 SUMMARY .................................................................................................................. 1-1 Executive Summary ................................................................................................. 1-1

Technical Summary ............................................................................................... 1-11

2 INTRODUCTION ......................................................................................................... 2-1

3 RELIANCE ON OTHER EXPERTS ............................................................................ 3-1

4 PROPERTY DESCRIPTION AND LOCATION ........................................................... 4-1

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE ANDPHYSIOGRAPHY .......................................................................................................... 5-1

6 HISTORY .................................................................................................................... 6-1

7 GEOLOGICAL SETTING AND MINERALIZATION .................................................... 7-1 Regional Geology ..................................................................................................... 7-1

Local and Property Geology ..................................................................................... 7-2

Mineralization ........................................................................................................... 7-5

8 DEPOSIT TYPES ........................................................................................................ 8-1

9 EXPLORATION ........................................................................................................... 9-1

Exploration Potential ................................................................................................ 9-2

10 DRILLING ................................................................................................................ 10-1

11 SAMPLE PREPARATION, ANALYSES AND SECURITY ...................................... 11-1

12 DATA VERIFICATION ............................................................................................ 12-1

13 MINERAL PROCESSING AND METALLURGICAL TESTING ............................... 13-1

Metallurgical Testwork Programs ........................................................................... 13-1

14 MINERAL RESOURCE ESTIMATE ........................................................................ 14-1

Summary ................................................................................................................ 14-1

Generalities ............................................................................................................ 14-1

Classification of the Mineral Resources ............................................................... 14-11

15 MINERAL RESERVE ESTIMATE ........................................................................... 15-1

16 MINING METHODS ................................................................................................ 16-1

17 RECOVERY METHODS ......................................................................................... 17-1Historical Flow sheet .............................................................................................. 17-1New Flow sheet Options ........................................................................................ 17-1

18 PROJECT INFRASTRUCTURE ............................................................................. 18-1

Surface Infrastructure ............................................................................................. 18-1

Hydrogeology ....................................................................................................... 18-10

Wasamac Tailings Storage Facility ...................................................................... 18-13



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Richmont Mines Inc. – Wasamac Project, Project #1804Technical Report NI 43-101 – May 11, 2012 Rev. 0 Page ii

Underground Infrastructures ................................................................................ 18-14

19 MARKET STUDIES AND CONTRACTS ................................................................. 19-1

20 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITYIMPACT ........................................................................................................................ 20-1

Environmental Studies ........................................................................................... 20-1

Project Permitting ................................................................................................... 20-7 Social or Community Requirements ....................................................................... 20-9

Mine Closure Requirements ................................................................................... 20-9

21 CAPITAL AND OPERATING COSTS ..................................................................... 21-1

Capital Cost Estimates ........................................................................................... 21-1

Operating Cost Estimates ...................................................................................... 21-8

22 ECONOMIC ANALYSIS .......................................................................................... 22-1

23 ADJACENT PROPERTIES ..................................................................................... 23-1

24 OTHER RELEVANT DATA AND INFORMATION .................................................. 24-1

25 INTERPRETATION AND CONCLUSIONS ............................................................. 25-1 26 RECOMMENDATIONS ........................................................................................... 26-1

27 REFERENCES ........................................................................................................ 27-1

28 DATE AND SIGNATURE PAGE ............................................................................. 28-1

29 CERTIFICATE OF QUALIFIED PERSON .............................................................. 29-1

LIST OF TABLESPAGE

Table 1-1 Net Capital Cost Summary .......................................................................... 1-3 Table 1-2 Pre-Tax Cash Flow Summary ...................................................................... 1-4 Table 1-3 Pre-Tax Sensitivity Analysis ......................................................................... 1-5

Table 1-4 Wasamac Total Resource Estimate as of December 15, 2011 ................. 1-15

Table 1-5 Capital Cost Summary ............................................................................... 1-26

Table 1-6 Unit operating costs Summary ................................................................... 1-27

Table 1-7 Key Risks Identified and Mitigating Strategies ........................................... 1-29

Table 1-8 Opportunities and Development Strategies ............................................... 1-31

Table 4-1 Wasamac Mining Titles ................................................................................ 4-1

Table 4-2 Summary of the Globex Option Agreement ................................................. 4-6

Table 6-1 Gold Production – Wasamac Mines Ltd. ...................................................... 6-2

Table 10-1 Mineralized Intercepts of the 2011 Drilling Campaign ............................. 10-3

Table 11-1 Wasamac Standard Result Statistics ....................................................... 11-8

Table 11-2 Statistics of the Pulp Duplicates ............................................................. 11-14

Table 11-3 Statistics of the Rejects Re-Assaying .................................................... 11-14 Table 12-1 Surface and Underground Diamond Drill Holes in the Wasamac Database..................................................................................................................................... 12-2



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Richmont Mines Inc. – Wasamac Project, Project #1804Technical Report NI 43-101 – May 11, 2012 Rev. 0 Page iii

Table 12-2 Details on Data Used in the Resource Estimation for Each Zone ........... 12-4 Table 12-3 Wasamac Samples Basic Descriptive Statistics ...................................... 12-5

Table 12-4 Variography Statictics for the Wasamac Gold Project ............................. 12-7

Table 12-5 Proposed Sample Search Parameters .................................................... 12-7

Table 12-6 Wasamac Drift Height .............................................................................. 12-8

Table 12-7 Total Tonnage in the 3D Wasamac Stopes ............................................. 12-9

Table 13-1 Grindability Results for the Main Zone and Zones 1, 2 and 3 Samples ... 13-2

Table 13-2 Summary of Whole Rock Leaching Test Results ..................................... 13-4

Table 13-3 Summary of Combined Flotation/Leaching Tests .................................... 13-4 Table 14-1 Wasamac Total Resource Estimate as of December 15, 2011 ............... 14-1

Table 14-2 Search Parameters Used for the Estimation of Each Wasamac Zone .... 14-6

Table 14-3 Kriging Parameters Used for the Estimation of Each Wasamac Zone .... 14-6

Table 14-4 Comparison Between Mined Parts of the Wasamac Ordinary Kriging modeland Past Production ..................................................................................................... 14-8 Table 14-5 Comparison Between OK and ID2 Grade Estimation for the Main Zone . 14-9 Table 14-6 Comparison Between OK and ID2 Grade Estimation for Zones 1 and 2 ........................................................................................................................................... 14-10

Table 14-7 Wasamac Total Resource Estimate as of December 15, 2011 ............. 14-13

Table 14-8 Details of the Wasamac Resources by Zones and by Category ............ 14-16

Table 16-1 Lateral Development ................................................................................ 16-8 Table 16-2 Vertical Development ............................................................................... 16-8

Table 16-3 Breakdown of Quantities and Diluted Grades ........................................ 16-16

Table 16-4 Production Schedule .............................................................................. 16-17

Table 16-5 Underground Mining Fleet at 2.2 Mtpa .................................................. 16-18

Table 20-1 Wasamac Project Permitting .................................................................... 20-8

Table 21-1 Capital Cost Summary ............................................................................. 21-1

Table 21-2 Surface infrastructure Capital Cost Summary .......................................... 21-2

Table 21-3 Shaft Capital Cost Summary .................................................................... 21-3 Table 21-4 Mine Capital Cost Summary .................................................................... 21-4

Table 21-5 Processing Facility Capital Cost Summary .............................................. 21-5

Table 21-6 Tailings Storage Facility Capital Cost Summary ...................................... 21-6

Table 21-7 Owners and Indirect Costs Summary ...................................................... 21-7

Table 21-8 Closure and Reclamation Costs Summary .............................................. 21-7 Table 21-9 Unit Operating Costs Summary ............................................................... 21-8

Table 21-10 Breakdown of Mine Operating Cost ....................................................... 21-8

Table 21-11 Breakdown of Mill Operating Cost ....................................................... 21-11

Table 21-12 Breakdown of General and Administration Cost .................................. 21-12

Table 21-13 Manpower Summary ............................................................................ 21-12

Table 22-1 Net Capital Cost Summary ...................................................................... 22-2

Table 22-2 Pre-Tax Cash Flow Summary .................................................................. 22-3

Table 22-3 Pre-Tax Sensitivity Analysis ..................................................................... 22-4

Table 24-1 Key Risks Identified and Mitigating Strategies ......................................... 24-3 Table 24-2 Opportunities and Development Strategies ............................................. 24-5



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Richmont Mines Inc. – Wasamac Project, Project #1804Technical Report NI 43-101 – May 11, 2012 Rev. 0 Page iv

LIST OF FIGURES

PAGE

Figure 1-1 NPV (8%) Pre-Tax Sensitivity Analysis ...................................................... 1-6 Figure 1-2 IRR Pre-Tax Sensitivity Analysis ................................................................ 1-7

Figure 1-3 Project Schedule ....................................................................................... 1-28 Figure 4-1 Location Map .............................................................................................. 4-2 Figure 4-2 Property Map .............................................................................................. 4-3 Figure 4-3 Claim Map SHowing the Globex Option ..................................................... 4-4

Figure 7-1 Property Geology and Mineralized Zones .................................................. 7-4

Figure 7-2 Relationship Between Main Lithologies: The Wasa Shear Zone andMineralized Zones at 500 m Below Surface ................................................................... 7-6 Figure 7-3 Main Zone Geological Section .................................................................... 7-7 Figure 7-4 Zone 1 Geological Section .......................................................................... 7-9

Figure 7-5 Zone 2 Geological Section ........................................................................ 7-10

Figure 7-6 Illustration of the Progressive Deformation and Alteration of the Dykes Insidethe Wasa Shear Zone. ................................................................................................. 7-12

Figure 10-1 Vertical Composite Long Section with the Main, 1, 2, and 3 Zones HangingWall RQD Data (10 m Above the Hanging Wall) .......................................................... 10-6

Figure 11-1 Laboratoire Expert Results for Standard SG56 ...................................... 11-9

Figure 11-2 Laboratoire Expert Results for Standard SH55 ...................................... 11-9

Figure 11-3 Laboratoire Expert Results for Standard SI42 ...................................... 11-10

Figure 11-4 Laboratoire Expert Results for Standard SE58 ..................................... 11-10

Figure 11-5 Laboratoire Expert Results for Standard SI54 ...................................... 11-11

Figure 11-6 Laboratoire Expert Results for Standard SL46 ..................................... 11-11

Figure 11-7 Laboratoire Expert Results for Standard SL61 ..................................... 11-12 Figure 11-8 Laboratoire Expert Results for Standard SP37 ..................................... 11-12

Figure 11-9 Laboratoire Expert Results for Blank Samples ..................................... 11-13

Figure 11-10 Results of the Pulp Re-Assaying ........................................................ 11-15

Figure 11-11 Results of the Rejects Re-Assaying ................................................... 11-15 Figure 12-1 Location of all Surface DDH ................................................................... 12-3 Figure 12-2 Mineralized Zones Used in the Statistical Review .................................. 12-5

Figure 12-3 Histogram of the Samples ...................................................................... 12-6

Figure 12-4 Log Normal Probability Plot (Drill Hole Samples) ................................... 12-6

Figure 12-5 3D Mine Model Looking SSW (Main Zone) ............................................ 12-9 Figure 14-1 Longsection Showing Locations of the Sections .................................... 14-2 Figure 14-2 Section 2,870E Main Zone ..................................................................... 14-3

Figure 14-3 Section 3,000E Main Zone ..................................................................... 14-3

Figure 14-4 Section 3,500E Main Zone ..................................................................... 14-4 Figure 14-5 Section 3,940E Zone 2 ........................................................................... 14-4 Figure 14-6 Schematic Longitudinal Section of the Wasamac Project with Resource

Locations (1.5 g/t Au cut-off) ...................................................................................... 14-17 Figure 16-1 Plan View of the Stress Magnitude ......................................................... 16-4

Figure 16-2 Longitudinal Section of Stoping Sequence ............................................. 16-6

Figure 16-3 Level 11 .................................................................................................. 16-9

Figure 16-4 Level 29 ................................................................................................ 16-10 Figure 16-5 Level 56 ................................................................................................ 16-11

Figure 16-6 Level 80 ................................................................................................ 16-12

Figure 16-7 Longitudinal section – Rock Handling ................................................... 16-14 Figure 16-8 Longitudinal Schematic Ventilation Network ......................................... 16-22



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Richmont Mines Inc. – Wasamac Project, Project #1804Technical Report NI 43-101 – May 11, 2012 Rev. 0 Page v

Figure 17-1 Simplified Process Flow Sheet ............................................................... 17-3 Figure 18-1 Surface Mine Site General Arrangement ................................................ 18-2

Figure 18-2 Underground Rock Handling System. .................................................. 18-16

Figure 18-3 Shaft Section ........................................................................................ 18-17

Figure 20-1 Preliminary Water Balance ..................................................................... 20-6

Figure 22-1 NPV (8%) Pre-Tax Sensitivity Analysis .................................................. 22-5

Figure 22-2 IRR Pre-Tax Sensitivity Analysis ............................................................ 22-6

Figure 23-1 Mineral Occurrence Around the Wasamac Property .............................. 23-4

Figure 24-1 Project Schedule ..................................................................................... 24-2



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Richmont Mines Inc. – Wasamac Project, Project #1804Technical Repor t NI 43-101 – May 11, 2012 Rev. 0 Page 1-1

1 SUMMARY

EXECUTIVE SUMMARY

Roscoe Postle Associates Inc. (RPA), Genivar Inc (Genivar), and BBA Inc (BBA), were

retained by Richmont Mines Inc. (Richmont), to prepare an independent Technical

Report on the Wasamac Project (the Project), located approximately 15 km southwest of

Rouyn-Noranda, Quebec. The purpose of this report is to provide technical support

information for Richmont’s public disclosure on the Wasamac Project. This Technical

Report conforms to NI 43-101 Standards of Disclosure for Mineral Projects for a

Preliminary Economic Assessment (PEA).

Richmont is listed on the Toronto Stock Exchange (TSX) and the New York Stock

Exchange (NYSE) Amex. Richmont is a Quebec-based gold company with over 20

years of experience in exploration, mine development and production. Richmont’s asset

portfolio includes a number of mineral properties in the production, development, and

exploration stages, and two wholly-owned gold mills.

The Wasamac Project comprises development of an underground gold mine with

conventional carbon-in-pulp (CIP) processing, producing gold-silver doré. The pre-

production period extends for 4.5 years and the mine life is 14 years. The processing

rate will be 6,000 tpd (2.16 Mtpa) with an average mill recovery of 90.2%.

Production from the Wasamac Mine between 1965 and 1971 totaled 1.9 Mt grading 4.16

g/t Au, for a total of 253,000 recovered ounces of gold.

ECONOMIC ANALYSIS

PHYSICALS

A resource base ofo Measured & Indicated 6.8 Mt, at a grade of 2.56 g/t Au.o Inferred 25.7 Mt, at a grade of 2.58 g/t Au.

Pre-production period: 4.5 years.

Mine life: 14 years.

Total production quantity of 27.1 Mt, at an average grade of 2.24 g/t Au.



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Richmont Mines Inc. – Wasamac Project, Project #1804Technical Report NI 43-101 – May 11, 2012 Rev. 0 Page 1-2

• Underground mining method: longhole mining with transverse accesses.

• Backfill: cemented hydraulic fill in primary stopes; non-cemented hydraulic fillor unconsolidated rockfill in secondary stopes.

• Life of Mine production plan as summarized in Table 1-2.

• A maximum of 6,000 tonnes per day processing rate.

• Average mill recovery of 90.2% Au.

REVENUE

• Exchange rate: US$1.00 = C$1.04 (36-month trailing average).

• Gold market price: US$1,300 per ounce gold (36-month trailing average).

• Gold refining, transport and insurance charge of $4.00 per ounce gold.

• Net Revenue averages $87.40 per tonne milled, including deductions for goldrefining, transport, and insurance charge.

• Revenue is recognized at the time of production.

COSTS

• Net Life of Mine capital totals C$681 million, including the capitalized net pre-production revenue.

• Net pre-production capital requirements total C$503 million.

• Average operating cost over the mine life is C$46.15 per tonne milled.

The economic analysis shows that at a long-term gold price of US$1,300/oz Au, the

Project has a pre-tax Net Present Value (NPV) at an 8% discount rate of negative $32

million. Total pre-tax undiscounted cash flow is C$405 million.

The total net initial capital is estimated to be C$503 million, as shown in Table 1-1.



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TABLE 1-1 NET CAPITAL COST SUMMARY

Richmont Mines Inc. – Wasamac Project

Cost Area (C$ million)

Surface Infrastructure 78.1

Shaft 38.2

Mining 125.1Processing 108.9

Tailings 14.5

Owners/Indirect Costs 34.7

EPCM 63.1

Contingency 71.2

Total Initial Capital 533.8

Capitalized Net Pre-Production Revenue (30.8)

Total Net Initial Capital 503.0

Sustaining Capital 175.5

Closure and Reclamation 2.0

Total Net Life of Mine Capital 680.5

The average Life of Mine cash cost is approximately US$688 per ounce of gold,

including gold refining, transport, and insurance charges. When capital costs are added

the total production cost (cash cost per ounce plus capital cost per ounce) is

approximately US$1,061 per ounce of gold. Wasamac will produce approximately

140,000 oz Au per year at full capacity.

Over the life of mine, the pre-tax Internal Rate of Return (IRR) is 6.9% with a paybackperiod of approximately eight years.



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SENSITIVITY ANALYSIS

Project risks can be identified in both economic and non-economic terms. Key economic

risks were examined by running cash flow sensitivities on:

• Head Grade• Process Recovery• Gold Price• Operating Cost Per Tonne Milled• Capital Cost

The pre-tax NPV (at 8%) and IRR sensitivity analysis has been calculated for -20% to

+20% variations on the above variables, with the exception of process recovery which

was varied from -20% to +5%. The sensitivities are shown in Table 1-3, Figure 1-1 and

Figure 1-2. The pre-tax NPV and IRR are most sensitive to head grade, recovery and

gold price equally, followed by operating costs and capital costs.

TABLE 1-3 PRE-TAX SENSITIVITY ANALYSIS


Sensitivity to Head Grade

Au g/t NPV(8%) C$ Million IRR

1.81 -215.0 -0.9%2.03 -123.7 3.4%

2.24 -32.4 6.9%

2.45 58.9 9.9%

2.66 150.2 12.5%

Sensitivity to Recovery

% NPV(8%) C$ Mill ion IRR

73.1% -215.0 -0.9%81.7% -123.7 3.4%90.2% -32.4 6.9%

92.3% -9.6 7.7%

94.5% 13.2 8.4%

Sensitivity to Gold Price

US$/oz NPV(8%) C$ Mill ion IRR1,059 -218.1 -1.0%1,180 -125.3 3.4%1,300 -32.4 6.9%

1,420 60.5 9.9%

1,541 153.3 12.6%



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Sensitiv ity to Operating Cost Per Tonne Milled

C$/t mil led NPV(8%) C$ Million IRR

37.67 65.3 10.1%

41.91 16.4 8.5%

46.15 -32.4 6.9%

50.39 -81.2 5.1%

54.63 -130.1 3.2%

Sensitiv ity to Capital Cost

C$ Million NPV(8%) C$ Million IRR

546.2 62.4 10.4%

613.3 15.0 8.5%680.5 -32.4 6.9%

747.7 -79.8 5.4%

814.9 -127.2 4.2%

FIGURE 1-1 NPV (8%) PRE-TAX SENSITIVITY ANALYSIS

-$250,000

-$200,000

-$150,000

-$100,000

-$50,000

$0

$50,000

$100,000

$150,000

$200,000

0.75 0.85 0.95 1.05 1.15 1.25

N P V @

8 %

( C $ 0 0 0 s )

Factor Change

Sensitivity to

Head Grade

Sensitivity to

Recovery

Sensitivity to

Gold Price

Sensitivity to

Opex

Sensitivity to

Capex



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FIGURE 1-2 IRR PRE-TAX SENSITIVITY ANALYSIS

CONCLUSIONS

The Project base case scenario consists of technical and cost assumptions outlined in

this report. The PEA indicates negative results with pre-tax IRR and NPV (8%) of 7%

and negative C$32 million respectively, at a long-term gold price of US$1,300/oz Au.

For comparison, at current gold price of US$1,600/oz Au, the pre-tax IRR and NPV (8%)

would be 14% and C$197 million respectively.

The most important risk elements for the Project are the gold price, head grade and mill

recovery. Fluctuations in the gold price constitute an uncontrollable parameter for which

no mitigation measures are proposed. Other elements to which the Project is

economically sensitive are controllable and will be addressed in further steps.

The Life of Mine Plan for the Project indicates that 27.1 Mt, at an average grade of 2.24

g/t Au, will be mined over 14 years at a production rate of 2.16 Mtpa once full production

is reached in Year 3. Gold production is projected to total 1.75 million ounces.

The economic analysis contained in this report for the base case scenario is based, in

part, on Inferred Resources, and is preliminary in nature. Inferred Resources are

considered too geologically speculative to have mining and economic considerations

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

0.75 0.85 0.95 1.05 1.15 1.25

I R R ( % )

Factor Change

Sensitivity to

Head Grade

Sensitivity to

Recovery

Sensitivity to

Gold Price

Sensitivity to

Opex

Sensitivity to

Capex



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applied to them and to be categorized as Mineral Reserves. There is no certainty that

the reserves development, production, and economic forecasts on which this Preliminary

Economic Assessment is based will be realized.

At the PEA level, the underground mine scenario is technically feasible but shows noeconomic viability at the stated gold price. However the mining of the Wasamac deposit

could have the potential to generate positive results. This should be assessed prior to

any other studies, considering cost improvement opportunities, optimizing the

pre-production time frame, and the addition of silver revenues that could potentially be

generated by silver recovery, as noted during the metallurgical testwork program. The

latter will require the estimation and attribution of silver grades to mineralized blocks of

the block model. This could be part of the upcoming block model update once the

ongoing drilling program is completed.

Specific conclusions by area of the PEA are as follows.

GEOLOGY AND MINERAL RESOURCES

• The combined Measured and Indicated Resources are 6.8 Mt grading 2.56 g/t Auand containing 556,400 oz Au. In addition, there is an Inferred Resource of 25.7Mt grading 2.58 g/t Au and containing 2.13 million oz Au. Mineral Resourceswere estimated at a cut-off grade of 1.5 g/t Au.

• During the last exploration drilling campaign, silver was not assayed in thesample analysis program.

MINING

• A key assumption for the underground mine was the attainment of the lowestpossible operating cost. This approach generally required more infrastructureand incurred higher capital expenditures, with direct impact on initial capital andpre-production / construction phase duration. There could be potential positiveimpacts on the Project capital, if higher operating cost is considered.

• The two kilometre lateral and one kilometre vertical extent of the Wasamac goldbearing mineralization, combined with the relatively low average gold grade and

tonnage ratio per vertical metre contributed significantly to the high capital cost.

• The presence of zero grade blocks lying inside the 1.5 g/t Au cut-off gold bearingwireframe, because they were located outside the search ellipsoids for theInferred Resources, resulted in an increase of the tonnage to mine/process and adecrease of the average gold head grade. This could be mitigated by moredrilling in these areas.



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PROCESSING AND METALLURGY

• Zonal composites were classified as being medium-hard to hard with respect toresistance to impact breakage. Bond rod mill indices ranging from 15.5 kWh/t to16.8 kWh/t are considered hard, while Bond ball mill indices ranging from 13.5kWh/t to 15.5 kWh/t classify the composites in the medium hardness category.

• The mineralogical analysis of Main Zone and Zone 1 samples revealed that themajority of liberated gold particles average between 8.7 and 10.5 µm in size,while the average size of attached and locked particles ranges between 2.1 and4.0 µm.

• The Main Zone sample showed marginal potential for gold recovery using gravitymethods.

• Flotation testwork followed by leaching of both the tailings and regroundconcentrate products conducted using all four zonal composites resulted inoverall gold recoveries ranging between 90.2% and 95.1%.

• Whole rock leaching test conducted on the four zonal composites ground to 45µm resulted in gold recoveries of 84.6% to 96.3%.

• A technico-economic trade-off study was conducted to compare the combinedflotation/leaching and whole rock leach options. Based on the results, the wholerock leach option was selected.

• The whole rock leach flow sheet was designed for a final grind size P80 of 40 µmand a leaching retention time of 48 hours. The overall gold recovery wasassumed to be 90.2% based on the blending of the four zonal composites overthe life of mine.

• The metallurgical testing has identified silver associated with gold mineralizationin Zones 1, 2 and 3, recoverable at a rate of 74.6% using the actual mill design.

PROJECT OPPORTUNITIES

• Potential for silver revenue - Since the start of the 2012 drilling program,Richmont has been systematically assaying for silver content in all drill cores. Todate, results from this drilling have delivered results of between 1.0 g/t Ag and6.0 g/ Ag. Richmont has initiated a complete review of existing available pulpsamples which will be re-assayed for silver content in order to establish arepresentative grade.

• Mill optimization / cost reduction possibili ties - Preliminary metallurgical testshave indicated that a flotation-cyanidation process could achieve a 92.9% goldrecovery compared to the 90.2% CIP gold recovery rates used for the PEA.Further optimization work is required.

• Mine plan and existing resource optimization – There is potential to shortenthe ramp-up time of production and to readjust the mining plan so that highergrade areas are mined earlier with less initial capital. It is recommended toreview the mining approach to incorporate resources that have not been included



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within the scope of the current PEA, namely the gold mineralization located in thecrown/surface pillars and in the footwall/hanging wall of the previously minedportion of Main Zone.

RECOMMENDATIONS

RPA and BBA recommend that Richmont advance the Wasamac Project to the nextphase of project development, by collecting data, conducting metallurgical testwork, and

carrying out additional studies that will allow for design optimization.

Specific recommendations are as follows.

• Review of the underground mining concept and approach in order to shorten thepre-production / construction phase and to achieve earlier gold production.

• Initiate more detailed engineering concepts to pursue cost improvementopportunities as discussed previously.

• Define an appropriate mining approach for gold bearing mineralization in surfacepillars and surrounding previously mined stopes.

• Continue the ongoing definition drilling program with silver assaying in addition togold and the further update of the geological block model.

• Carry out further metallurgical testwork on a larger number of representativesamples. The program would consist of the following :

o Test the whole rock leach and the combined flotation/leaching flow sheetoptions.

o Additional grindability testwork to ensure accurate sizing of the semi-autogenous grinding (SAG) and ball mills.

o Investigate the optimization of gold leaching through the use of oxygen andlead nitrate addition. Improvements in recovery and kinetics may result indecreased number or size of leach tanks required.

o Conduct cyanide destruction tests.

o Continue with environmental testing of residue samples.

o Conduct settling and rheology tests on residues of the selected flow sheet toallow for accurate pump, tailings pipeline and tailings impoundment sizing.



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TECHNICAL SUMMARY

PROPERTY DESCRIPTION AND LAND TENURE

The Wasamac property is located approximately 15 km southwest of Rouyn-Noranda,

Quebec, Canada, within the heart of the Abitibi gold mining district.

The property consists of three mining concessions (757.65 ha) and one mining claim

(1.71 ha) which cover a total area of 759.36 ha in the Beauchastel township. All work

and/or lease payments to date have been met by Richmont in order to maintain all three

mining concessions in good standing and Richmont will continue to do so in the future.

Richmont owns 100% of the Wasamac property and no royalties by others parties are

associated with this property.

GLOBEX OPTION

On May 5, 2011, Richmont entered into an option agreement (the “Agreement”) with

Globex Mining Enterprises Inc. (“Globex”) to acquire a 100% interest in five claims

adjacent to Richmont’s Wasamac property.

The five claims under the Agreement cover a total area of 207 ha, and are adjacent to

the eastern boundary of Richmont’s Wasamac property. This option agreement will

enable Richmont to evaluate the potential of gold mineralization on the easternextension of the Wasa Shear Zone over a 1.3 km strike length.

EXISTING INFRASTRUCTURE

Wasamac is easily accessible from the Provincial Highway 117, that joins Rouyn-

Noranda and the community of Arntfield.

Rouyn-Noranda (population 41,000) is a well established mining community offering a

vast amount of commodities. Skilled administrative personnel, technicians, geologists,

mining engineers and experienced miners are available in the area.

In the past, the Wasamac Mine had an inclined shaft dipping to the north in the footwall

of the Main Zone to depth of approximately 420 m. Drifting was done on seven main

levels until approximately -400 m below surface. Two lateral drifts accessed Zones 1 and



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2. Just to the south, the Wildcat shaft was used as a ventilation raise. The underground

mine was closed in 1971 and entirely flooded. All infrastructures were dismantled and

equipment was removed.

Hydro-Quebec electric power is available from a provincial 25 kV hydro line which runsalong Highway 117 and from another line along the secondary road (Rang des

Cavaliers). Another Hydro-Québec 120 kV line is also available about eight kilometres

east of the Project.

HISTORY

The Wasamac property has been the object of extensive past exploration work.

Gold mineralization was originally discovered in 1936 by Mine d’Or Champlain throughsurface trenching work. A 60 m shaft (Wildcat Shaft) was sunk and one underground

level was developed. From 1945 to 1948 different exploration and development works

were carried out. A production decision was reached in 1964 and commercial

production officially commenced on April 1, 1965. Between 1965 and 1971, nearly 1.9

Mt of ore from the Wasamac deposit were treated by Wasamac Mines Ltd and after by

Wright-Hargreaves Mines Ltd. In May 1971, the mine ceased operation due to low gold

prices, increasing production costs, and the abolishment of Federal aid to the mining

sector.

During the early 1970s and 1980s Lac Minerals reactived exploration work in the

property. In 1983, following pre-feasibility work on the surface pillar recovery, Lac

Minerals completed more drilling in order to upgrade the level of confidence of this zone.

Many open-pit studies were subsequently prepared for the surface pillar, but low gold

prices at the time prevented the company from undertaking a production decision.

Following the option agreement with Lac Minerals in 1986, the exploration drilling was

carried out by Resources Minières Rouyn (RMR) and RMR dewatered the mine in anattempt to explore the down dip extension of Zone 1 through underground drilling.

In 1994, Richmont reclaimed the Wasamac Mine site. All surface installations were

dismantled, the shaft was capped and the tailings re-vegetated. From 1989 to 2002,



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exploration work on the property consisted of limited surface diamond drilling to keep the

mining lease in good standing. In 2002, Richmont re-activated exploration work on the

Wasamac property in an attempt to evaluate the down plunge extension of Zones 1 and

2 at depth.

GEOLOGY AND MINERALIZATION

The Wasamac property is located within the Rouyn-Noranda mining district, in the Abitibi

greenstone belt of the Superior province of the Canadian Shield. The area consists

mostly of felsic to mafic volcanic rocks of Archean age along with related dioritic sills

which are concordant to the regional rock formations. The Superior Province is the

largest exposed Archean craton in the world that hosts several world class gold deposits.

It has yielded nearly 300 million ounces of gold from hundreds of deposits since the

beginning of the twentieth century. One prominent characteristic of all significant golddeposits in the Superior Province is their occurrence within or immediately adjacent to

greenstone belts.

The property can basically be subdivided into two distinct volcanic sequences. These

two volcanic sequences are separated by a subsidiary fault of the Larder Lake-Cadillac

tectonic zone, called the Wasa Shear Zone, which crosses the entire length of the

property from east to west. The Wasa Shear Zone is a reverse fault with a north dipping

trend and is strongly hydrothermally altered on the Wasamac property. Most of the goldmineralization found on the property to date is related to the Wasa Shear Zone. Only

minor folding has been observed on the property. Schistosity varies between south-east

to north-east with a northern dip of about 55 degrees and corresponds to regional

schistosity. The Wasa Shear Zone runs through the centre of the property in an east-

west fashion. This shear zone, which trends at an azimuth of 265°, has a 50° - 60° dip

to the north and a maximum thickness of 80 m. Gold is associated with a dissemination

of fine pyrite in the altered portions of the shear zone.

Originally discovered in 1944 through surface drilling, the Main Zone can be described

as a well laminated mineralized zone. It is located near the centre of the property, within

the Wasa Shear and high grade parts display true widths of 10 m to 15 m (up to 25 m

locally) over a strike length of 400 m. Gold mineralization is associated with quartz,

carbonate, sericite, albite, pyrite and chlorite inside the shear zone.



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Zone 1 is located some 400 m east of the Main Zone, this zone has a similar

mineralogical assemblage to the Main Zone. Zone 2 is located some 800 m east of the

Main Zone. The higher grade part of this zone has an average thickness of three to six

metres over a strike length of 225 m. This mineralized zone is located in the upper part

of the shear zone, near the hanging wall. The mineralization of Zone 3 is located in thelower part of the shear zone, near the footwall, below the MacWin Zone.

MINERAL RESOURCE

The Mineral Resource estimate was completed by Daniel Adam, geo., Ph.D., General

Manager Exploration and Sustainable Development, Richmont. He is a qualified person

and member of a professional association as defined by the NI 43-101 requirements.

At a 1.5 g/t Au cut-off grade, the Measured and Indicated Resources at the WasamacProject total 6,762,455 t grading 2.56 g/t Au for 556,385 ounces of gold. Inferred

Resources total 25.7 Mt grading 2.58 g/t Au for 2.1 million ounces of gold. The Mineral

Resources are summarized in Table 1-4.



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TABLE 1-4 WASAMAC TOTAL RESOURCE ESTIMATE AS OFDECEMBER 15, 2011


Resource CategoryDecember 2011

1.5 g/t Au cut-offDecember 2011

1.75 g/t Au cut-off

MeasuredResources

Tonnes 1,923,218 1,774,234Grade (g/t) 2.87 2.94

Ounces 177,485 167,717

IndicatedResources

Tonnes 4,839,237 4,063,674

Grade (g/t) 2.44 2.54

Ounces 378,900 332,311

Total Measured+ IndicatedResources

Tonnes 6,762,455 5,837,908

Grade (g/t) 2.56 2.66

Ounces 556,385 500,028

InferredResources

Tonnes 25,686,159 22,372,246

Grade (g/t) 2.58 2.72

Ounces 2,130,532 1,954,966

Notes:1. CIM definitions were followed for Mineral Resources.2. Mineral Resources are estimated at a cut-off grade of 1.5 g/t Au and 1.75 g/t Au.3. Mineral Resources are estimated using a gold price of US$1,200/oz and exchange rate of US$1.00

= C$1.00.4. A minimum mining width of four metres was used.5. A bulk density of 2.8 t/m3 was used.6. Numbers may not add due to rounding.

Interpretation and construction of the 3D envelope of the mineralized zones was done

using section and plan views. Mineralized intercepts were coded by zone and all theintercepts, surface DDH, underground DDH and face channels were verified.

The new resource estimate utilizes all of the assay results from the 2011 drilling

campaign received before December 1, 2011. In addition, all of the old underground

diamond drill holes inside the mined part of the Main Zone were added to the database.

A re-interpretation of the mineralized bodies in the Wasamac Shear Zone, including the

mined area of the old Wasamac Mine, was completed to integrate all of the new data.

Resources were estimated by 3D block modelling (multifolder block model, block

dimension of 4 m x 4 m x 5 m) with Gemcom software using two metre composites.

Composites were created in all the mineralized intercepts and coded by zone.



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A high grade assay capping value of 35 g/t Au was used. A density of 2.8 t/m3 for all

mineralized zones was used, which is consistent with historical records and with the

URSTM laboratory measurements completed in 2010 and 2011.

Grade estimation was done by Ordinary Kriging (OK) using parameters defined by astatistical study by Belzile Solutions Inc. (BSI) in 2010.

MINING METHODS

The production rate for the underground mine is assumed to be 2.16 Mtpa (6,000 tpd)

and will be reached after 4.5 years of pre-production period and 1.5 years of ramp-up.

Four gold bearing mineralized lenses were delineated and modelled: Main Zone,

situated below old Wasamac Mine, Zones 1, 2 and 3. A six metre diameter concrete

shaft will permit access by three main levels to mineralized lenses. All underground

development will be trackless and two service ramps will provide access to all mining

levels spaced every 30 vertical metres, for each zones. The main service ramp will

access the surface.

The underground mining method recommended by RPA is longhole mining with

transverse accesses from the deposit footwall through the hanging wall. When the

thickness of the zone is less than eight metres RPA recommends the longitudinal mining

method for economical reasons. Cemented hydraulic fill will be placed in all primary

stopes and the secondary stopes will be backfilled with non-cemented hydraulic fill or

unconsolidated rockfill when surrounding stopes will be filled with cemented hydraulic

fill.Primary and secondary stope dimensions will be 25 m along strike by 30 m floor-to-

floor for transverse mining methods. The same strike length opening of 25 m was

considered for the longitudinal stoping approach. At the deepest part of Zones 1 and 2

the strike length dimension of primary and secondary stopes decreases from 25 m to 20

m. The sublevel elevation interval of 30 m remains the same.

The mining sequence will proceed upward from five mining horizons following an

inverted V-shape, progressing vertically bottom-up and longitudinally from the middle to

the edges of the bearing mineralized lenses.



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The mine production will be skipped to the surface via the circular shaft, which will also

be used for material service and workers transportation. As aforementioned the shaft

will allow a direct access to three main production levels 29, 56, 80 and also ramp

network.

Two jaw crushers located underground respectively at Level 59 and Level 89 will crush

the gold bearing material. Crushed material and waste will be transported by conveyors

directly to other bins near the shaft to feed one of the automatic loading stations located

at 62 and 86 Level. The material will be skipped to a permanent dump located

underground 60 m below the surface. Finally the material will be transported by

conveyor via a ramp from Level 11 to the surface ore bin near the concentrator.

The underground stoping volumes delineated for the purpose of the underground mine

concept returned 24,837,014 tonnes of potentially mineable resources grading

2.54 g/t Au. The resources identified into the crown pillars and surface pillars (between

surface and -100 m), and in the hanging wall/footwall of the previously mined portion of

Main Zone have not been incorporated in the PEA, as more technical work is required to

evaluate the mining approach.

The Mineral Resources actually considered for mining were in the Measured, Indicated,

and Inferred categories. The proportion of Inferred Mineral Resources in the material

that may be potentially mineable via underground mining is approximately 80% of the

total.

Additionally, dilution of 14.7% tonnage (equivalent to 15.6% volume considering waste,

gold bearing material, and backfill densities) and a mining extraction factor of 95% of

material were applied to the above numbers after adjustment for internal dilution.

The overall average grade for the diluting material surrounding the four mineralized

zones was fixed at 0.20 g/t Au, as estimated by Richmont within a five metre halo around

hanging wall and footwall. This grade decreased to 0.19 g/t Au when combined with

dilution coming from backfill at zero grade in secondary stopes.



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The total diluted and recovered tonnage will be 27,069,332 t of potentially mineable ore

grading 2.24 g/t Au.

For the permanent operation, a preliminary fresh air requirement evaluation indicates a

total amount of 800,000 cfm (378 m³/s) to be distributed throughout the undergroundmining operation. This quantity of fresh air will meet the requirement of the Health and

Safety Regulation Act of the Québec’s province.

The primary ventilation system is expected to be operational during year-1 of the

exploitation.

MINERAL PROCESSING AND METALLURGICAL TESTING

BBA was retained to conduct the preliminary design of a gold processing plant for theWasamac Project. The study involved a review of past metallurgical testwork, the

identification, co-ordination and management of a new testwork program, the

development of a preliminary process flow sheet and mass balance as well as the

calculation of the capital and operating costs for the selected process flow sheet.

TESTWORK

For the current metallurgical testwork program, representative core samples from the

Main Zone, Zone 1, Zone 2 and Zone 3 were selected by the geologists at Richmont andsent to SGS Lakefield. The current testwork program included: mineralogical analysis of

the Main Zone, Zone 1 and Zone 2 samples by gold deportment study, investigation of

gold recovery by whole rock leaching versus flotation followed by leaching of both

tailings and re-ground concentrate products.

GRINDABILITY TESTS

Grindability tests, including SAG mill comminution (SMC) tests and measurement of

Bond rod mill and Bond ball mill indices, were conducted on samples from each of the

four zones. The Bond rod mill work indices (RWI) were deemed hard with

measurements for the four zones ranging from 15.5 kWh/t to 16.8 kWh/t. The Bond ball

mill work indices (BWI) were in the medium range, with measured values between 13.5

kWh/t to 15.5 kWh/t. The average specific gravity of the rocks varied from 2.76 g/cm3 to

2.82 g/cm3 across the zones and the abrasion indices (AI) ranged from 0.13 to 0.419.



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• Fire protection - installation of fire cabinets or sprinklers, and fire hydrants.

• Road construction and parking lots.

• Power Supply - site load was estimated at 35 MVA and the main 120 kVelectrical substation will be located in the shaft area.

• Two explosives storage on surface with a total capacity of 10,000 kg.

• A 50 000 L diesel reservoir.

• Drainage ditches.

• Two water supply wells.

• Sand Filter Recirculation for waste water, septic tank, ultra-violet treatmentsystem, and necessary pumping stations.

• Three pumping stations to supply water to the mill and mine.

• Headframe – 50 m high with two 15 t skips, one service cage (single deck 28people capacity) and one auxiliary cage (single deck 12 people capacity).

• Shafthouse building – will include overhead crane, a core library and a toolsroom.

• Conveyors.

• Waste rock dump – the maximum capacity of the waste pile would beapproximately 1.2 Mm3 and can be raised to a maximum height of 25 m.

• Mine air intake and heating system.

• Hoist building – will house a 14 ft double drum, 3,000 hp production hoist, a 10 ftsingle drum, 1,000 hp service hoist, a 6 ft single drum, 500 hp auxiliary hoist andan electrical room.

• Compressor room - six 400 hp compressors, which will supply 2,200 cfm each at110 psi outlet pressure.

• Mine dry building includes a dry room for three hundred (300) men and thirty (30)women and engineering, geology, and management offices, control room,infirmary, training, meeting rooms, and mine rescue

• Service and administration building.

• Surface garage.



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OTHER SURFACE INFRASTRUCTURE

AMEC Environment & Infrastructure (AMEC) was retained by Richmont to provide

recommendations for the installation at the mine site of several infrastructures which will

be built on top of an existing tailings impoundment or on silty soft clay.

SEDIMENTATION POND

The sedimentation pond was designed to have sufficient capacity to accommodate

runoff water of five days of rain with a return period of one in ten years as well as water

from mine dewatering. The pond will have an area of approximately 2,000 m2 with a

depth of two metres and a freeboard of 1.3 m.

CONSTRUCTION OF AN ACCESS ROAD

A proposed method for the construction of the access road on top and throughout the

existing tailings impoundment has been provided.

WASTE ROCK DUMP SITE

The maximum capacity of the waste pile would be approximately 1.2 Mm3 and can be

raised to a maximum height of 25 m.

HYDROGEOLOGY

Richelieu Hydrogeology Inc. was retained by Richmont to carry out field work on the

Wasamac property in 2011 in preparation of a future mine dewatering. These fieldworks included many measurements to gain a better understanding of soil and rock

hydraulic conductivities to perform a first preliminary numerical model.

WASAMAC HYDROGEOLOGY FIELD WORKS:

• Land survey using recent aerial photographs was done to obtain a surfacenumerical topographic model.

• Sixteen piezometers were installed by group of two in eight locations around thesite, plus 38 other boreholes reaching the bedrock to obtain characterization andtechnical parameters of soils and near surface rocks.

• A first survey was made after the piezometer installations in order to measure thewater table level and electrical conductivity of water in soil and rock.



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HYDROGEOLOGICAL CONCEPTUAL MODEL

The Wasamac hydrogeological conceptual model was built using the available

information gathered from recent field works and from historical diamond drill exploration

boreholes.

Within a one kilometre radius around the site, it is possible to identify the water recharge

zones in bedrock outcrop areas and the discharge zones located at lowlands and along

the surface water bodies where a slow leakage probably occurs, which is confirmed by

upward flow observed in vertical hydraulic gradient.

HYDROGEOLOGICAL RESULTS

• The flow net confirms the interpreted recharge and discharge areas

• The projected potentiometric map reflecting the long term undergrounddewatering, in steady state flow, shows an allipsoïdal shape water drop aroundthe axis of the Wasa shear zone. Over the simulated conditions, thegroundwater underground infiltration flow would approximately be of 180 m³/day

• A projected surface radius drawdown reflecting the dewatering , in steady stateflow, would be around one kilometre along the axis of the Wasa shear zone, andwould be around ½ km in a perpendicular direction from this axis. The drawdownpropagation would be first achieved through the fracture network, and then itwould propagate into the permeable unconsolidated deposits. The nearestprivate water supply wells could have between 0,5 and eight metres of long termdrawdown, according to model assumptions. It is to be noted that in the past,there is no documented drawdown or dewatered well.

These results obtained were consistent with current knowledge and understanding of the

Wasamac site conditions. It should be noted that the model potentiometric predictions

may not completely reflect the measured heads though a model is an idealized

representation of a very complex geological system.

WASAMAC TAILINGS STORAGE FACILITY

AMEC was retained by Richmont to carry out preliminary design and cost evaluation for

a new tailings impoundment for the Wasamac Project.

Five sites were initially selected by a representative of Richmont and AMEC. Following

a brief assessment of the existing geotechnical data of surperficial soils, three out of the

five sites were chosen for further studies.



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UNDERGROUND INFRASTRUCTURE

Underground infrastructure includes the following:

• The shaft – a six metre diameter an ultimate depth of 928 m. Connected to theshaft will be seven stations, one load out for skips discharge, three lip pockets,one spill door and two main automatic loadings. Gold bearing material and waste

from Main Zone, Zones 1, 2 and 3 will be hauled by conveyor to one of theunderground crushers, located at Level 59 or Level 86 and then sent to automaticloading No. 1 (Level 62) or No. 2 (Level 86). The conveyor network consists ofsix main conveyors and four secondary conveyors.

• Rock handling – includes truck chutes, development and production grizzlys, andconveyor system.

• Two jaw crusher rooms.

• Power distribution - underground electrical loads were estimated to be 15MVA at4160V and electrical rooms (substations) are planned for the underground

distribution on each level near the ramp.

• Mine underground garage – nine metres wide by 30 metres long, will includesfour mechanic bays, storage, and offices.

• Three main pumping stations at Levels 29, 62 and 86

• Ventilation - five main fans. Two low pressure 250 hp fans will be installedunderground in the fresh air intake circuit. Three high pressure 500 hp fans willbe also installed underground and will exhaust at surface via the main rampsystem and raises.

ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL CONSIDERATIONS

CURRENT NATURAL ENVIRONMENT

The Wasamac property is located in an area that is mainly described as rural and

agricultural. South of the property there is also a recreational and conservation area

related to the Kekeko Hills. Private properties constitute most of the study area and the

vegetation is typical of the boreal forest.

There are three lakes on or at the proximity of the property: Hélène Lake, Adéline Lake

and Wasa Lake, and there are three distinct local watersheds on the Wasamac property.

As for all Abitibi-Témiscamingue region, the Wasamac sector holds good potential for

moose habitat.



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As for the underground water, a first study has been done on the wells of the residents

living on Rang des Cavaliers to evaluate physical and chemical properties of the waters.

This study will serve as the base line and will allow us to identify possible modifications

that could be caused by future mining activities. The results showed no specific

problems with water quality or quantity. Many field works were done on the Wasamacproperty in 2011 in preparation of an eventual mine dewatering. The first results

obtained with the numerical model show a potential diminution of the water table

following dewatering of the mine. Thus, provisions will have to be made in the budget to

allow for mitigation measures to be put in place if necessary.

HUMAN ENVIRONMENT

Although, the Wasamac property has been mainly identified as being in a rural and

agricultural area, there are also nearby a residential areas, mainly at Rang des Cavaliers

and Hélène Lake. This element will be an important consideration during the

development and operation of the Project.

The project will be designed with the goal of minimizing impacts on the environment.

Mitigation measures like using sound proof walls, screw air compressors instead of

piston ones, underground skip dump instead of surface ones and underground main

ventilation fans instead of surface fans will also be put in place to minimize noise

impacts. Heavy transportation and traffic on Rang des Cavaliers will be reduced to a

minimum by using the Highway 117 access.

Water management methods will also contribute to minimize the impact of the Project on

the environment. Water reuse and recirculation will be put in place and the objective will

be to tend toward zero effluent.

In order to estimate a preliminary water balance, the ore treatment was established at

30% to 40% solid or 250 t/h solid and 480 m3/h water. The process water flow will

mainly come from recycling water from thickener, tailings pond, and mine dewatering.

The mill tailings will also be re-used to backfill the mine excavations.



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PERMITTING

Many studies are currently on-going or are planned for in the coming months in order to

obtain all necessary information to proceed with permit and certificate of authorization

requests. The studies will also provide basic information on the prevailing conditions on

site that will enable Richmont to evaluate the impact of the Project on the environment.

Those studies are:

• Tailing sites investigations;• Noise background study;• Noise simulation study during operation;• Characterization of private drinking water wells along highway 117;• Environmental baseline study for natural habitats (fauna, flora, surface water

quality and uses, sediment quality), social portrait of the study area, and sensitivearea identification; and

• Geotechnical and hydrogeological model development.

As of today, the actual law does not require that the Project be submitted to the

provincial ministry of the Environment for an impact statement. Since the Project is

estimated of a capacity of less than 7,000 t/d, it is not subjected to the regulation

regarding impact evaluation statement.

MINE CLOSURE REQUIREMENTS

In accordance with provincial laws, a mine closure plan and cost evaluation will be

developed and submitted to responsible government authorities.

CAPITAL COST ESTIMATES

The mine, mill, and site infrastructure costs are summarized in Table 1-5.



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TABLE 1-5 CAPITAL COST SUMMARYRichmont Mines Inc. – Wasamac Project

Cost Area Initial Sustaining

(C$ million) (C$ million)

Surface Infrastructure 78.1 0.4

Shaft 38.2 0.8Mining 125.1 139.2

Processing 108.9 0.0

Tailings 14.5 3.8

Owners/Indirect Costs 34.7 1.4

Closure and Reclamation 0.0 2.0

EPCM 63.1 6.6

Contingency 71.2 23.3

Total 533.8 177.5

The total capital cost for the project is $711.3 million.

Capital costs were estimated using cost models, unit prices, suppliers’ budget quotes

general knowledge and experience, preliminary designs and other information from

recent similar projects, particularly in the Abitibi region. The expected accuracy on cost

estimates is of PEA study level (±35%). The responsibilities for the various project

components are as follows:

• RPA : Underground mine, shaft excavation and some undergroundconstruction.

• Genivar : Surface and shaft infrastructure, underground construction.• BBA : Mill and backfill plant.• AMEC : Tailings pond.• Richmont : Environmental aspects.• Richelieu : Hydrology/Hydrogeology aspects.

OPERATING COST ESTIMATES

Mine life average operating unit costs for the Project are shown in Table 1-6.



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TABLE 1-6 UNIT OPERATING COSTS SUMMARYRichmont Mines Inc. – Wasamac Project

Cost area LOM Unit Cost

(C$/t mi lled)

Mine 29.36

Mill 11.73G&A 5.06

Total operating cost 46.15

Operating costs were estimated using cost models, unit prices, suppliers’ budget quotes

general knowledge and experience, preliminary designs, first principles and other

information from recent similar projects, particularly in the Abitibi region. The expected

accuracy on cost estimates is of PEA study level (±35%).

PROJECT SCHEDULEA project schedule has been developed for the Project development and is presented in

Figure 1-3. When the ongoing definition drilling program will be completed in 2012 and

Wasamac’s resources will be up dated the Project can be re evaluated.

RISKS & OPPORTUNITIES

A high level risk and opportunity assessment was carried out to identify major project

risks and also opportunities to improve the project outcome. Mitigating strategies were

also developed for the major risks, as well as development strategies for the major

opportunities. These risks and opportunities are outlined in Tables 1-7 and 1-8.



1 Studies Pre-feas / Feas

A4

2 Detailed Engineering

3 Environmental studies / Permits / CA

4 Procurement

5 Construction

6 Dewatering Old Wasamac Mine

7 Ramp Development

8 Shaft Sinking

9 Ramp up

10 Starting Production

A1A2A3Tri 1 Tri 4Tri 3Tri 2 Tri 1 Tri 4Tri 3Tri 2 Tri 1 Tri 4Tri 3Tri 2 Tri 1 Tri

Studies Pre-feas / Feas

May 2012 Source: Richmont Mines Inc., 2011.

W

P

Ric

Rouyn-N

1

- 2 8



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TABLE 1-7 KEY RISKS IDENTIFIED AND MITIGATING STRATEGIESRichmont Mines Inc. – Wasamac Project

RISK MITIGATING STRATEGY

Geology

Inferred Resources may not translate into Measured

and Indicated categories

In-fill surface drilling program planned for 2012 on

Wasamac PropertyDilution higher than expected thus grade lower thanexpected also

Better understanding of structural geology andlithology

Mining

Poor single face performance mainly for ramp andshaft sinking

Hire skilled workforce; ensure that superiorequipment and utilities are in places to support highdevelopment rate

Poor ability to ventilate single face development(ramp)

Use rigid ventilation ducting; establish a ventilationnetwork in upper part of old Wasamac Mine (400level and 800 level)

Delays during pre-production phase and beginning ofproduction postponed

Complete and detailed schedule of development withcritical path included construction all undergroundfacilities

Dewatering old Wasamac mine Complete detailed schedule and strategy to pumpwater in old development. Survey to obtain anaccurate evaluation of water pumped. Morehydrogeology investigation if need

Higher dilution during stope extraction Add hanging wall and footwall support cables bolting.Maintain stope full of muck as long as possibleduring stope exploitation

Issue concerning hydraulic backfill (dry/cemented) Complete investigation studies including tailingscharacterization and using software modelling

Geotechnical

Crown Pillar instability Complete investigation and evaluation for crownpillar

Water

Issue for supplying industrial water Back up and reuse water from mine water pond andpolishing pond

Metallurgy

Metallurgical performance (recovery) and designcriteria not fully defined which may lead to changesin plant design

Perform additional metallurgical testwork withblended composites to reflect the mining schedule

Plant Design and Operations

Comminution characteristics of ore not well knownfor sizing SAG and ball mills

Perform additional grindability testwork

Zones blended approach, less gold recovery if notgood proportion of zones or if fast variation of theblending

Better understanding of the mineralogy

Tailings More important distance from mine site to tailingslocation,

More investigation for soil mechanic, hydrology andborrow pit location and obtain Ministry’s approvalssoon

Environmental



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TABLE 1-7 KEY RISKS IDENTIFIED AND MITIGATING STRATEGIESRichmont Mines Inc. – Wasamac Project

RISK MITIGATING STRATEGY

Adverse impact of Project on groundwater resources(socially and environmentally), resulting fromgroundwater use, mine dewatering

Pursue with specialized water resources study,modelisation to understand the existing hydrologicaland hydrogeological regime and to predict impacts ofthe Project initiated. Budget allow to put in placemitigation measures

Habitat removal and impacts of biodiversity and floraand fauna of conservation significance

Studies of the existing flora and fauna must beconducted to evaluate future impact of mineoperation

Social

Negative impacts of the mine operation on vicinitymainly for noise, blast vibration and dust

Design approach with main objectives to minimizenegative impacts.

Relationship with neighborhood unsatisfactory Strategy to maintain good communication with localpopulation and Rouyn-Noranda official authorities.Creation of citizen committee

Costs

Over run of operating costs Addressed in sensitivity analysis for PEA, moredetailed estimates in future studiesOver run of capital costs Addressed in sensitivity analysis for PEA, more

detailed estimates in future studiesEnergy cost (fuel, natural gas/propane, electricity)skyrocket

Uncontrollable

Rising cost of major consumables Negotiation of long term contract

US$-CDN$ exchange rate adverse Uncontrollable

Financing difficult to obtain Market analysis, good timing and opportunity

Regulatory Approval

Postponement to Project due to delays inenvironmental approval and Project permitting

Environmental process commenced early to allow fordelays in approvals

Tailings approval (design, concept and location) Must be prioritized in the approval process mainlysite locationRefusal to issue exploitation permits All authorizations and exploitation permits issued

before financing approvalsRevenue

Decreasing of gold price Uncontrolable

US$-CDN$ exchange rate adverse Uncontrollable



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TABLE 1-8 OPPORTUNITIES AND DEVELOPMENT STRATEGIESRichmont Mines Inc. – Wasamac Project

OPPORTUNITY DEVELOPMENT STRATEGYGeology

Adding resources and increasing grade In-fill surface drilling program planned for 2012Ag metal to be evaluated Grade calculation for Ag, re-assays for Ag

MiningIncluding resources of old Wasamac Mine and crownpillar

More technical evaluations to develop a miningapproach for these resources

Improved underground mine design infrastructure toreduction capital expenditures of mine

Refine in future studies

Daily rate performance maybe too conservative forsingle face


Optimization of underground ventilation network todecrease total pressure and volume


GeotechnicalOptimize surface infrastructures location, decreasingpile utilization

Rework design, more geotechnical investigationsand opportunity to relocate on new groundacquisition

Plant Design and OperationsImprove mill process and plant design optimisation More testwork will be done

TailingsFind a site location closer of the mine site Additional investigation programs and discussion

with Ministry Reduction in capital costs for construction Refine design and more soil investigations (borrow

pit material)Environmental & Community

Improve mine site design with objectives to reducemainly noise and dust on vicinity

Potential for optimizing good relationship soon duringconstruction phase and later in operation

CostsReduction in operating costs Addressed in sensitivity analysis for PEA, more

detailed estimates in future studiesReduction in capital costs Addressed in sensitivity analysis for PEA, more

detailed estimates in future studiesRevenue

Add revenue with Ag metal Grade calculation for Ag, re-assays for Ag



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2 INTRODUCTION

Roscoe Postle Associates Inc. (RPA), Genivar, and BBA Inc (BBA), were retained by

Richmont Mines Inc. (Richmont), to prepare an independent Technical Report on theWasamac Project, located approximately 15 km southwest of Rouyn-Noranda, Quebec.

The purpose of this report is to provide technical support information for Richmont’s

public disclosure on the Wasamac Project. This Technical Report conforms to NI 43-101

Standards of Disclosure for Mineral Projects.

Richmont is listed on the Toronto Stock Exchange (TSX) and the New York Stock

Exchange (NYSE) Amex. Richmont Mines is a Quebec-based gold company with over

20 years of experience in exploration, mine development and production. Richmont’s

asset portfolio includes a number of mineral properties in the production, development,

and exploration stages, and two wholly-owned gold mills.

This Preliminary Economic Assessment (PEA) has evaluated an undergroung mining

approach and conventional carbon-in-pulp (CIP) processing, producing a gold-silver

doré bar.

The pre-production period will be 4.5 years and the mine life will be 14 years. The

processing rate will be 6,000 tpd (2.16 Mtpa) with an average mill recovery of 90.2%.

This report is considered by RPA to meet the requirements of a PEA as defined in

Canadian NI 43-101 regulations. The economic analysis contained in this report is

based, in part, on Inferred Resources, and is preliminary in nature. Inferred Resources

are considered too geologically speculative to have mining and economic considerations


the reserves development, production, and economic forecasts on which this PEA is

based will be realized.



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SOURCES OF INFORMATION

Site visits were carried out on November 15, 2011 by Jacques Gauthier, P. Eng., MGP,

Principal Mining Engineer, Yves Galarneau, ing., Senior Minig Engineer and Bernard

Salmon, ing., Principal Consulting Geological Engineer, of RPA.

Discussions were held with following personnel from Richmont:

Mr. Rosaire Émond, ing., Project Engineer, Richmont Mr. Daniel Adam, geo., Ph.D., General Manager Exploration and Sustainable

Development, Richmont

Mr. Gauthier is responsible for the overall preparation of the Technical Report and for

Sections 1, 2, 3 19, and 24, and contributed to Sections 16, 21, 25, and 26. Mr.

Galarneau is responsible for Section 16 and contributed to Sections 18, 21, and 26.

Marc Lavigne, M.Sc., ing., Senior Mining Engineer of RPA, is responsible for thepreparation of Sections 15 and 22, and contributed to Sections 16, 25, and 26. Colin

Hardie, P.Eng., Department Manager and Metallurgist of BBA Inc., is responsible for the

preparation of Sections 13 and 17 and contributed to Section and 21. Stéphane Lance,

ing., Director – Mining Infrastructure of Genivar Inc., is responsible for Section 18 and

contributed to Section and 21. Daniel Adam, Ph.D., geo., General Manager Exploration

and Sustainable Development of Richmont, is responsible for Sections four through 12,

14, 20, and 23, and contributed to Sections 25, and 26 of the Technical Report.



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LIST OF ABBREVIATIONS

Units of measurement used in this report conform to the Metric system. All currency in

this report is Canadian dollars ($) unless otherwise noted.

µ micron km square kilometre°C degree Celsius kPa kilopascal°F degree Fahrenheit kVA kilovolt-amperesµg microgram kW kilowattA ampere kWh kilowatt-houra annum L litrebbl barrels L/s litres per secondBtu British thermal units lbs poundsC$ Canadian dollars m metrecal calorie M mega (million)cfm cubic feet per minute m square metrecm centimetre m cubic metrecm square centimetre min minuted day MASL metres above sea level

dia. diameter mm millimetredmt dry metric tonne mph miles per hourdwt dead-weight ton MVA megavolt-amperesft foot MW megawattft/s foot per second MWh megawatt-hourft2 square foot m3/h cubic metres per hourft3 cubic foot opt, oz/st ounce per short tong gram oz Troy ounce (31.1035 g)G giga (billion) ppm part per millionGal Imperial gallon psia pound per square inch absoluteg/L gram per litre psig pound per square inch gaugeg/t gram per tonne RL relative elevationgpm Imperial gallons per minute s second

gr/ft grain per cubic foot st short tongr/m grain per cubic metre stpa short ton per yearhr hour stpd short ton per dayha hectare t metric tonnehp horsepower tpa metric tonne per yearin inch tpd metric tonne per dayin square inch US$ United States dollarJ joule USg United States gallonk kilo (thousand) USgpm US gallon per minutekcal kilocalorie V voltkg kilogram W wattkm kilometre wmt wet metric tonnekm/h kilometre per hour yd3 cubic yard

yr year



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3 RELIANCE ON OTHER EXPERTS

This report has been prepared by Roscoe Postle Associates Inc. (RPA) for Richmont

Mines Inc. The information, conclusions, opinions, and estimates contained herein are

based on:• Information available to RPA at the time of preparation of this report,

• Assumptions, conditions, and qualifications as set forth in this report, and

• Data, reports, and other information supplied by Richmont and other thirdparty sources.

For the purpose of this report, RPA has relied on ownership information provided by

Richmont Mines Inc. This information is relied on in Section 4 and the Summary of this

report. RPA has not researched property title or mineral rights for the Wasamac Projectand expresses no opinion as to the ownership status of the property.

RPA has relied on Richmont Mines Inc. for guidance on applicable taxes, royalties, and

other government levies or interests, applicable to revenue or income from Wasamac

Project.

Except for the purposes legislated under provincial securities laws, any use of this report

by any third party is at that party’s sole risk.



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4 PROPERTY DESCRIPTION AND LOCATION

LOCATION

The Wasamac property is located approximately 15 km southwest of Rouyn-Noranda,

Quebec, Canada, within the heart of the Abitibi gold mining district (Figures 4-1 and 4-2).

LAND TENURE

The property consists of three mining concessions (CM 349, CM 364, and CM 370 for

757.65 ha) and a mining claim (CDC20098 for 1.71 ha) which cover a total area of

759.36 ha in the Beauchastel township (Table 4-1, Figure 4-3). These mining

concessions, which give Richmont the right to conduct mining activity on the property,

must be renewed every year with either $26,517.75 ($35 per ha.) of exploration work or

lease payments of the same amount if no exploration work has been done. All work

and/or lease payments to date have been met by Richmont in order to maintain all three

mining concessions in good standing and Richmont will continue to do so in the future.

TABLE 4-1 WASAMAC MINING TITLESRichmont Mines Inc. – Wasamac Project

Claim # Township Lot Range Expiry Date Surface(ha)

349 Beauchastel 24 to 31 IV to VI 2013-01-31 306.02

364 Beauchastel 32 to 36 IV to VI 2013-01-31 349.65

370 Beauchastel 37 to 39 V and VI 2013-01-31 101.98

CDC20098 Beauchastel 0027 0005 2012-05-19 1.71



0 0.5

Kilometres

1.0 1.5 2.0


W

P

Ric

Be

4 -

3



0 0.5

Kilometres

1.0 1.5 2.0


W

WShow

Ric

Be

4 - 4



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LEGAL AGREEMENTS, UNDERLYING ROYALTY INTERESTS

Richmont owns 100% of the Wasamac property. On May 7, 1986, Richmont signed an

option agreement with Lac Minerals Ltd. (Lac Minerals) by which Ressources Minière

Rouyn (RMR, which changed its name to Richmont in 1991) would earn a 50% interest

in the property by incurring exploration expenses totalling $5 million over four years. OnJanuary 1987, the agreement was amended: RMR could earn the 50% interest by

incurring exploration expenses totalling $3.5 million. On February 29, 1988, RMR, having

spent the required amount in exploration work, acquired 50% of theWasamac property.

On June 1, 1992, Richmont acquired the remaining 50% of the Wasamac property for a

cash payment of $200,000.

Upon signing the agreement, Richmont assumed all land rental fees and statutory work

payments on the Project. Lac Minerals did not retain any royalty from the Project, andno royalties by others parties are associated with this property.

Production from this site between 1965 and 1971 totalled 1,892,448 t at a recovered

grade of 4.16 g/t Au for a total of 252,923 recovered ounces of gold (Karpoff, 1987).

GLOBEX OPTION

On May 5, 2011, Richmont entered into an option agreement (the “Agreement”) with

Globex Mining Enterprises Inc. (GMX – TSX, G1M – Frankfurt, GLBXF – OTCQX),(“Globex”) to acquire a 100% interest in five claims adjacent to Richmont’s Wasamac

property.

Under the terms of the Agreement, detailed in Table 4-2 below, Richmont paid Globex

$500,000 in cash upon signing the Agreement. To maintain the option, Richmont will

pay Globex an additional $500,000 in cash 18 months following the signing of the

Agreement. Richmont must incur $1.0 million in expenditures on the property over the

ensuing 18 months and incur an additional $1.0 million (for a cumulative amount of $2.0million) on or before 36 months following the signing of the Agreement. To exercise its

option to acquire the claims, Richmont must then pay Globex $2 million in cash and

issue 500,000 common shares 36 months after the signing date of the Agreement, after

which Globex will transfer 100% of its interest in the property to Richmont. Richmont will

then have to incur an additional $1.0 million in expenditures on the Property (for a



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cumulative amount of $3.0 million) within a 12 month period. Richmont can abandon its

right to exercise the option on the five claims at any time by providing Globex with a

written notice to this effect 30 days prior to the date of such cancellation, after which

Richmont would have no additionnal obligation to Globex.

TABLE 4-2 SUMMARY OF THE GLOBEX OPTION AGREEMENTRichmont Mines Inc. – Wasamac Project

DateCash

($ millions)Work Commitment

($ millions)Richmont

Shares May 2011 $0.5 $1.0 1

November 2012 $0.5 $1.0

May 2014 $2.0 $1.0 2 500,000

TOTAL $3.0 $3.0 500,000Notes:1. Must be completed over a period of 18 months

2. Must be completed over a period of 12 months

In the event that Richmont exercises the option, a 3% Gross Metal Royalty (GMR) will be

payable to Globex for gold and other metals produced from the property. Moreover, in

the event that Richmont exercises its option, the Corporation will pay Globex an annual

advance royalty of $50,000 as of the 48th month following the date of the signing of the

Agreement. This advance royalty will continue to be paid until the property attains

commercial production, at which time the total advance royalty amount paid to Globex

will be credited against any applicable GMR royalty payments.

The five claims under the Agreement cover a total area of 2.07 km2 (207 ha), and are

adjacent to the eastern boundary of Richmont’s Wasamac property (Figure 4-3). This

option agreement will enable Richmont to evaluate the potential of gold mineralization on

the eastern extension of the Wasa Shear Zone over a 1.3 km strike length. The potential

for gold from surface to the -200 m elevation on the Wasa Shear Zone was tested by

previous owners, and no significant results were obtained. The objective of Richmont is

to verify the potential presence of mineralized zones similar to those observed on the

Wasamac property at deeper elevations.



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5 ACCESSIBILITY, CLIMATE, LOCALRESOURCES, INFRASTRUCTURE ANDPHYSIOGRAPHY

ACCESSIBILITY

The property is located 15 km West of Rouyn-Noranda, Quebec, Canada. It is easily

accessible from the Provincial Highway 117, that joins Rouyn-Noranda and the

community of Arntfield. The Wasamac property is directly accessible from Highway 117

and from a secondary road (Rang des Cavaliers) which leads directly to it.

CLIMATE

The average temperatures are -17.2°C in January and +17.2°C in July based on

measurements taken over 30 years in the area. There is an average of 61 cm of snow in

December and 101.9 mm of rain in September.

The area is located in the coniferous to boreal zone and, more precisely, in a white

birch’s resinous domain. The forest cover is composed of 50% leafy and 50% resinous

trees with a moderate commercial value.

The Abitibian forest is a habitat able to support a wide diversity of mammals and birds.

Amongst these, beavers and moose are the most common species. Meanwhile, the

moose habitat is somewhat restricted by the absence of large coniferous covers, human

activities and the close proximity of the town of Rouyn-Noranda. Beaver dams hinder

the water flow in several areas (including the Wasamac property) and aquatic fur

animals like muskrats, minks and otters can cohabit in such an environment. Black

ducks and grouse represent the most appraised species for sport hunting.

LOCAL RESOURCES

Rouyn-Noranda (population 41,000) is a well established mining community offering a

vast amount of ammenities. The Horne copper smelter is the most significant employer

in the town with a workforce of approximately 500. Skilled administrative personnel,

technicians, geologists, mining engineers and experienced miners are available in the



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area. howewer, as several advanced staged projects are currently active in the vicinity, it

is now more difficult to find, recruit and retain employees.

INFRASTRUCTURE

In the past, the Wasamac Mine had an inclined shaft dipping to the north in the footwallof the Main Zone to depth of approximately 420 m. Drifting was done on seven main

levels (every 200 ft) until approximately 400 m below surface. Two lateral drifts

accessed Zones 1 and 2 towards the east (at the 400 ft and 800 ft levels). Just to the

south, the Wildcat shaft was used as a ventilation raise; it was connected to the

Wasamac Mine by a drift at the 200 ft level.

The mine was closed in 1971 and is now entirely flooded. All infrastructure were

dismantled and equipment was removed. As ore has been processed at the mine site,there is an old non-acid generating tailings pond in the center of the property.

The surface rights covering the area of the old infrastructure and of the tailings pond are

still owned by Richmont.

Hydro-Quebec electric power is available from a provincial 25 kV hydro line which runs

along Highway 117 and from another line along the secondary road (Rang des

Cavaliers). Another Hydro-Québec 120 kV line is located approximately 8 km east of theProject.

The Ontario Northland Railway runs north of the property, parallel to Highway 117.

PHYSIOGRAPHY

The topography is relatively flat (averaging 300 metres above sea level) with the

exception of the northwest portion of the property where outcrops are not more than 20

m higher than the average elevation, and Monts Kekeko to the South. The local

drainage heads south from creeks crosscutting the property towards the Wasa, Helene

and Adeline Lakes.



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6 HISTORY

The Wasamac property has been the object of extensive exploration work in the past.

The following section provides a brief history of exploration and operation on theProperty.

Gold mineralization was originally discovered in 1936 by Mine d’Or Champlain through

surface trenching work. Subsequent surface diamond drilling intersected encouraging

gold values but geological continuity seemed erratic. A 60 m shaft (Wildcat Shaft) was

sunk and one underground level was developed.

In 1944, Mine d’Or Champlain changed its name to Wasa Lake Gold Mines and initiated

a new exploration program. This led to the discovery of a new gold bearing zone, the

Main Zone, located some 300 m north of the Wildcat Zone.

During the period from 1945 to 1948, an inclined shaft was sunk at a 55° angle down to

the 1,000 ft level which was followed by significant development work on five

underground levels. Ore reserves established at the time were approximately two million

tonnes at an average grade of 5.28 g/t Au (NI 43-101 non compliant).

In 1960, Barnat Mines Ltd., in association with Little Long Lac Gold Mines, gained

control of Wasa Lake Gold Mines and changed its name to Wasamac Mines Ltd. A

production decision was reached in 1964, the underground workings were dewatered

and rehabilitated and commercial production officially commenced on April 1, 1965.

Between 1965 and 1971, nearly 1.9 million tonnes of ore from the Wasamac deposit

treated by Wasamac Mines Ltd and after by Wrigth-Hargreaves Mines Ltd. An average

recovered grade of 4.16 g/t was recorded (Karpoff, 1986) (Table 6-1).



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TABLE 6-1 GOLD PRODUCTION – WASAMAC MINES LTD.Richmont Mines Inc. – Wasamac Project

Year Tonnes Milled Gold Grade(g/t Au)

Ounces Recovered(oz Au)

1965 222,422 3.94 28,189 1966 368,986 4.42 52,451

1967 369,914 4.17 49,531

1968 376,236 4.41 53,280

1969 305,142 3.67 35,982

1970 212,660 4.11 28,123

1971 37,088 4.50 5,367

Total : 1,892,448 4.16 252,923

From Karpoff, 1986

In May 1971, operations ceased due to low gold prices (approximately US$35/oz),increasing production costs, and the abolishment of Federal aid to the mining sector.

Consequently, very little exploration was conducted until 1974, when Lac Minerals

carried out limited diamond drilling on the MacWin Zone and deep diamond drilling work

on the Main Zone.

During the early 1980s, Lac Minerals reactivated exploration work on the property and in

1980 they completed 80 km of maxmin, magnetometer, and VLF ground geophysicalsurveys. This work was followed up with surface geological mapping and in 1981 the

company drilled 64 surface holes totalling 7,375 m in an attempt to:

1. Verify the down dip extension of the Main Zone.2. Evaluate the surface pillar zone through definition drilling at 30 m spacing.3. Evaluate the down plunge extensions of the MacWin, Wildcat and N 2 zones.

In 1983, following pre-feasibility work on the surface pillar recovery, Lac Minerals drilled

an additional 1,880 m from 33 surface holes at a 15 m spacing, in order to upgrade thelevel of confidence of this surface zone.

Many open-pit studies were subsequently prepared for the surface pillar, but low gold

prices at the time prevented the company commencing production.



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Following the option agreement with Lac Minerals in 1986, the exploration work

conducted by Ressources Minières Rouyn (RMR, who changed its name for Richmont

Mines in 1991), consisted of 11 surface holes totalling 3,710 m, and was aimed at further

evaluating the surface pillar zone along with the Zone 1 and Main Zone down dip

extensions.

From November 1987 to June 1988, RMR dewatered the mine to a depth of 975 ft and

rehabilitated the 400 and 800 ft levels in an attempt to explore the down dip extension of

Zone 1 through underground drilling. Once again, however, weak gold prices drove the

company to bring the project to a halt.

In 1994, Richmont restored the Wasamac Mine site. All surface installations were

dismantled, the shaft was capped and the tailings pond was re-vegetated.

From 1989 to 2002, exploration work on the property consisted of limited surface

diamond drilling to keep the mining lease in good standing. A total of eight surface holes

were drilled during this period, totalling just over 4,500 m. The main geological target

was the Wasa Shear Zone at depth (Zones 1 and 2).

In 2002, Richmont re-activated exploration work on the Wasamac property in an attempt

to evaluate the down plunge extension of Zones 1 and 2 at depth. These results,

including those of the 2010-2011 drilling campaign, are presented in the Exploration

section of this report.

HISTORICAL RESOURCE ESTIMATES

In 1981, Exploration Long Lac Limitée (Exploration Long Lac), after the completion of a

surface diamond drilling campaign, re-assessed the resources of the Wasamac Mine,

including the surface pillar of the Main Zone (Bugnon, 1981).

In 1983, Lac Minerals completed another drilling campaign in the surface pillar of the

Main Zone and reassessed the resource. A total of 588,650 t at a grade of 2.85 g/t Au

was estimated for this pillar (Bugnon, 1983).

In 1986, Karpoff B.S. did a re-assessment of all the resources of the Wasamac Mine:



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Main Zone Surface Pillar : 740,396 t at 3.39 g/t AuMain Zone : 814,273 t at 5.83 g/t AuZone 1 : 87,855 t at 5.14 g/t AuZone 2 : 24,839 t at 5.79 g/t AuZone MacWin : 91,728 t at 4.94 g/t Au

RPA notes that the above Reserve and Resource estimations are historical and non-compliant with NI 43-101.

After the 2002-2003 drilling campaigns, Richmont completed a resource estimation for

the extension of Zones 1 and 2 at depth (Guay, 2004). This estimation was updated

with the 2004 drilling results and a total of 1,282,092 t at a grade of 6.92 g/t Au of

Inferred Mineral Resources were estimated for the down plunge extension of Zones 1

and 2. This resource was estimated using a 4.45 g/t Au cut-off grade and a gold price of

US$400/oz.

A resource estimation was done in April 2011 on the four Wasamac mineralized zones

(the Main, 1, 2 and 3 Zones) after the 2010 drilling campaign (Adam, 2011). At a cut-off

grade of 1.5 g/t Au, the Measured and Indicated Resources of the Wasamac zones

totalled 5,093,180 t grading 2.51 g/t Au containing 411,093 ounces of gold. The

resources of the Inferred category totalled 11,515,020 t grading 2.72 g/t Au containing

1,007,875 ounces of gold.



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7 GEOLOGICAL SETTING ANDMINERALIZATION

REGIONAL GEOLOGY

The Wasamac property is located within the Rouyn-Noranda mining district, in the Abitibi

greenstone belt of the Superior province of the Canadian Shield. The area consists

mostly of felsic to mafic volcanic rocks of Archean age along with related dioritic sills

which are concordant to the regional rock formations. These volcanic and intrusive rocks

have generally been metamorphosed to the green schist facies.

The Superior Province is the largest exposed Archean craton in the world that hosts

several world class gold deposits. It has yielded nearly 300 million ounces of gold from

hundreds of deposits since the beginning of the twentieth century. One prominent

characteristic of all significant gold deposits in the Superior Province is their occurrence

within or immediately adjacent to greenstone belts. Another characteristic is their

occurrence within major tectonic zones which comprise a series of shear zones (Colvine

et al. 1988). The Superior Province is divided into four major subprovince types (Card

and Ciesielski 1986): volcano-plutonic, plutonic, metasedimentary, and high grade

gneiss. The boundaries of these subprovinces are either major dextral, transcurrent,

east-striking faults, or zones of structural and metamorphic transition.

The greenstone belts which host the gold deposits occur as east-northeasterly trending

ribbon domains in the volcano-plutonic terrains. They typically consist of mafic to

ultramafic and felsic metavolcanics, interlayered with metasediments. The supracrustal

rocks were intruded by syn-volcanic plutons. Saturated and undersaturated felsic to

mafic igneous rocks intruded into the greenstone belts in late Archean.

The metamorphic grade of most of the present greenstone terrains ranges from sub-

greenschist to greenschist facies in the center, to lower amphibolite facies at the margin.

Amphibolite facies contact metamorphic aureoles occur around intrusions into the

greenstones (Jolly 1978, 1980) with the exception of the synvolcanic ones.



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LOCAL AND PROPERTY GEOLOGY

The geology of the Rouyn-Noranda area has been well described by numerous authors

(Dimroth et al. 1982, 1983a, 1983b; Gélinas et al. 1983; Couture and Pilote 1991).

Volcanic rocks of the Blake River Group, which host the gold deposits, are the principal

Archean rock-types exposed in the study area. Rocks of the Blake River Group are

bounded to the north by the Porcupine-Destor-Parfouru fault system, and to the south by

the Larder Lake-Cadillac Fault. The Blake River Group is the youngest volcanic

sequence in the Superior Province and forms a central volcanic complex which is

characterized by cyclic bimodal andesite-rhyolite units of calc-alkaline and tholeiitic

affinity (Péloquin et al. 1990). These units are underlain by the sedimentary rocks of the

Timiskaming Group, which are themselves overlain by little deformed Proterozoic

sedimentary rocks of the Cobalt Group along the south boundary. The volcanic rocks

are intruded by two major intrusive rocks, mafic gabbro-diorite sills and stocks that are

either synvolcanic or clearly post-tectonic. All lithologies, except for the syenites, are

folded and metamorphosed.

Two large granitic bodies are located just north of the Wasamac property; the Flavrian

and the Powell batholiths. These two bodies cross-cut the volcanic rocks and are located

within the general axis of the Blake River Group syncline. Elsewhere on the property,

diabase dykes of proterozoic age and lamprophyre dykes are also found.

The property can basically be subdivided into two distinct volcanic sequences; the

southeastern portion is characterized by massive mafic to intermediate flows, while the

northern portion is underlain by an intercalation of mafic volcanic flows, felsic tuffs and

brecciated rhyolite. These two volcanic sequences are separated by a subsidiary fault of

the Larder Lake-Cadillac tectonic zone, called the Wasa Shear Zone, which crosses the

entire length of the property from east to west (Figure 7-1).

Elsewhere on the property, several small mafic intrusive bodies composed of gabbro and

diorite can be found. These intrusive bodies vary in size and seem to be generally

concordant with the regional stratigraphy which runs east-west.



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Below the Proterozoic Cobalt sediments, just south of the Wasamac property, the Larder

Lake-Cadillac Fault cuts the Archean rocks. This regional fault separates the rocks of

the Blake River Group to the north with the sedimentary rocks of the Timiskaming Group

to the south. Beside this major structure, the Archean rocks are also affected by two

families of very different faults, one of which is related to the Wasa Shear Zone, and theother to the Horne fault. Like the regional structures, these faults and shear zones are

nearly striking east-west. The Wasa Shear Zone is a reverse fault with a north dipping

trend and is strongly hydrothermally altered on the Wasamac property. Most of the gold

mineralization found on the property to date is related to the Wasa Shear Zone.

Only minor folding has been observed on the property. Schistosity varies between south-

east to north-east with a northern dip of about 55° and corresponds to regional

schistosity. The stratigraphic high, from pillows observation, is towards the north.

Detailed geological mapping was done on the Wasamac property in 1980. A good

description of all the lithological units of the property is given by Bugnon (1981) and

Bugnon et al (1981).



Legend:

Felsic intrusive

Intermediate intrusive

Felsic volcanic

Intermediate volcanic

Mafic volcanic

Schist

Mineralized zone

Diabase

N


Wasamac Project

Property Geology andMineralized Zones

Richmont Mines Inc.

Rouyn-Noranda, Québec, Canada

Figure 7-1

7-4

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MINERALIZATION

The Wasa Shear Zone runs through the centre of the property in an east-west fashion

(Figure 7-2). This shear zone trends at an azimuth of 265°, has a 50° to 60° dip to the

north and a maximum thickness of 80 m. It is characterized by the development of a

strong mylonitic fabric and an intense hydrothermal alteration that destroyed the primary

structures and textures of the protolith. Mineral assemblages of rocks within the shear

zone consist of chlorite, carbonate, hematite, albite and sericite in the middle of the

zone. Gold is associated with a dissemination of fine pyrite in the altered portions of the

shear zone.

The Wasa Shear Zone, which has been well drilled over its entire length, does not

outcrop anywhere on surface.

During the production era, two gold bearing zones were mined, namely the Main Zone

and the East N°1 Zone (now Zone 1). Some limited tonnage was also extracted from

the Wildcat Zone.

MAIN ZONE

Originally discovered in 1944 through surface drilling, the Main Zone can be described

as a well laminated mineralized zone. It is located near the centre of the property, within

the Wasa Shear Zone and high grade areas display true widths of 10 m to 15 m (up to

25 m locally) over a strike length of 400 m. Gold mineralization is associated with quartz,

carbonate, sericite, albite, pyrite and chlorite inside the shear zone. Visible gold is rare,

and strong gold assays are generally associated with high silica content and a lot of fine

grained pyrite (Gill, 1947). If the entire mineralized zone is considered, including lower

grade parts, the width of the mineralized zone can be up to 50 m (Figure 7-3). At depth,

in the western part of the Main Zone, there is also gold mineralization in the footwall of

the shear zone.



MAIN ZONE

ZONE 1 ZONE 2

ZO

H o r n e C

r e e k F a

u l t

Rhyolite

Legend:

AndesiteIntermediate Tuff

Hematized Wasa Shear

Wasa Shear

Mineralized Zone

0 100 500

Metres

200 300 400


W

RelationshThe Wasa

Zones

Ric

Rouyn-

7 -

6



4800m

4700m

5000m

4900m

5100m

Mined

Mined

0 25

Metres

50 75 100

Rhyolite

Legend:

Andesite

Intermediate Tuff


Wasa Shear

Mineralized Zone

May 2012 Source: Richmont Mines Inc., 2011

Wasamac Project

Main ZoneGeological Section

Richmont Mines Inc.


Figure 7-3

7-7

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ZONE 1

Located some 400 m east of the Main Zone, Zone 1 has a similar mineralogical

assemblage. The high grade part displays true widths of 4.5 m to 7.5 m over a strike

length of 150 m. During the last phase of production work, underground development

work was undertaken in an effort to mine this gold bearing lens but only limited tonnagewas finally extracted in the upper part of the zone (approximately 100,000 t of ore were

mined). The thickness of the mineralized envelop can be up to 20 m (Figure 7-4).

ZONE 2

In September 1944, surface drilling work intersected another gold bearing structure

some 800 m east of the Main Zone: Zone 2. The higher grade part of this zone has an

average thickness of three to six metres over a strike length of 225 m. This zone was

partially developed from underground, but no production was recorded. This mineralizedzone is located in the upper part of the shear zone, near the hanging wall (Figure 7-5).



4800

4700

5000

4900

5100

0 25

Metres

50 75 100

Rhyolite

Legend:

Andesite

Intermediate Tuff


Wasa Shear

Mineralized Zone


Wasamac Project

Zone 1Geological Section

Richmont Mines Inc.


Figure 7-4

7-9

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0 25

Metres

50 75 100

4800

4700

5000

4900

5100

Rhyolite

Legend:

Andesite

Intermediate Tuff


Wasa Shear

Mineralized Zone


Wasamac Project

Zone 2Geological Section

Richmont Mines Inc.


Figure 7-5

7-10

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ZONE 3

This zone was first intersected during the 2002-2004 drilling programs and was better

defined during the 2011 drilling. The mineralization of Zone 3 is located in the lower part

of the shear zone, near the footwall, below the MacWin Zone.

It seems that some felsic dykes are associated with the mineralized zones. These dykes

are hematized with a red color. Generally, with the subsequent deformation of the dykes

in the shear zone and their alteration and mineralization, they are not easy to recognize

(Figure 7-6).

These dykes were probably injected in the shear during the deformation. It remains to

be verified, but they seem to be en echelon inside the shear zone. As these dykes were

more competent rocks compared to the surrounding andesites, they seem to have beenaffected at the beginning by more brittle deformation than the andesites (less competent,

affected by a more ductile deformation). This brittle deformation could have created

fractures, or openings inside the dykes, which could have served as conduits to the

mineralized fluids inside the shear zone. More geological studies need to be completed

to better understand the exact relation between the dykes and the formation of this ore

deposit.



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FIGURE 7-6 ILLUSTRATION OF THE PROGRESSIVE DEFORMATION AND ALTERATION OF THE DYKES INSIDE THE WASA SHEAR ZONE.

MACWIN ZONE

Formerly known as the Wingate Zone, this zone was first discovered in 1945 near the

eastern property boundary and is also associated with the Wasa Shear Zone. It seems,

in this area, that the gold mineralization went out of the shear zone, as irregular

mineralized zones are found in the rhyolite located just at the hanging wall of the shear.

There are some historical, non NI 43-101 compliant, resources recorded for this zone

namely 91,728 t at 4.94 g/t Au (Karpoff, 1986). It seems that a small shaft was

completed on it, however, this area is not included in the mineral resources defined in

the present report.

WILDCAT ZONE

Located approximately 300 m south of the Main Zone, the Wildcat Zone was the first

gold showing to be discovered on the property (1936). This gold bearing zone consists



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of a carbonate altered zone at the margins of a gabbroic unit. Gold mineralization is

associated with quartz carbonate veinlets containing fine grained pyrite. The pyrite

mineralization is also present throughout the altered halo as disseminations.

This zone, which has been interpreted as being erratic, was investigated throughunderground development work in 1937, but operations ceased a year later due to lower

than expected gold grades. Further surface drilling was subsequently completed in 1944,

but efforts failed to improve the grade. Only limited tonnage was extracted from this

zone. The Wildcat shaft was later used as a ventilation raise, and was connected to the

Wasamac Mine by a drift on the 200 foot level.

In 1981, Exploration Long Lac completed 18 holes over 1,562 m. These vertical holes

showed a possible extension of the mineralization to the southeast (Caillé, 1981). Also,

Richmont drilling in this area showed a possible extension of the mineralized structure to

the southwest.



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8 DEPOSIT TYPES

The Wasamac deposit is a gold deposit of replacement type with close coexistence of

gold and pyrite disseminated in the altered Wasa Shear Zone. Hydrothermal alteration

is well developed, and alteration minerals have distinct zonation from the orebodyoutward: albite-pyrite to carbonate-hematite to muscovite-chlorite. Gold mineralization is

closely associated with these alterations, especially albite-pyrite alteration.

The deposit has similarities with the Francoeur deposit, for which the geology and the

alteration have been described by Couture and Pilote (1991, 1993) and Gao (1994).



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9 EXPLORATION

A considerable amount of exploration and development work has been carried out on

the Wasamac property since the discovery of the first gold-bearing veins. Successive

underground development has allowed for the discovery of additional resources alongthe Wasa Shear Zone during the years the Main Zone was mined.

The most recent exploration programs conducted on the Wasamac property were

completed from 2002 to 2010 by Richmont.

In 2002, in order to keep the property in good standing, Richmont drilled a 420 m surface

hole on the property that targeted the down plunge extension of Zone 2. Drill hole WS-

02-01 successfully intersected mineralization which yielded 4.15 g/t Au over a true widthof 6.8 m.

In light of this positive result, Richmont made the decision to follow up with a substantial

surface drilling program in 2003, during which a total of 9,475 m of surface diamond

drilling were completed in 15 drill holes.

All of the drilling successfully intersected the Wasa Shear Zone at depth which

demonstrated excellent continuity. Nine drill holes from this program returned assayvalues above 4.0 g/t Au from the Wasa Shear intersections and six returned grades

higher than 4.5 g/t Au (in zones 2 and 3).

This surface drilling program continued in 2004, during which 3,859 m of drilling were

completed. Results from the 2002-2004 drill holes resulted in estimated Inferred

Resources of 1.28 million tonnes grading 6.92 g/t Au containing 285,200 oz, using a cut

off grade of 4.45 g/t Au, inside Zones 2 and 3 (Guay, 2004).

In 2005, the drilling of one hole began just west of Zone 1 and was completed in 2006.

Hole WS-05-21, over 745 m in length, cut the Wasa Shear Zone but returned low gold

values (0.91 g/t Au over 4.1 m).



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In 2007, two holes over a total of 435 m were completed on the West extension of the

Wildcat Zone. Hole WS-07-22 cut the Wildcat structure with a gold intercept of 1.39 g/t

Au over 6.6 m.

In 2008-2009, three exploration holes were done to test geophysical anomalies thatcould indicate parallel structure to the Wasa Shear Zone. Alteration zones were cut but

returned no significant gold values.

EXPLORATION POTENTIAL

In 2010, as a result of the favourable gold price and resumption of activities at the

nearby Francoeur Mine, Richmont decided to restart work on the Wasamac property.

Richmont began a 10,000 m drilling campaign on in May 2010, with the goal ofreassessing resources using a lower cut-off grade in order to evaluate the potential for

an underground bulk mining operation. A total of 29 holes with two wedges were drilled

in the Wasamac Shear Zone from May to December 2010, for a total of 19,853 m.

The 2010 results enabled Richmont to estimate Measured and Indicated resource of

5,093,180 t grading 2.51 g/t Au for 411,093 ounces of gold on the Wasamac property.

Inferred resources totalled 11,515,020 t grading 2.72 g/t for 1,007,875 ounces of gold. A

cut off grade of 1.5 g/t Au was used.

The 2011 drilling program is described in Section 10 Drilling.



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METHODOLOGY AND RESULTS OF THE 2011 DRILLING CAMPAIGN

Following the 2010 drilling campaign results, a new drilling campaign was planned for

2011. The purpose of the campaign was to:

• Verify the extension of the mineralization below the Main Zone;

• Explore for mineralization between the Main Zone and Zone 1;

• Better delineate and verify the continuity of the gold mineralization in Zones1 and 2 and between them at depth; and

• Delineate and verify the continuity of the gold mineralization of Zone 3which had previously been cut by only six holes.

Drilling was planned using a hole spacing of about 75 m on a vertical longitudinal

section. Drilling was mainly performed during the winter on both the Main Zone and in

the upper part of Zone 2.

Three to four diamond drill rigs were used on the property for the 2011 campaign. Every

hole was done NQ core diameter. A total of 78 holes were completed (11 were stopped

and redone due to bad deviations) and four were not finished by the end of 2011. A total

of approximately 52,000 m were drilled on the Wasamac property in 2011.

Gold intercepts are presented in Table 8-1 with the identification of the corresponding

mineralized zone.

The major results of the 2011 drilling campaign are as follows:

• Confirmed the mineralization at the bottom of the Main zone with a largethickness in the western portion, where gold mineralization is also found inthe footwall of the shear zone (see Figure 17-2).

• Widened Zone 2 at depth to the west and demonstrated its junction withZone 1. Indicated also that Zone 2 remains open at depth.

• Better delineated Zone 3, which has now been cut by more than 20 holes.Indicated that Zone 3 remains open at depth.



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TABLE 10-1 MINERALIZED INTERCEPTS OF THE 2011 DRILLING CAMPAIGNRichmont Mines Inc. – Wasamac Project

HoleNumber

Length(m)

From(m)

To(m)

True Width(m)

Grade(1)(g/t Au)

Zone

Verticaldepth of

Intersection(m)

WS-11-56 548 462.70 479.00 13.71 2.79 Main 454

WS-11-57 1,047 812.35 819.00 N.A. (2) 1.83 ZM 812985.20 990.00 3.36 2.07 2 982

WS-11-58 363 321.50 323.50 1.94 1.68 2 241WS-11-59 459 359.50 372.00 10.85 1.27 2 332WS-11-60 390 331.80 337.00 4.91 2.14 2 269WS-11-61 705 376.50 383.00 N.A. (2) 1.38 ZM 377

544.00 627.00 65.66 2.16 Main 578WS-11-62 144 Abandoned, wrong deviation. Restarted with WS-11-62A.

WS-11-62A 903 737.50 753.00 N.A. (2) 1.30 ZM 723858.00 867.00 6.89 1.66 2 836

WS-11-63 402 342.75 352.00 8.54 1.95 2 295WS-11-64 546 443.10 454.00 7.9 2.54 2 441WS-11-65 849 718.00 729.00 N.A. (2) 3.47 ZM 674

738.00 792.90 46.6 3.45 2 713WS-11-66 470 Abandoned due to technical difficulties. Restarted with WS-11-66A.

WS-11-66A 174 507.20 590.00 68.42 2.66 Main 534WS-11-67 399 287.00 301.85 14.14 1.95 2 240WS-11-68 30 Abandoned, wrong deviation. Restarted with WS-11-68A

WS-11-68A 816 735.00 750.00 13.68 3.38 2 651WS-11-69 453 365.00 375.30 6.07 1.92 2 326WS-11-70 401 331.40 333.40 1.91 2.88 2 224WS-11-71 801 768.55 784.30 22.12 2.04 2 696WS-11-72 610 502.00 541.75 31.40 7.28 Main 513WS-11-73 408 335.00 342.00 6.60 1.62 2 279WS-11-74 120 Abandoned, wrong deviation. Restarted with WS-11-74A.

WS-11-74A 870 786.95 826.00 32.88 2.17 2 752WS-11-75 801 727.35 732.00 3.68 3.05 2 705WS-11-76 443 393.00 402.00 7.19 2.28 2 380WS-11-77 354 310.00 320.00 9.80 1.82 2 205WS-11-78 702 668.00 672.00 3.44 1.77 2 620

WS-11-79 510 363.80 366.10 2.30(3) 2.62 Outside knownmineralized zone.

405.50 407.54 1.47 3.06 3 397WS-11-80 123 Abandoned, wrong deviation. Restarted with WS-11-80A.

WS-11-80A 831 796.25 809.30 5.10 1.84 2 792WS-11-81 486 420.00 433.00 10.32 2.03 1 409WS-11-82 802 667.65 678.95 0.79 2.91 ZM 648WS-11-83 753 601.50 610.00 6.67 3.27 1 586WS-11-84 396 303.35 310.50 2.54 1.72 3 281

WS-11-85A 477 355.90 363.00 6.84 2.38 1 280WS-11-86 705 598.45 605.00 4.53 2.21 3 613WS-11-87 726 671.80 686.00 9.99 3.14 1 673WS-11-88 676 596.60 599.80 No significant

valueZM 512

WS-11-89 492 423.00 426.50 3.19 2.66 1 369

WS-11-90 612 576.60 579.60 2.53 1.20 1 542WS-11-91 471 396.60 398.90 No significant

value3 308


value3 444

WS-11-94 507 375.40 409.55 Pending 1 275WS-11-95 608 550.20 565.80 12.17 4.52 3 550WS-11-96 626 573.45 577.90 1 426WS-11-97 36 Abandoned, wrong deviation. Restarted with WS-11-97A.

WS-11-97A 702 629.00 639.00 7.66 3.45 1 638



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HoleNumber

Length(metres)

From(metres)

To(metres)

True Width(metres)

Grade(1)(g/t Au)

Zone

Verticaldepth of

Intersection(m)


value3 409

WS-11-100 676 597.80 615.30 12.87 3.63 3 600

WS-11-101 802 761.50 768.75No significant

value. 1 759WS-11-102 546 476.45 482.00 4.63 1.25 1 450WS-11-103 24 Abandoned, wrong deviation. Restarted with WS-11-103A.

WS-11-103A 573 518.70 523.90

No significantvalue. 3 508

WS-11-104 42 Abandoned, wrong deviation. Restarted with WS-11-104A.WS-11-104A 863 8211.60 830.00

No significantvalue. 1 797

WS-11-105 810 762.00 775.00 9.35 1.31 1 758WS-11-106 576 465.80 478.70 10.56 2.21 3 451WS-11-107 531 497.25 502.17 4.01 6.11 1 469WS-11-108 822 778.65 793.00 10.51 1.23 1 775WS-11-109 21 Abandoned, wrong deviation. Restarted with WS-11-109A.

WS-11-

109A 461 370.70 375.77 4.86 2.11 3 302


value. 3 564WS-11-111 450 399.25 410.10 10.22 2.01 1 334WS-11-112 951 908.18 915.55 5.24 1.87 1 902WS-11-113 30 Abandoned, wrong deviation. Restarted with WS-11-113A.

WS-11-113A 486 431.55 443.00 11.26 2.96 3 316

WS-11-114 525 461.20 466.80 4.67 1.90 1 436


value. 3 515


value. 1 570WS-11-117 516 471.00 479.00 7.36 1.86 3 423


value. 3 457

WS-11-119 680 597.90 605.60 5.58 1.83 3 593WS-11-120 585 508.85 538.60 24.52 1.58 3 491WS-11-121 504 456.50 464.20 6.98 2.27 3 395


value. 3 310WS-11-123 826 703.20 748.00 37.14 2.45 1 675WS-11-124 600 454.80 469.70 14.17 1.98 3 363WS-11-125 525 451.10 457.00 5.51 1.85 3 389WS-11-126 78 Abandoned, wrong deviation. Restarted with WS-11-126A.

WS-11-126A 510 440.85 448.80 7.48 2.55 3 370

WS-11-127 576 477.65 489.70 10.67 2.28 3 432WS-11-128 741 Not finished 3

WS-11-128A 720

Not finished3

WS-11-129 579 449.6 455.90 6.02 3.32 3 368522.0 534.00 N.A. (2) 5.21 ZM 427WS-11-130 537 470.50 488.50 15.94 1.21 3 414WS-11-131 770 709.00 716.00 6.01 2.03 1 640WS-11-132 651 540.35 562.30 16.76 4.16 3 573WS-11-133 540 453.05 459.80 6.41 1.87 3 311WS-11-134 501 425.85 434.00 7.62 2.94 3 353



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Some other mineralized zones were intersected in proximity of the Wasa Shear Zone,

most notably one located at the hanging wall of the shear zone, however, they are not

included in the current resource estimation.

DRILL HOLE SURVEYSIn 2011, holes were spotted by Richmont personnel using a GPS and, subsequently, an

APS instrument.

Most of the 2011 hole casings were left in the ground. Surveying firm Corriveau J.L. &

Associés Inc., surveyed most of the 2011 drill hole collars with an accurate GPS system.

Deviation of the drill holes was measured using a Flexit SmartTool or a Reflex

instrument with readings taken at 30 m intervals. A correction of -12.4° was applied tothe results. Magnetism was measured at the same time and some readings were

discarded due to high values. In some cases, a multishot reading was taken at the end

of the drilling.

CORE RECOVERY AND RQD DATA

The core recovery was in the order of 95% to 100%, which is very good. Some fault

material was intersected in the most brecciated parts of the Wasa Shear Zone, generally

in the footwall.

Rock Quality Designation (RQD) measurements were taken in some of the previous

surface holes and in almost all the 2010-2011 holes. In 2011, a mandate was given to

ITASCA to do a preliminary empirical geomechanical stability analysis for underground

excavations at the Wasamac Project. A visit to the property with the examination of core

samples from the four mineralized zones was occurred in May 2011 by ITASCA

(Andrieux, 2011). A summary of RQD measurements and observations at the hanging

wall is illustrated in Figure 11-1. Representative core samples were selected in the

hanging wall, the footwall and inside the four mineralized zones to be tested at Montréal

École Polytechnique’s laboratory. The final geomechanical report should be available in

the first quarter of 2012.



WS-11-66A

WS-11-72

0 < RQD < 25

75 < RQD < 90

Zone 1

ZonePrincipale

WS-11-56

WS-10-52

WS-10-55

WS-10-38B

WS-10-30

WS-11-71

Surface

WS-10-48

Zone 1

50 < RQD < 75

Legend:

May 2012 Source: Andrieux, 2011.

NOTE: Circle from DDH logs, square from ITASCA observation

W

Vertical CoMain, 1, 2

RQD Data

Ric

Rouyn-N

1

0 - 6



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11 SAMPLE PREPARATION, ANALYSES ANDSECURITY

CORE DESCRIPTION AND SAMPLING PROCEDURES

There is not a lot of information available about the rock sampling methods usedunderground, either for core drilling or wall sampling, from when the Wasamac Mine was

in operation.

Since 2002, core description has been performed by Richmont’s geological staff

according to its standards. Richmont geologists are members in good standing of the

OGQ (Ordre des Géologues du Québec) or the OIQ (Ordre des Ingénieurs du Québec).

Since 2010, logging has been done on the Francoeur minesite.

The data entered into the logging software was:

• Log header, hole location, and parameters, surveys;• Descriptions of the main and sub-geological units with their location;• Mineralized zones with their mineralogy, attitude, thickness; and• Structures, alterations, and RQD.

Selected mineralized intervals were cut in half with a saw blade, one half being kept as a

reference in core boxes, the other half being sent to Labratoire Expert Inc. (Expert

Laboratory) in Rouyn-Noranda for gold grade determination. Transportation of samplesto the laboratory was done by Richmont personnel. The assay results and core

descriptions were collected and put into sets of interpreted sections, which helped the

geological staff to interpret and to plan the drilling.

The core boxes were marked with aluminium tags and moved to permanent storage in

steel core-racks on the Francoeur minesite. Since 2003, most of the split core left in core

boxes has been stored at the Francoeur Mine and remains available if other tests

(gravimetric, metallogenic, or petrographic studies) are needed.

Similarly, since 2009, the rejects and pulps from laboratories have been sent back to the

Francoeur minesite.



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SAMPLE PREPARATION AND ASSAYING PROCEDURES – TECHNI-LAB

RPA does not have any details about the analytical procedure used by laboratories prior

to 2002.

During the 2002-2004 surface drilling programs, diamond drill core was logged and splitat the Richmont’s core logging facility. Samples from one half of the core were tagged

and bagged and delivered directly to the Techni-Lab S.G.B. Abitibi Inc. assay office in

Ste-Germaine-Boulé, QC (Actlabs). The other half remained in the appropriate core

boxes for future verification.

Techni-Lab follows several procedures when batches of samples are received. These

are described as follows.

SAMPLE PREPARATION

The samples are counted and classified. A project list is created and the sample

identification numbers are compared with the order form provided by the client.

Moreover, each sample is allocated two identification tags, one for the pulp and the other

for the reject.

1. Samples are classified by order of priority and placed in cake tins (four rows of 12tins).

2. Wet samples are dried in an oven at 60°C for one hour.

3. Bags to be used in the sampling process are allocated the project number andthe sample ID

4. Each sample is crushed at -2 mm. The sample is then homogenized and"reduced" after several cycles in a "Riffle Jones" splitter to retain a 250 g portion.

5. This portion is then pulverized at 80% passing -200 meshes for three minutes ina ring pulveriser.

A form is filled and bags of pulp are numbered accordingly. A set of 24 crucibles,

including a blank, a duplicate and a standard, is prepared. The crucibles are filled with115 g of flux and a teaspoon of flour. A portion of the pulp is weighed (15 g or 30 g) and

added to the flux in the crucible. The content of each crucible is then homogenised.

1. A 30 g pulp sample is taken for analysis

2. Lead collection of the sample with a flux to obtain a lead button



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3. Cupellation of the lead button to free the precious metal bead

4. Dissolution of the bead in "Aqua Regia"

5. Measurement of the gold content by Atomic Absorption Spectrometry (AAS)

6. If the gold content is higher than 10,000 ppb, a second 30 g pulp sample is takenfollowing lead collection and cupellation but the measurement of the gold contentis done using gravimetry instead of AAS.

QUALITY CONTROL

Current in-house quality control procedures followed by Techni-Lab are:

1. Daily checks of crushers, pulverisers, and precision scales

2. Blanks: assay results must be lower than the detection limit. If not, this value issubtracted from the results of the assayed samples. If the value is too high, thewhole batch of samples is re-assayed

3. Duplicates: the acceptable value of a duplicate depends on the detection limitof the assaying method and the average value of the ratio between the duplicateand the sample

Dupl./Sample Ratio Acceptable gap0 to 20 ppb 50%21 to 100 ppb 25%101 to 500 ppb 15%501 ppb and more 10%0 to 0.20 g/t 50%0.21 to 1 g/t 20%

1.01 g/t and more 10%4. Certified Standard: the acceptable value of a certified standard depends on the

detection limit of the assaying method and the real value assigned to thestandard

Value of Standard Acceptable gap200 to 1,000 ppb 10%1,001 ppb and more 5%0.80 to 2 g/t 10%2 g/t and more 5%

SAMPLE PREPARATION AND ASSAYING PROCEDURES – EXPERTLABORATORY

In 2010 and 2011, all the samples were sent to the Expert Laboratory in Rouyn-

Noranda. Also in 2011, nearly 20% of pulps and rejects from the mineralized zone were

re-assayed by the Techn-Lab laboratory in Ste-Germaine-Boulé.



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The sampling and assaying procedures of the Expert Laboratory are as follows.

SAMPLE PREPARATION

1. Receiving Samples:Upon receipt, samples are placed in numerical order and compared with the

client packing list to verify receipt of all samples. If the client does not provide apacking list with the shipment, one will be prepared by the person unpacking thesamples. If the samples received do not correspond to the client list, the client willbe notified.

2. Sample Preparation:Samples are dried if necessary and then reduced to -1/4 inch with a jaw crusher.The jaw crusher is cleaned with compressed air and barren material betweensample batches. The sample is then reduced to 90% -10 mesh with a rollcrusher. The roll crusher is cleaned between samples with a wire brush andcompressed air and barren material between sample batches. The first sample ofeach sample batch is screened at 10 mesh to determine that 90% passes 10

mesh. Should 90% not pass, the roll crusher is adjusted and another test is done.Screen test results are recorded in the log book provided for this purpose. Thesample is then riffled using a Jones type riffle to approximately 300 g. Excessmaterial is stored for the client as a crusher reject. The 300 g portion ispulverized to 90% -200 mesh in a ring and puck type pulverizer, the pulverizer iscleaned between samples with compressed air and silica sand between batches.The first sample of each batch is screened at 200 mesh to determine that 90%passes 200 mesh. Should 90% not pass, the pulverizing time is increased andanother test is done. Screen test results are recorded in the log book provided forthis purpose.

GOLD FIRE ASSAY GEOCHEM

A 29.166 g sample is weighed in a crucible that has been previously charged with

approximately 130 g of flux. The sample is then mixed and 1 mg of silver nitrate is

added. The sample is then fused at 1,800ºF for approximately 45 minutes. The sample

is then poured into a conical mold and allowed to cool. After cooling, the slag is broken

off and the lead button weighing 25 g to 30 g is recovered. This lead button is then

cupelled at 1,600ºF until all the lead is oxidized. After cooling, the dore bead is placed in

a 12 mm X 75 mm test tube; 0.2 mL of 1:1 nitric acid is added and allowed to react in a

water bath for 30 minutes; 0.3 mL of concentrated hydrochloric acid is then added and

allowed to react in the water bath for 30 minutes. The sample is then removed from the

water bath and 4.5 mL of distilled water is added. The sample is thoroughly mixed,

allowed to settle and the gold is determined by atomic absorption.

Each furnace batch is comprised of 28 samples that include a reagent blank and gold

standard. Crucibles are not reused until the result of the sample that was previously in



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each crucible has been obtained. Crucibles that have had gold values of 200 ppb are

discarded. The lower detection limit is 5 ppb and samples assaying over 1,000 ppb are

checked gravimetrically.

GOLD FIRE ASSAY GRAVIMETRIC

A 29.166 g sample is weighed in a crucible that has been previously charged with

approximately 130 g of flux. The sample is then mixed and 2 mg of silver nitrate is

added. The sample is then fused at 1,800ºF for approximately 45 minutes. The sample is

then poured in a conical mold and allowed to cool. After cooling, the slag is broken off

and the lead button weighing 25 g to 30 g is recovered. This lead button is then cupelled

at 1,600ºF until all the lead is oxidized. After cooling, the dore bead is flattened with a

hammer and placed in a porcelain parting cup. The cup is filled with 1:7 nitric acid and

heated to dissolve the silver. When the reaction appears to be finished, a drop of

concentrated nitric acid is added and the sample is observed to ensure there is no

further action. The gold bead is then washed several times with hot distilled water, then

is dried, annealed, cooled and weighed.

Each furnace batch is comprised of 28 samples that include a reagent blank and gold

standard. Crucibles are not reused until the result of the sample that was previously in

each crucible has been obtained. Crucibles that have gold values of 3.00 g/t are

discarded. The lower detection limit is 0.03 g/t and there is no upper limit. All values over

3.00 g/t are verified before reporting.

SPECIFIC GRAVITY MEASUREMENTS

The historic tonnage factor used for the Wasamac Mine ore was 12 cubic feet per short

ton, which corresponds to a specific gravity of 2.800. No specific gravity measurement

with subsequent diamond drilling campaigns was found.

In May 2010, in order to verify this data, Richmont asked the URSTM to do density

measurements on samples from Zone 2 which were sent for metallurgical testing (holes

WS-10-31 and WS-10-36) (Lelièvre, 2011). The average of the 21 samples gave a

specific gravity of 2.823.

In 2011, approximately forty new density measurements were done by URSTM, with

average density results of 2.800 for the Main Zone, 2.827 for Zone 1, and 2.843 for Zone



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2. Concordant gravity measurements were also done by SGS and École Polytechnique

laboratories.

The specific gravity value of 2.800 is considered correct and is used for the resource

estimation.

QUALITY ASSURANCE/QUALITY CONTROL PROCEDURES

There are no records of a quality control program for the assaying of core samples or

wall channel samples during the time the Wasamac Mine was in operation.

Exploration Long Lac completed some checks for assay results from the 1980-1981

drilling campaign. Two laboratories were used for this campaign: Laboratoire d’analyse

Bourlamaque Ltée of Val-d’Or, QC (Bourlamaque), and Assayers Limited of Rouyn-Noranda, QC (Assayers). Some of the samples sent to one laboratory were resent to

the other. Only the pulp was used, and samples were separated into two groups: one

for the Wasa Shear, the other for the Wildcat Zone. Pulps prepared by Bourlamaque and

assayed by the two laboratories showed a very good correlation. Pulps prepared by

Assayers and assayed by the two laboratories showed a lower correlation (Bugnon,

1982).

For the 2002-2004 drilling campaigns, the quality control program put in place for thesampling of the drill cores consisted of the re-assaying of all samples with economic

grades by a second laboratory facility. Chimitec (ALS CHEMEX) of Val-d’Or, QC, re-

assayed pulps of the economic grade samples.

Chimitec conducted the second assay using a Fire Assay method with an Atomic

Absorption (AA) finish on a 30 g sample. If the second assay returned a value greater

than 7.0 g/t Au, another Fire Assay using a gravimetric finish was then performed on a

30 g sample obtained from the pulp.

Sample preparation was done according to industry standards and was judged

satisfactory. The lack of very high grade assays renders the standard 30 g Fire Assay

method with AA finish as reliable.



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Finally, assay values obtained from the two distinct laboratory facilities were compared.

Differences exist when comparing individual sample results but, on the whole, results

were similar. It must be noted, however, that Techni-Lab systematically yielded slightly

lower assay results than ALS Chemex by an average margin of 0.4 g/t Au.

For the 2010 drilling campaign, a QA/QC procedure was put in place and followed. A

certified standard from Rocklabs and a blank was inserted in every batch of 20 samples

sent to the Expert Laboratory. With assays results for the standards, accuracy of the

laboratory was considered acceptable. Assay results for the blank samples showed that

the potential of contamination was low and considered within the acceptable limits.

Also, for the 2010 drilling campaign, 199 pulp samples from Expert Laboratory were sent

to the Techni-Lab laboratory and re-assayed for gold. These pulps were selected inside

the mineralized zone. The average of the re-assays was 3.489 g/t Au with Techni-Lab

while the average of the original assays with Expert Laboratory was 3.414 g/t Au,

indicating a good correlation between the two laboratories. There was no evidence of

bias between the two laboratories (Adam, 2011).

2011 QA/QC RESULTS

For the 2011 drilling program, the QA/QC procedure consisted of the insertion of a

certified standard and a blank sample in every batch of 20 samples sent to LaboratoireExpert inc. in Rouyn-Noranda. We also sent the pulps and rejects of 229 samples from

mineralized zones to Techni-Lab in Ste-Germaine Boulé for verification.

STANDARDS

Table 11-1 presents the assay results statistics of 378 standard samples that were

submitted to Expert Laboratory.



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TABLE 11-1 WASAMAC STANDARD RESULT STATISTICSRichmont Mines Inc. – Wasamac Project

StandardExpectedvalue (g/t)

NumberMean ExpertLaboratory

StdDev.(σ)

E.V. Range + 2 σ %

Passing

SE58 0.607 3 0.600 0.011 0.584 to 0.630 100.0%SG56 1.027 12 1.040 0.062 0.903 to 1.151 91.7%

SH55 1.375 24 1.512 0.141 1.093 to 1.657 83.3%

Si42 1.761 32 1.759 0.046 1.670 To 1.852 90.6%

Si54 1.780 133 1.797 0.056 1.667 to 1.893 99.2%

SL46 5.867 139 5.890 0.078 5.710 to 6.024 97.1%

SL61 5.931 33 5.910 0.067 5.796 to 6.066 97.0%

SP37 18.14 2 18.000 0.198 17.744 to 18.536 100.0%

Total 378

A total of 14 samples, (3.7%) did not pass the ±2 Standard deviation test. RPA

considers this to be acceptable accuracy.

Figures 11-1 to 11-8 present the results for each standard. RPA notes that for 12

samples of the Standard SH55, we observed significant differences between the mean

average of Rocklabs (1.375 g/t), these samples form a specific group on the chart with a

mean average of 1.637 g/t Au. We suspect that these samples were misidentified and

could represent standard Si42 or Si54. The mean average of the remaining SH55

samples is 1.389 g/t Au which correlates with the Rocklabs mean average of 1.375 g/t

Au. Because of the uncertainties we decided to stop using this standard.



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FIGURE 11-1 LABORATOIRE EXPERT RESULTS FOR STANDARD SG56

FIGURE 11-2 LABORATOIRE EXPERT RESULTS FOR STANDARD SH55

0.80

0.85

0.90

0.95

1.00

1.05

1.10

1.151.20

1.25

1.30

25-Nov-11 30-Nov-11 05-Dec-11 10-Dec-11 15-Dec-11 20-Dec-11

A u g / t )

Teneur Rocklabs

1σ

2σ

-σ

-2σ

Lab Expert

Passing : 91.7%



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FIGURE 11-3 LABORATOIRE EXPERT RESULTS FOR STANDARD SI42

FIGURE 11-4 LABORATOIRE EXPERT RESULTS FOR STANDARD SE58

1.60

1.65

1.70

1.75

1.80

1.85

1.90

2010/12/28 2011/01/17 2011/02/06 2011/02/26 2011/03/18 2011/04/07

A u g / t )

Mean Rocklabs

1σ

2σ

-σ

-2σ

Lab Expert

Passing : 90.6%



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FIGURE 11-5 LABORATOIRE EXPERT RESULTS FOR STANDARD SI54

FIGURE 11-6 LABORATOIRE EXPERT RESULTS FOR STANDARD SL46

1.60

1.65

1.70

1.75

1.80

1.85

1.90

2011/01/17 2011/03/18 2011/05/17 2011/07/16 2011/09/14 2011/11/13 2012/01/12

A u g / t )

Mean Rocklabs

1σ

2σ

-σ

-2σ

Lab Expert

Passing : 99.2%

5.60

5.65

5.70

5.75

5.80

5.85

5.90

5.95

6.00

6.05

6.10

2011/01/02 2011/03/03 2011/05/02 2011/07/01 2011/08/30 2011/10/29

A u g / t )

Mean Rocklabs

1σ

2σ

-σ

-2σ

Lab Expert

Passing : 97.1%



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FIGURE 11-7 LABORATOIRE EXPERT RESULTS FOR STANDARD SL61

FIGURE 11-8 LABORATOIRE EXPERT RESULTS FOR STANDARD SP37



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BLANKS

Richmont also sent 378 blank samples from barren core. The results are displayed in

Figure 11-9. Thirteen of these samples returned values greater than 0.3 g/t Au, for

eleven of these, the sample number of the blank was switched with the sample number

of a standard. For the two others, it is suspected that the blank sample was swappedwith a sample of core. Except for these samples, the results are considered acceptable

and the potential for contamination is low.

FIGURE 11-9 LABORATOIRE EXPERT RESULTS FOR BLANK SAMPLES

PULP AND REJECTS DUPLICATES

The pulps and rejects of 228 samples were sent to Techni-Lab for assay verification.

For six of these samples, there was not enough pulp in the bag for assaying. Tables 11-

2 and 11-3 and Figures 11-9 and 11-10 summarize the results. Both pulps and rejects

show a good correlation between the set of assays, pulp mean assay difference is 3.7%with a coefficient of correlation of 99%. For the rejects, the mean difference is 2% but

the coefficient of correlation is lower at 93.8%, which is still considered to be a good

correlation between the two datasets. This difference reflects the nugget effects in a few

high grade samples.



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TABLE 11-2 STATISTICS OF THE PULP DUPLICATESRichmont Mines Inc. – Wasamac Project

Au or ig inal Au Check

Number 221 221

Minimum 0.024 0.027

Maximum 28.32 29.06Mean 3.43 3.55

median 2.277 2.336

Standard deviation 4.14 4.26

Coefficient of Correlation 0.990

TABLE 11-3 STATISTICS OF THE REJECTS RE-ASSAYINGRichmont Mines Inc. – Wasamac Project

Au or ig inal Au CheckNumber 227 227

Minimum 0.024 0.01

Maximum 28.32 27.88

Mean 3.52 3.59

median 2.33 2.386

Standard deviation 4.11 4.06

Coefficient of Correlation 0.938



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FIGURE 11-10 RESULTS OF THE PULP RE-ASSAYING

FIGURE 11-11 RESULTS OF THE REJECTS RE-ASSAYING



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CONCLUSION

RPA considers the Wasamac drill hole database to be suitable for use in mineral

resource estimation.



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12 DATA VERIFICATION

DATABASE

The Wasamac database contains all the surface diamond drill holes completed on the

property by different companies. Since the discovery of gold in 1936 by La Mine d’OrChamplain Ltée, at least 14 companies have drilled on the Wasamac property . Table

12-1 provides a summary of the numbers of holes drilled by each company, both from

surface and underground. Figure 12-1 gives the location of all the surface holes on a

map of the property.

Rouyn Mining Resources Inc. (and later Richmont Mines) diamond drill holes were

captured with a logging software, Prolog or Gemlogger. Almost all the other holes were

captured in Gemcom from hardcopy logs. There were about 200 underground definitionholes measured on hardcopy maps.

Deviation tests were recorded as indicated on hardcopy logs. Survey, deviation and

assay results were verified during the capture of the diamond drill holes.



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TABLE 12-1 SURFACE AND UNDERGROUND DIAMOND DRILL HOLES INTHE WASAMAC DATABASE


Company Drilling yearsNumber of

holesLength

(m)

Unknown Unknown 21 1,877Adeline Lake Gold Mines Ltd 1937 1 260

La Mine D'or Champlain Ltee 1937, 1938 34 4,833

Horne Fault Mines Ltd 1944, 1945 2 888

Wasa Lake Gold Mines Ltd 1944, 1945 51 8,886

Wingait Gold Mines Ltd 1944 – 1947 51 7,747

Wakeko Mines Ltd 1945 5 1,208

West Wasa Mines Ltd 1946 2 148

Lake Wasa Mining Corporation 1946, 1947, 1948, 1950 390 10,567

Wasamac Mines Ltd 1964 - 1970 1,792 36,819

Colonisation, Min 1973, 1974, 1979 3 177

Exploration Long Lac Ltée 1980, 1981, 1983 107 9,620M E R 1981, 1982 2 33

Ressources Minieres Rouyn Inc 1986, 1987, 1989 15 4 742

Mines Richmont Inc 1991 - 2011 165 96,204

Total diamond dri ll holes on the property 2,641 184,010

Diamond drill holes in the database but outside the property 217 38,655

Total diamond dri ll holes in the Wasamac database 2,858 222,666

Assay results are mainly from hardcopy logs for holes completed before 2001. When

assay certificates were available, all the results in the database were verified. Assay

certificates from Exploration Long Lac and Richmont Mines are almost all available.

A lot of wall channel samples were taken during the development of the Wasamac Mine,

from 1944 to 1970. The samples located in the mined sector between the 800 foot level

and the 1,000 foot level are not presently in the database.

Channels have been captured with Promine software and then imported in Gemcom

(“Gems”). Sample length was indicated on the maps. Later, documents with channel

length, assay results and location were found in the archives.

The Wasamac database used in the calculation contains 326 surface Diamond Drill

Holes (DDH), 1,891 underground DDH and 2,959 underground wall channels. Only the

face samples located in the heart of the previously mined Main Zone are not included. All

the underground holes available were added into the database. Gold assays used for



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grade estimation come from surface DDH (4,464 samples), underground DDH (16,553

samples) and face samples (4,549 samples) in the periphery and outside of the Main

Zone. Details for each zone are presented in Table 12-2. All the DDH and face sample

assay results and surveying data used in the calculation have been verified.

FIGURE 12-1 LOCATION OF ALL SURFACE DDH



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TABLE 12-2 DETAILS ON DATA USED IN THE RESOURCEESTIMATION FOR EACH ZONE


Surface UndergroundWall

Channel Total

MAIN ZONE Diamond Drill Holes 101 1,590 2,040 3,731# of samples 1,450 14,360 3,342 19,152

ZONE 1Diamond Drill Holes 54 284 790 1,128

# of samples 811 2,120 1,019 3,950

ZONE 2Diamond Drill Holes 72 17 129 218

# of samples 1,115 73 188 1,376

ZONE 3Diamond Drill Holes 103 - - 103

# of samples 1,088 1,088

Note: Zone 3 surface DDHs comprise also a part of the MacWin Zone DDH.

STATISTICAL REVIEWThis section is from Belzile, 2010.

BSI was commissioned in 2009 by Richmont to review the sample data of the Wasamac

Project. The purpose of the statistical review was to provide Richmont with

recommendations for high grade outlier capping limits, assay compositing, variography

and block grade estimation parameters. At the time the study was done, at the end of

2009, Zone 2 and Zone 3 were considered one zone, namely Zone 2 (Figure 12-2).



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FIGURE 12-2 MINERALIZED ZONES USED IN THE STATISTICAL REVIEW

From Belzile, 2010

Basic statistics for all the drill hole samples are presented in Table 12-3. For a gold

deposit, the statistics do not show a very high variability with a coefficient of variation of

only 1.60 (using raw, uncapped data).

TABLE 12-3 WASAMAC SAMPLES BASIC DESCRIPTIVE STATISTICSRichmont Mines Inc. – Wasamac Project

Item Value

Number of samples 14,419

Mean Length (m) 1.30

Minimum (g/t) 0.00

Maximum (g/t) 210.17

Assay Mean (g/t) 2.52

Median (g/t) 1.71Standard Deviation 4.04

Coefficient of variation 1.60From Belzile, 2010

With the review of the sample histogram (Figure 12-3), the probability plot (Figure 12-4)

and the distribution of metal, BSI recommends to cap assays at 35.0 g/t.



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FIGURE 12-3 HISTOGRAM OF THE SAMPLES

From Belzile, 2010

FIGURE 12-4 LOG NORMAL PROBABILITY PLOT (DRILL HOLE SAMPLES)

From Belzile, 2010

The variography was completed based on the 2.0 m down-hole composite data and was

done for each of the zones. The modeled correlograms for each of the domains are

summarized in Table 12-4.



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TABLE 12-4 VARIOGRAPHY STATICTICS FOR THE WASAMAC GOLDPROJECT


Zone NuggetRanges Rotation Resulting direction and

dip

(Direction/Dip)1st

Structure2nd

Structure Z Y Z

Main 0.10

X : 12 X : 40

68 -50 -62Major axis: 22 / -40

Medium axis 273 / -21Short axis: 163 / -43

Y : 7 Y : 15

Z : 10 Z : 65

Sill : 0.60 Sill : 0.30

1 & 2 0.10

X : 8 X : 30

50 -45 -60Major axis: 40 / -45

Medium axis : 288 / -21Short axis: 181 / -38

Y : 5 Y : 12

Z : 20 Z : 40

Sill : 0.67 Sill : 0.23

From Belzile, 2010

Table 12-5 summarizes BSI’s recommended estimation plan for the Wasamac Project

(2.0 m composites). Resources should be classified according to the data search used

to estimate each block: Measured Resources would be limited to the blocks estimated in

the first estimation pass, Indicated Resources limited to the blocks estimated in the

second pass, and Inferred Resources limited to the blocks estimated in the third

estimation pass.

TABLE 12-5 PROPOSED SAMPLE SEARCH PARAMETERSRichmont Mines Inc. – Wasamac Project

RotationSampleSearch

Sample

Zone Pass Method Z Y Z X Y Z Min MaxMax per

hole

Main 1 OK - ID2-3 68 -50 -62 15 7 10 3 8 2

Main 2 OK.- ID2-3 68 -50 -62 30 12 50 3 8 2

Main 3 OK - ID2-3 68 -50 -62 50 15 75 1 8 2

1-2 1 OK - ID2-3 50 -45 -60 10 3 15 3 8 2

1-2 2 OK - ID2-3 50 -45 -60 24 10 35 3 8 21-2 3 OK - ID2-1 50 -45 -60 40 15 50 1 8 2

From Belzile, 2010



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STOPES AND UNDERGROUND DEVELOPMENT MODELLING

Wasamac Mine underground development modelling was completed using hardcopy

sections and plan maps from the Wasamac Mine’s archives.

Electronic capture of drift walls was done using a digitizer or by the registration ofscanned maps.

For level plans, surveying station coordinates were captured and wall lines were put at

the stations elevation with Promine software. Subsequently, an extrude was applied to

the wall lines to create the drifts in 3D with Gemcom. The height of drifts differed

depending of the level (Table 12-6).

TABLE 12-6 WASAMAC DRIFT HEIGHT


Drift height Level

2.43 metres (8 feet) From surface to 1,175

2.74 metres (9 feet) From 1,175 to 1,350

3.05 metres (10 feet) Ramp from 1,175 to 1,350

The raises, walls and sections were digitized from hardcopy maps and sections. Wall

and section lines were put near the beginning point of the raises. An extrude was applied

to the two lines (walls and section) and the intersection of the two was created to create

the 3D raises in Gemcom.

Stopes were digitized by section and pillars in plan maps. Stopes were modelled using

the section views. Subsequently, pillars on each side of the stopes were modelled and

the stopes were clipped on the pillars. An overview of the 3D model of the Wasamac

Mine is presented in Figure 12-5.



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FIGURE 12-5 3D MINE MODEL LOOKING SSW (MAIN ZONE)

In order to validate the Wasamac 3D model, the volume of all the stopes and the total

tonnage mined was calculated using a density of 2.8 (Table 12-7). There is a goodtonnage comparison between the volume of the modeled stopes (1,764,879 t) and

historical production records (1,892,448 t), considering that a certain tonnage from

development was likely sent to the Wasamac mill.

TABLE 12-7 TOTAL TONNAGE IN THE 3D WASAMAC STOPESRichmont Mines Inc. – Wasamac Project

Name1

Name2

Name3

CategoryRockCode

Volume(m3)

DensityTonnage

(t)

Stopes 409 GEOLOGY STOPE 553 2.8 1,576

Stopes 415 GEOLOGY STOP E 2,566 2.8 7,185

Stopes 413 GEOLOGY STOPE 52.875 2.8 176.053

Stopes 409 1 GEOLOGY STOP E 11,614 2.8 32,575

Stopes 407 GEOLOGY STOPE 10,970 2.8 30,716

Stopes 406 GEOLOGY STOPE 3,878 2.8 10,858Stopes 0405FW GEOLOGY STOPE 852 2.8 2,385



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Stopes 402 1 GEOLOGY STOPE 13,353 2.8 38,830

Stopes 402 GEOLOGY STOPE 2.327 2.8 5,515

Stopes 221 GEOLOGY STOPE 236 2.8 651

Stopes 219 GEOLOGY STOPE 188 2.8 526


Stopes 604 GEOLOGY STOPE 16,308 2.8 45,662Stopes 502 GEOLOGY STOPE 10,998 2.8 30,794

5topes 601 GEOLOGY STOPE 14,597 2.8 40,872




Stopes 609 GEOLOGY STOPE 33.355 2.8 94.797




Stopes 806 GEOLOGY STOPE 13,273 2.8 37,154Stopes 807 GEOLOGY STOPE 28,285 2.8 79,198










Stopes 1002 GEOLOGY STOPE 17,219 2.8 43,213Stopes 1350 GEOLOGY STOPE 534 2.8 1,495

Stopes 1005 GEOLOGY STOPE 357 2.8 1,028





Stopes 1105FW GEOLOGY STOPE 8,633 2.8 24,172


TOTAL VOLUME 594,925

Stopes 626 Zone GEOLOGY STOPE 10,129 2.8 28,361

Stopes 424 Zone GEOLOGY STOPE 19,685 2.8 55.118Stopes 414 Zone GEOLOGY STOPE 5,575 2.8 15,610

TOTAL VOLUME 35,389

TONNAGE TOTAL MAIN ZONE 1,665,790

TONNAGE TOTAL ZONE 1 99,089

TOTAL MINED 1,764,879



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13 MINERAL PROCESSING ANDMETALLURGICAL TESTING

BBA was retained to complete the preliminary design of a gold processing plant for the

Wasamac Project. The study involved a review of past metallurgical testwork, theidentification, coordination, and management of a new testwork program, the

development of a preliminary process flow sheet and mass balance as well as the

calculation of the capital and operating costs for the selected process flow sheet.

METALLURGICAL TESTWORK PROGRAMS

PAST TESTWORK

A testwork program was conducted in 2010 at the Unité de Recherche et de Service en

Technologie Minérale (URSTM) on a sample of Zone 2 material. Mineralogical

observation of the sample revealed that the gold is fine grained, with the majority

measuring less than 5 µm. A Bond ball work index of 13.7 kWh/t was measured.

Gravity recovery testwork was not successful and further testwork results indicated that

a combined flotation/leaching process achieved an overall gold recovery of

approximately 87%. The whole rock leach tests performed for 24 hours on samples

ground between 120 µm and 45 µm resulted in recoveries ranging between 82% and

86% respectively.

CURRENT TESTWORK

For the current metallurgical testwork program, representative core samples of the Main

Zone, Zone 1, Zone 2 and Zone 3 were selected by the geologists at Richmont and sent

to SGS Lakefield. The current testwork program included: mineralogical analysis of the

Main Zone, Zone 1 and Zone 2 samples by gold deportment study, investigation of gold

recovery by whole rock leaching versus flotation followed by leaching of both tailings and

re-ground concentrate products.

Environmental tests, including acid base accounting (ABA) and toxicity characteristic

leaching procedure (TCLP) tests, on both the whole rock leach and flotation/leaching

solid residues were also conducted. Additional testwork included a bulk leaching test on



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a composite sample of the four mineralized zones followed by settling and rheology tests

to characterize the behaviour of the solid residues for tailings disposal. At the time of

writing, the gold deportment study for Zone 2, environmental tests results as well as the

bulk leaching, settling and rheology tests results had not been received.

GRINDABILITY TESTS

Grindability tests, including semi-autogenous-grinding (SAG) mill comminution (SMC)

tests and measurement of Bond rod mill and Bond ball mill indices, were conducted on

samples from each of the four zones. In terms of resistance to impact breakage (Axb),

the material in the Main Zone, Zones 1, and 2 was characterized as moderately hard,

while the Zone 3 material was classified as being hard. The Bond rod mill work indices

(RWI) were deemed hard with measurements for the four zones ranging from 15.5 to

16.8 kWh/t. The Bond ball mill work indices (BWI) were in the medium range, withmeasured values from 13.5 to 15.5 kWh/t. The average specific gravity of the rocks

varied from 2.76 to 2.82 g/cm3 across the zones and the abrasion indices (AI) ranged

from 0.13 to 0.419. A summary of the grindability results is presented in Table 13-1.

TABLE 13-1 GRINDABILITY RESULTS FOR THE MAIN ZONE ANDZONES 1, 2 AND 3 SAMPLES


SampleRelativedensity

Jk Parameters Bond Indices AI (g) Axb ta RWI BWI

Main Zone 2.76 41.5 0.39 16.8 13.7 0.159

Zone 1 2.80 41.2 0.38 15.9 15.5 0.419

Zone 2 2.82 39.4 0.36 16.3 14.2 0.287

Zone 3 2.77 36.5 0.34 15.5 13.5 0.130

MINERALOGICAL ANALYSIS

Mineralogical analysis revealed that the majority of the gold (97%), in the Main Zone was

identified as native gold with minor fractions of petzite and calaverite. Analyses of the

individual gold grains themselves indicated that the gold is fine with liberated, attached

and locked particles averaging 8.7, 4.0 and 2.6 µm in size, respectively. Analysis of the

Zone 1 sample indicated that 58.5% of the gold is found as native gold, while 41.5% is

associated with petzite. Once again, the gold was fine grained with liberated, attached

and locked particles measuring on average 10.5, 2.9 and 2.1 µm respectively. The



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variability in mineralization suggests that the different zones may not respond similarly

during metallurgical processing. Samples containing higher portions of native gold are

likely to show good response to leaching while flotation or pre-treatments prior to

leaching may be more effective for samples containing tellurides. Telluride minerals,

such as petzite, may also require pre-treatment to optimize the effectiveness of leachingprocesses. In all cases, the fine gold grain sizes suggest that gold recovery by gravity is

most likely not feasible.

GRAVITY RECOVERABLE GOLD

Gravity tests conducted on the Main Zone sample resulted in a gravity recoverable gold

(GRG) value of 34.9, indicating that there was a moderate potential for gold recovery by

gravity methods. This result, coupled with the unfavourable result obtained in the

historical testwork conducted at the URSTM on a Zone 2 sample, resulted in theelimination of gravity from inclusion in the flow sheet development strategy.

CYANIDATION

WHOLE ROCK LEACHING

Whole rock leaching was conducted at four different grind sizes for each zone. In all 16

tests conducted, the leaching parameters including cyanide concentration of 500 ppm,

pH of 10.5, air sparging and leaching time of 48 hours were maintained constant. The

best results were obtained at the finest grind size of 20 micron and at the maximum

leaching time of 48 hours.

For all zonal composites, gold extraction improved with decreasing feed particle size.

The overall gold extraction ranged from 92.8% to 97.4% in Main Zone samples, from

80.5% to 89.4% in Zone 1, from 80.4% to 87.2%, and from 90.7% to 96.8% in Zone 3.

Results of the whole rock leach (at 40 µm) tests are presented in Table 13-2.



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TABLE 13-2 SUMMARY OF WHOLE ROCK LEACHING TEST RESULTSRichmont Mines Inc. – Wasamac Project

Au Ext raction

Sample 120 µm 90 µm 45 µm 20 µm

Main Zone 92.8% 94.1% 96.3% 97.4%Zone 1 80.5% 87.0% 86.5% 89.4%

Zone 2 80.4% 83.0% 84.6% 87.2%

Zone 3 90.7% 93.3% 95.8% 96.8%

COMBINED FLOTATION AND LEACHING

A series of tests were undertaken in which a batch rougher flotation step generated

concentrate and tailings products from each of the zone composite samples. In all four

zonal composites, the sulphur recoveries to the concentrate ranged from 93.7% to

98.8% while the gold recoveries were more variable, ranging from 78.0% to 99.1%.These results suggest that the gold fractions being lost to the tailings are not associated

with sulphide minerals, and leaching of the tailings products is therefore required to

improve overall gold recovery.

The concentrate products were reground to approximately 15 µm and subjected to a

cyanide leach at 2.0 g/L NaCN for 24 hours. The tailings products were leached without

further treatment for 48 hours. Gold recovery achieved from concentrate leaching ranged

between 94.3% and 96.0%, while that of the tailings was lower ranging from 64.4% to82.3%.

Results from flotation/leaching tests are presented in Table 13-3.

TABLE 13-3 SUMMARY OF COMBINED FLOTATION/LEACHING TESTSRichmont Mines Inc. – Wasamac Project

SampleMass Pull t o

Concentrate

Grind size Au Distribution Au extraction Overall Au

ExtractionConc. Tails 1 Conc . Tails Conc. TailsMain Zone 7.5% 15 µm 70 µm 87.5% 12.5% 96.0% 82.3% 94.3%

Zone 1 12.1% 12 µm 91 µm 99.1% 0.9% 95.3% 74.6% 95.1%

Zone 2 12.6% 12 µm 95 µm 78.0% 22.0% 94.3% 75.5% 90.2%

Zone 3 6.5% 12 µm 70 µm 73.3% 16.7% 96.5% 64.4% 91.1%1 the particle size distribution of the tailings products were not measured and were assumed to beequal to that of the original feed.



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TESTWORK INTERPRETATION AND CONCLUSIONS

• Zonal composites were classified as being medium-hard to hard with respect toresistance to impact breakage. Bond rod mill indices ranging from 15.5 to 16.8kWh/t are considered hard, while Bond ball mill indices ranging from 13.5 to 15.5kWh/t classify the composites in the medium hardness category.

• Mineralogical analysis of the Main Zone and Zone 1 samples revealed that themajority of liberated gold particles average from 8.7 to 10.5 µm in size, while theaverage size of attached and locked particles ranges from 2.1 to 4.0 µm.

• The Main Zone sample showed marginal potential for gold recovery using gravitymethods.

• Flotation testwork followed by leaching of both the tailings and regroundconcentrate products conducted using all four zonal composites resulted inoverall gold recoveries ranging from 90.2% to 95.1%.

• Whole rock leaching test conducted on the four zonal composites ground to 45

µm resulted in gold recoveries of 84.6% to 96.3%.

• A technico-economic trade-off study was conducted to compare the combinedflotation/leaching and whole rock leach options. Based on the results, the wholerock leach option was selected.

• The whole rock leach flow sheet was designed for a final grind size P80 of 40 µmand a leaching retention time of 48 hours. The overall gold recovery wasassumed to be 90.2% based on the blending of the four zonal composites overthe life of mine, as provided by Richmont.

FUTURE TESTWORK RECOMMENDATIONS• Test both the whole rock leach and combined flotation/leaching flow sheet

options on a larger number of samples.

• Additional grindability testwork to ensure accurate sizing of the SAG and ballmills.

• Investigate the optimization of gold leaching through the use of oxygen and leadnitrate addition. Improvements in recovery and kinetics may result in decreasednumber or size of leach tanks required.

• Conduct cyanide destruction tests.

• Continue with environmental testing of residue samples.

• Conduct settling and rheology tests on residues of the selected flow sheet toallow for accurate pump, tailings pipeline and tailings impoundment sizing.

• Recommended budget of approximately $500,000 for the next phase ofmetallurgical testwork.



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14 MINERAL RESOURCE ESTIMATE

SUMMARY

The Mineral Resources at the Wasamac Project as of December 15, 2011 are

summarized in Table 14-1. This mineral resource estimation was carried out by Mr.

Daniel Adam, geo., Ph.D., General Manager Exploration and Sustainable Development,

Richmont of Richmont. He is a qualified person as defined by NI 43-101.

TABLE 14-1 WASAMAC TOTAL RESOURCE ESTIMATE AS OFDECEMBER 15, 2011


Resource CategoryDecember 2011

1.5 g/t Au cut-offDecember 2011

1.75 g/t Au cut-off

MeasuredResources

Tonnes 1,923,218 1,774,234

Grade (g/t) 2.87 2.94

Ounces 177,485 167,717

IndicatedResources

Tonnes 4,839,237 4,063,674

Grade (g/t) 2.44 2.54

Ounces 378,900 332,311

Total Measured+ IndicatedResources

Tonnes 6,762,455 5,837,908

Grade (g/t) 2.56 2.66

Ounces 556,385 500,028

InferredResources

Tonnes 25,686,159 22,372,246Grade (g/t) 2.58 2.72

Ounces 2,130,532 1,954,966

Notes:1. CIM definitions were followed for Mineral Resources.2. Mineral Resources are estimated at a cut-off grade of 1.5 g/t Au and 1.75 g/t Au.3. Mineral Resources are estimated using a gold price of US$1,000 per ounce for December 31,

2010, and US$1,200/oz for December 2011, and exchange rate of US$1.00 = C$1.00.4. A minimum mining width of four metres was used.5. A bulk density of 2.8 t/m3 was used.6. Numbers may not add due to rounding.

GENERALITIES

PARAMETERS USED

The new resource estimate was done using all of the assays results from the 2011

drilling campaign received before December 1st, 2011. In addition, all of the old



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underground Diamond Drill holes inside the mined part of the Main Zone were added to

the database. A re-interpretation of the mineralized bodies in the Wasamac Shear Zone,

including the mined area of the old Wasamac Mine, was completed to integrate all of the

new data. Figures 14-1 to 14-5 illustrate the thickness and the continuity of the main

mineralized zone.

FIGURE 14-1 LONGSECTION SHOWING LOCATIONS OF THE SECTIONS



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FIGURE 14-2 SECTION 2,870E MAIN ZONE




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FIGURE 14-5 SECTION 3,940E ZONE 2



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The method and parameters used for the resource calculation are described in following

paragraphs.

Interpretation and construction of the 3D envelope of the mineralized zones was done

using section and plan views. Mineralized intercepts were coded by zone and all theintercepts, surface DDH, underground DDH and face channels were verified.

All of the underground development and stopes were modeled in three dimensions.

There is a good tonnage and grade comparison between the Wasamac modelled stopes

and historical production records (see below). For the resource estimation, all the blocks

located inside the stopes and developments were eliminated from the model (tonnage

and grade was put to zero).

Resources were estimated by 3D block modelling (multifolder block model, block

dimension of 4 m x 4 m x 5 m) with Gemcom software using two metre composites. Two

metre composites were created in all the mineralized intercepts and were coded by

zone. For the creation of the composites, the whole mineralized intercept was used, so

the composite length was adjusted to make all intervals equal.

A high grade assay capping value of 35 g/t Au was used. A density of 2.8 t/m3 for all

mineralized zones was used for tonnage calculations, which is consistent with historical

records and with the URSTM laboratory measurements completed in 2010 and 2011.

Grade estimation was done by Ordinary Kriging (OK) using parameters defined by a

statistical study realized by Belzile Solutions Inc. (BSI) in 2010 (Tables 14-2 and 14-3).



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Resource classification was based on the criteria proposed in BSI’s 2010 statistical

review of the Wasamac Project. For the Main Zone:

• Measured resources correspond to the blocks interpolated in the first pass ofKriging (15 m x 7 m x 10 m search ellipse with a minimum of six and a maximumof 12 composites and a maximum of three composites from the same hole).

• Indicated resources correspond to the blocks interpolated in the second pass ofKriging (30 m x 12 m x 50 m search ellipse with a minimum of six and amaximum of 12 composites and a maximum of three from the same hole)

• Inferred resources correspond to the blocks interpolated in the third pass ofKriging (50 m x 15 m x 75 m search ellipse with a minimum of two and amaximum of 12 composites and a maximum of three composites from the samehole).

Similar parameters were used for Zones 1, 2 and 3. All the composites search and

Kriging parameters for the three passes of bloc interpolation are presented in Tables 14-1 and 14-2 for each zone.

All the resources located in the first 100 m below surface are now considered separately

as Crown Pillar. The Crown Pillar is comprised of resources from the Main Zone and

Zones 1 & 2.

MODEL VERIFICATION

Three things were done to verify the Wasamac model: a comparison with past Wasamacproduction, a comparison with Inverse Distance interpolation, and an external verification

of the model.

MODEL COMPARISON WITH PAST PRODUCTION

The Wasamac Mine produced a total of 1.9 Mt at an average grade of 4.16 g/t Au

between 1965 and 1971. This production generated 252,923 ounces of gold, mostly

from the Main Zone. Tonnage and grade for the blocks located inside the modelled

stopes and developments were extracted of the Wasamac model. There is a goodcomparison with the past production (Table 14-4).



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TABLE 14-4 COMPARISON BETWEEN MINED PARTS OF THE WASAMACORDINARY KRIGING MODEL AND PAST PRODUCTION


OK Wasamac ModelTonnage

(t)Gold Grade

(g/t Au)Ounces Au

Development 298,192 3,57 34,267Stopes 1,641,779 4,06 214,416

Total 1,939,971 3,99 248,684

Historical Produc tion Data

Wasamac Mine TOTAL 1,892,448 4,16 252,923

COMPARISON BETWEEN ORDINARY KRIGING AND ID2

Ordinary Kriging (OK) grade estimation in the Wasamac block model was compared with

an inverse distance to the power 2 (ID2) (Tables 17-5 and 17-6). Results for the Main

Zone and Zones 1 and 2 are consistent for the two types of interpolation. Consequently,

the Wasamac block model is a good representation of the mineralization grade.



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TABLE 14-5 COMPARISON BETWEEN OK AND ID2 GRADE ESTIMATION FORTHE MAIN ZONE


Method Zone CategorieRock

GroupGrade Group

Volumem3

TonnesGrade AuCut (g/t)

Ounces Au

OK MAIN UndifferentiatedP_CROW

N

0.01-0.5 108 303 0.46 5

0.5 - 1.0 17,345 48.567 0.85 1,3301.0-1.25 26,087 73,042 1.13 2,660

1.25 -1.5 35,157 98,440 1.38 4,367

1.5-1.75 41,100 115,080 1.68 6,029

1.75-2.0 52,897 148,111 1.87 8,925

2.0- 3.0 181,729 508,842 2.46 40,167

3.0- 3.5 158,323 443,303 4,48 63,883

TOTAL P_CROWN 512,746 1,435,688 2,76 127,366

OK MAIN UndifferentiatedP_INFERI

EUR

0.01-0.5 86,242 303 0.35 2,704

0.5 - 1.0 177,019 241,477 0.76 12,093

1.0-1.25 128,886 495,563 1.15 13,294

1.25 -1.5 141,473 360,880 1.38 17,616

1.5 - 1.75 213,765 396,125 1.61 30,947

1.75 - 2.0173,435 598,542 1.88 29,339

2.0 - 3.0 618,869 485,618 2.46 136,878

3.0- 3.5 891,277 1,732,834 4,65 373,397

TOTAL P_INFERIEUR 2,430,965 6,806,703 2,82 616,268

TOTAL OK 2,943,711 8,242,391 2,81 743,633

Method Zone Categorie Rock Group Grade GroupVolume

m3 Tonnes

Grade AuCut (g/t)

Ounces Au

ID2 MAIN Undifferentiated P_CROWN

0.01- 0.5 271 759 0.42 10

0.5 - 1.0 19,377 54,257 0.84 1,462

1.0-1.25 26,108 73,104 1.13 2,655

1.25 -1.5 30,063 84,177 1.37 3,712

1.5-1.75 44,909 125,745 1.63 6,598

1.75-2.0 52,687 147,524 1.87 8,877

2.0- 3.0 173,476 485,733 2.46 38,4283.0- 3.5 165,853 464,389 4,49 66,976

TOTAL P_CROWN 512,746 1,435,688 2,79 128,718

ID2 MAIN UndifferentiatedP_INFERIE

UR

0.01-0.5 78,682 220,309 0.34 2,405

0.5 - 1.0 217,294 608,423 0.75 14,639

1.0-1.25 130,850 366,381 1.12 13,188

1.25 -1.5 148,122 414,741 1.38 18,458

1.5-1.75 189,270 529,956 1.63 27,781

1.75-2.0 187,750 525,700 1.87 31,588

2.0- 3.0 550,199 1,540,557 2.45 121,356

3.0- 3.5 928,798 2,600,635 4,84 404,323

TOTAL P_INFERIEUR 2,430,965 6,806,703 2,90 633,739

TOTAL ID2 2,943,711 8,242,391 2,88 762,457



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TABLE 14-6 COMPARISON BETWEEN OK AND ID2 GRADE ESTIMATION FORZONES 1 AND 2


METHOD ZONE CATEGORIE

ROCK

GROUP

GRADE

GROUP

Volume

m3 Tonnes

Grade Au

Cut(g/t)

Ounces

Au

OK ZONE 1 Undifferentiated Z1

0.01-0.5 18,686 52,321 0,32 543

0.5 - 1.0 124,993 349,981 0.80 9,040

1.0-1.25 186,200 521,359 1.14 19,130

1.25 -1.5 310,992 870,779 1.38 38,670

1.5-1.75 374,176 1,047,692 1.63 54,921

1.75-2.0 333,687 934,325 1.87 56,235

2.0- 3.0 730,364 2,045,019 2.39 157,409

3.0- 3.5 348,522 975,861 3,94 123,769

TOTAL Z1 2,427,620 6,797,337 2,10 459,717

OK ZONE 2 Undifferentiated Z2

0.01-0.5 23,514 65,839 0.34 723

0.5 - 1.0 85,088 238,246 0.78 5,966

1.0-1.25 184,693 517,140 1.16 19,3071.25 -1.5 238,125 667,750 1.38 29,527

1.5 - 1.75 362,659 1,015,444 1.63 53,244

1.75 - 2.0 290,331 812,927 1.86 48,701

2.0 - 3.0 1,149,854 3,219,592 2.48 256,283

3.0- 3.5 1,001,659 2,804,645 4,13 372,546

TOTAL Z2 3,335,923 9,340,583 2,62 786,298

TOTAL OK 5,763,543 16,137,920 2,40 1,246,015

METHOD

ZONE CATEGORIEROCK

GROUPGRADEGROUP

Volumem3

Tonnes

Grade AuCut(g/t)

Ounces Au

ID2 ZONE 1 Undifferentiated Z1

0.01- 0.5 26,454 74,070 0,34 813

0.5 - 1.0 150,029 420,080 0.77 10,3571.0-1.25 188,217 527,007 1.14 19,307

1.25 -1.5 271,818 761,090 1.38 33,681

1.5-1.75 323,013 904,435 1.63 47,501

1.75-2.0 353,077 988,617 1.87 59,371

2.0- 3.0 729,783 2,043,391 2.40 157,704

3.0- 3.5 385,231 1,078,645 4,02 139,411

TOTAL Z1 2,427,620 6,797,337 2,14 468,145

ID2 ZONE 2 Undifferentiated Z2

0.01-0.5 23,557 65,959 0.28 587

0.5 - 1.0 113,290 317,211 0.76 7,743

1.0-1.25 221,551 620,342 1.15 22,843

1.25 -1.5 206,481 578,148 1.38 25,726

1.5-1.75 311,351 871,782 1.63 45,555

1.75-2.0 351,685 984,718 1.88 59,394

2.0- 3.0 1,083,188 3,032,927 2.45 238,790

3.0- 3.5 1,025,286 2,870,801 4,26 393,267

TOTAL Z2 3,336,389 9,341,888 2,64 793,905

TOTAL ID2 5,764,009 16,139,225 2,43 1,262,050



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EXTERNAL VERIFICATION:

Richmont asked BSI to complete a verification of the Wasamac block model. After

examination of the model, BSI concluded that the block model provides a good

representation of the Wasamac deposit.

CLASSIFICATION OF THE MINERAL RESOURCES

The following definitions were applied for the classification of the Mineral Resources at

the Wasamac Gold Project (CIM, 2011):

RESOURCES

"Mineral resources are sub-divided, in order of increasing geological confidence into

Inferred, Indicated and Measured categories. An Inferred Mineral Resource has a lower

level of confidence than that applied to an Indicated Mineral Resource. An Indicated

Mineral Resource has a higher level of confidence than an Inferred Mineral Resource but

has a lower level of confidence than a Measured Mineral Resource.”

MEASURED MINERAL RESOURCES

"A Measured Mineral Resource is that part of a Mineral Resource for which quantity,

grade or quality, densities, shape, and physical characteristics are so well established

that they can be estimated with confidence sufficient to allow the appropriate application

of technical and economic parameters, to support production planning and evaluation of

the economic viability of the deposit. The estimate is based on detailed and reliable

exploration, sampling and testing information gathered through appropriate techniques

from locations such as outcrops, trenches, pits, workings and drill holes that are spaced

closely enough to confirm both geological and grade continuity.”

The nature and the character of geology with grade continuity in the Main Zone and

Zone 1 were sufficiently confirmed by closely spaced underground definition drill holes(7.5 m to 15 m spacing on developed levels), drifts, and stopes to have resources of this

category.



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INDICATED MINERAL RESOURCES

"An Indicated Mineral Resource is that part of a Mineral Resource for which quantity,

grade or quality, densities, shape and physical characteristics can be estimated with a

level of confidence sufficient to allow the appropriate application of technical and

economic viability of the deposit. The estimate is based on detailed and reliableexploration and testing information gathered through appropriate techniques from

locations such as outcrops, trenches, pits, workings and drill holes that are spaced

closely enough for geological and grade continuity to be reasonably assumed.”

Some of the calculated Mineral Resources, in the Main Zone and Zone 1 primarily, are

classified in this category for the Wasamac Gold Project.

INFERRED MINERAL RESOURCES"An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and

grade or quality can be estimated on the basis of geological evidence and limited

sampling and reasonably assumed, but not verified, geological and grade continuity. The

estimate is based on limited information and sampling gathered through appropriate

techniques from locations such as outcrops, trenches, pits, workings and drill holes.”

As a result of the actual drill hole spacing, the majority of the current Mineral Resource

estimate for the Wasamac Project is categorized as Inferred. Richmont considers that

Inferred Mineral Resources are indicative of areas with the potential to be upgraded to

the Indicated or Measured categories, depending on the amount of information made

available by subsequent surface and/or underground work.

Resource classification was based on the criteria proposed in BSI’s statistical review of

the Wasamac Project.

Note that all the pillars and the material left on the footwall and hanging wall of the old

stopes are classified in the Inferred category in the mined-out area of the Main Zone.

While the geological data is probably sufficient to allow for a higher classification for this

material, current incertitude regarding which portion could eventually be recovered

stipulates that this material be included in the Inferred Resource category.



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MINERAL RESOURCE ESTIMATION

Using a 1.5 g/t Au cut-off, the Measured and Indicated Resources of the Wasamac

zones total 6,762,455 t grading 2.56 g/t Au for 556,385 ounces of gold (Table 14-7). The

resources in the Inferred category total 25,686,159 t grading 2.58 g/t for 2,130,532

ounces of gold.

TABLE 14-7 WASAMAC TOTAL RESOURCE ESTIMATE AS OF DECEMBER15, 2011


Resource CategoryDecember 31, 20101.5 g/t Au cut-off

December 20111.5 g/t Au cut-off

December 20111.75 g/t Au cut-off

MeasuredResources

Tonnes 1,715,288 1,923,218 1,774,234Grade (g/t Au) 2.81 2.87 2.94

Ounces 155,043 177,485 167,717

IndicatedResources

Tonnes 3,377,892 4,839,237 4,063,674Grade (g/t Au) 2.36 2.44 2.54

Ounces 256,030 378,900 332,311

Total Measured+ IndicatedRessources

Tonnes 5,093,180 6,762,455 5,837,908

Grade (g/t Au) 2.51 2.56 2.66

Ounces 411,073 556,385 500,028

InferredResources

Tonnes 11,515,020 25,686,159 22,372,246

Grade (g/t Au) 2.72 2.58 2.72

Ounces 1,007,875 2,130,532 1,954,966

Notes:

1. CIM definitions were followed for Mineral Resources.2. Mineral Resources are estimated at a cut-off grade of 1.5 g/t Au and 1.75 g/t Au.3. Mineral Resources are estimated using a gold price of US$1,000 per ounce for December 31,

2010, and US$1,200/oz for December 2011, and exchange rate of US$1.00 = C$1.00.4. A minimum mining width of four metres was used.5. A bulk density of 2.8 t/m3 was used.6. Numbers may not add due to rounding.7. An NI 43-101 Technical Report for the December 31, 2010 resource estimate was filed on SEDAR

on April 1, 2011

RESOURCES IDENTIFIED BY ZONE

The Wasamac Mineral Resources are estimated inside four mineralized zones with an

additional zone for the crown pillar. In addition, the crown pillar and four zones included

in the Wasamac resource estimate are detailed in Table 14-8, and are illustrated on a

schematic longitudinal section in Figure 14-6.



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CROWN PILLAR

The crown pillar includes mineralization which is located in the first 100 m below surface.

Most of this material is located above the old mine in the Main Zone and in the top of

Zones 1 and 2, and is classified in the Measured and Indicated categories. In addition,

pillars and mineralization (over the cut-off grade) that are left on the footwall and the

hanging wall of the existing stopes in the Main Zone are included in the Inferred

category.

MAIN ZONE

This zone extends from surface to –600 m, and a high grade portion was mined between

–50 m and –350 m. This zone contains more than two-thirds of the Measured and

Indicated Resources. Below the crown pillar, resources in the Main Zone are divided

into two parts: (1) Main Zone (Old mine), which includes pillars and mineralization (over

the cut-off) that remains on the footwall and the hanging wall of existing stopes. All of

these resources are included in the Inferred category; and (2) Main Zone, an area which

is located at the bottom of the old mine, and was only partly developed and mined. With

a dimension of approximately 300 m x 300 m and an average horizontal thickness of 30

m, slightly less than half of the resources in this area are in the Measured and Indicated

categories.

ZONE 1

This zone extends from surface to –700 m, extends laterally by approximately 200 m,and has an average horizontal thickness of 16 m. It was partly developed and mined in

the upper part. It joins the west part of Zone 2 at depth. The resources in Zone 1

comprise the mineralization below the Crown Pillar and they represent almost all of the

remaining Measured and Indicated resources.

ZONE 2

This zone contains half of the Inferred resources. It extends from surface to –1,000 m

and spans up to 400 m laterally with an average horizontal thickness of 13 m. It remainspartly open at depth. The majority of the resources in this zone, which is below the crown

pillar, are in the Inferred category.



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ZONE 3

This zone has now been tested with more than 25 drill holes. It extends from an

elevation of –200 m to –600 m, continues laterally over 350 m, and has an average

horizontal thickness of 11 m. The majority of the resources in Zone 3 are in the Inferred

category. This zone remains partly open at depth.



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TABLE 14-8 DETAILS OF THE WASAMAC RESOURCES BY ZONES AND BYCATEGORY


ZoneResource

Category

December 31,2010

1.5 g/t Au cut-off

December 20111.5 g/t Au cut-

off

December 20111.75 g/t Au cut -

off

CrownPillar

MeasuredResources

Tonnes n/a 632,128 628,498Grade (g/t) n/a 2.1 2.72

Ounces n/a 55,174 55,059

IndicatedResources

Tonnes n/a 1,141,401 1,059,176Grade (g/t) n/a 2.51 2.57

Ounces n/a 91,941 87,627

InferredResources


Ounces n/a 112,650 105,216Main ZoneOld Mine

InferredResources


Ounces n/a 364,749 357,961

Main Zone

MeasuredResources

Tonnes 1,107,417 956,070 909,168Grade (g/t) 3.18 3.19 3.22

Ounces 113,218 97,948 94,155

IndicatedResources

Tonnes 1,775,407 2,226,507 2,067,396Grade (g/t) 2.65 2.62 2.66

Ounces 151,257 187,313 176.661

InferredResources

Tonnes 1,262,139 3,624,125 3,552,595Grade (g/t) 2.80 2.84 2.87

Ounces 113,610 331,006 327,314

Zone 1

MeasuredResources

Tonnes 534,546 281,958 194,473Grade (g/t) 2.11 2.21 2.38

Ounces 36,181 20,041 14,909

IndicatedResources

Tonnes 1,391.428 1,245.033 759,101Grade (g/t) 1.99 2.06 2.20

Ounces 88,822 82,311 53,764

InferredResources

Tonnes 3,105,351 4,704,746 3,134,461Grade (g/t) 2.21 2.15 2.40

Ounces 220,385 324,892 241,649

Zone 2

MeasuredResources

Tonnes 73,325 53,062 42,095Grade (g/t) 2.39 2.53 2.66

Ounces 5,645 4,322 3,594

IndicatedResources

Tonnes 211,057 185,997 156,951Grade (g/t) 2.35 2.49 2.54

Ounces 15,951 14,916 12,804

InferredResources

Tonnes 5,791,813 8.822,590 7,739,420Grade (g/t) 2.98 2.62 2.76

Ounces 554,209 743,246 686,786

Zone 3

Indicated

Resources

Tonnes - 40,299 21,049Grade (g/t) - 1.87 2.15

Ounces - 2,419 1,455Inferred

Resources

Tonnes 1,355,717 3,170,004 2,847,052Grade (g/t) 2.75 2.49 2.58

Ounces 119,672 253,988 236,041

Notes:1. CIM definitions were followed for Mineral Resources.2. Mineral Resources are estimated at a cut-off grade of 1.5 g/t Au and 1.75 g/t Au.3. Mineral Resources are estimated using a gold price of US$1,000 per ounce for December 31,

2010, and US$1,200/oz for December 2011, and exchange rate of US$1.00 = C$1.00



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4. A minimum mining width of four metres was used.5. A bulk density of 2.8 t/m3 was used.6. Numbers may not add due to rounding.7. An NI 43-101 Technical Report for the December 31, 2010 resource estimate was filed on SEDAR

on April 1, 2011

FIGURE 14-6 SCHEMATIC LONGITUDINAL SECTION OF THE WASAMAC

PROJECT WITH RESOURCE LOCATIONS (1.5 G/T AU CUT-OFF)



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15 MINERAL RESERVE ESTIMATE

There are no Mineral Reserves on the Wasamac Project.



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16 MINING METHODS

UNDERGROUND MINING

The production rate for the underground mine is assumed to be 2.16 Mtpa (6,000 tpd)and will be reached after 4.5 years of pre-production and 1.5 years of ramp-up with

owner-operated mining equipment.

Four gold bearing mineralized lenses were delineated and modelled during the resource

evaluation process, namely the Main Zone, situated below the old Wasamac Mine,

Zones 1, 2, and 3. These mineralized lenses extend vertically for nearly 850 m and over

1.8 km east to west. A six-metre diameter concrete shaft will permit direct access to

three main levels of mineralized lenses. All underground development will be tracklessand two service ramps will provide access to all mining levels spaced every 30 vertical

metres, for each zone. The main service ramp will also access the surface.

The underground mining method recommended by RPA is a longhole mining with

transverse accesses from the deposit footwall through the hanging wall, considering

zones geometry and targeted production rate. When the thickness of the zone is less

than eight metres RPA recommends the longitudinal mining method for economical

reasons.

Primary and secondary stope dimension will be 25 m along strike by 30 m floor-to-floor

in the transverse method. The same strike length opening of 25 m will be considered for

the longitudinal stoping approach.

The mining sequence will proceed upward from mining horizons following an inverted V-

shape.

Mining will incorporate the following activities:

• Lateral development performed with hydraulic jumbos (drilling) and mechanicalbolters (ground support).

• Vertical development performed with Alimak (vent raise/second egress, ore pass,waste pass/fill raise) and V30 type drill or Raise Bore (42-in dia.) (slot raises).



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• Production drilling carried out with longhole drills.

• Blasting using ANFO (ammonium-nitrate fuel oil) in both development andproduction operations.

• Production blasting will be initiated with electronic detonators.

• Loading and hauling operations performed with load-haul-dump (LHD) units(scooptrams) and underground trucks for waste and gold bearing material (ore).

• Backfilling of primary stopes with cemented hydraulic fill and backfilling ofsecondary stopes with non-cemented hydraulic fill or unconsolidated rockfill.

Stationary equipment for underground mining will consist of the following:

• Temporary surface ventilation fans during the first three months.

• Main fans located underground and secondary fans for ventilation requirements.

• Surface air compressor.

• Electrical distribution.

• Main pumps located at underground sumps, and pumps at developmentheadings.

• Rock breakers with grizzly.

• Jaw crushers.• Conveyor system.

• Automatic loading stations.

Production drilling for the 100 mm diameter and for the 150 mm diameter will be carried

out with a down-the-hole (DTH) drill.

Gel cartridges or pumpable slurries will replace ANFO under wet conditions or up holes.

Production blasting will be initiated with electronic detonators. The better precision ofelectronic detonators permits to blast a whole stope with as few as three consecutive

blasts, from bottom to top. This will reduce overbreak and dilution thereby increasing the

productivity.



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All stopes will be backfilled with either cemented or non-cemented hydraulic fill, or

unconsolidated rockfill when waste rock from underground development will be

available. Waste rock skipped at surface may be returned underground via a fill raise

and hauled to open stopes with LHDs or trucks. Non-cemented hydraulic fill can be

used when there is not enough underground waste production.

Cemented hydraulic fill will be placed in all primary stopes and some parts of the

secondary stopes when the zone thickness exceeds 30 m from hanging wall to footwall

and there is a tertiary stope filled with unconsolidated rockfill to complete the retreat

sequence. Cemented hydraulic fill will also be placed in all stopes of longitudinal

longhole mining method. The secondary stopes will be backfilled with non-cemented

hydraulic fill or unconsolidated rockfill and surrounding stopes will be filled with

cemented hydraulic fill.

ROCK MECHANICS

PRELIMINARY UNDERGROUND STOPE SIZING (ITASCA)

A series of preliminary first-pass empirical stability analyses were completed in the fall of

2011 with the Stability Graph (Nickson 1992) and a rib pillar analysis method (Lunder

1994). The objective of this work was to derive a first-pass set of geomechanical

guidelines to be used in mine design. The analyses suggested a strike length from 15 m

to 20 m for open stopes (depending on depth), and a minimum width-to-height ratio of1.30 for the rib pillars between mining fronts. Because the empirical analysis tends to

produce generally conservative results, the first-pass stope dimensioning and associated

planning exercise considered larger strike lengths; 25 m for the upper mining horizons

(shallower than 550 m), and 20 m for the lower horizons (over 550 m deep). These

dimensions, although not unreasonable, will need to be confirmed with the numerical

modelling work.

NUMERICAL SIMULATIONS (ITASCA)

Two tri-dimensional inelastic FLAC3D (Itasca 2009) numerical models were built for

Wasamac. The first model, a global model with all the 2011 ore lenses as interpreted up

to that point, was used to back analyze the historical mining in the Main Lenses (Old

Wasamac Mine). The first model was also used to provide a first-pass assessment of

the ground stress interactions likely to develop in the pillars between the various zones



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(Figure 16-1). The simulation predicted that the two barrier pillars that separate Zones 1,

2, and 3 will become unstable once these zones are fully extracted. The limited strike

length of these pillars, combined with their relatively slender geometry and the extensive

mining on both sides were identified as the main contributing factors. It is, however,

RPA’s understanding that additional definition drilling completed in the fall of 2011 hasidentified additional ore between these zones, which will result either in a reduction of

the size of these barrier pillars (which would exacerbate their instability) or their

elimination.

The second model, a simplified 3D parametric model, was constructed to analyze

various primary-secondary stoping layouts for different hanging wall - to - footwall

dimensions. It allowed for the rapid adjustment of the mining geometry, for the purpose

of estimating the stability associated with alternative mining layouts. This work was

underway at the time of writing, and will be completed by the summer of 2012.

FIGURE 16-1 PLAN VIEW OF THE STRESS MAGNITUDE

Note: Plan view of the stress magnitude computed by the FLAC3D model at elevation 4,900 atthe end of mining, showing regions of high stress concentrations at the tips of, and between,certain lenses



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MINING SEQUENCE

The mining sequence will proceed upward from five mining horizons following an

inverted V-shape, progressing vertically bottom-up and longitudinally from the middle to

the edges of the mineralized lenses. A longitudinal section of stoping sequence is

shown at Figure 16-2. The Main Zone and Zone 3 will be mined from one mininghorizon each and Zones 1 and 2 will have three mining horizons. This configuration will

allow for better operational flexibility.

As mentioned previously the primary and secondary stope dimension will be 25 m along

strike by 30 m floor-to-floor in the transverse mining method. The same strike length

opening of 25 m was assumed for the longitudinal stoping approach. Where the

thickness exceeds 30 m, it will be treated like two separated stopes with a mining

sequence retreat from hanging wall to footwall.

Also at the deepest part of Zones 1 and 2 corresponding to the mining horizon 3, the

strike length dimension for the primary and secondary stopes will be decreased from 25

m to 20 m. The sublevel elevation interval of 30 m remains the same.



Drilling Pattern

(not to scale)

Main Blast

SlotRaise

Primary Blast

Level

Level

Level

Level

Hydraulic Cemented Fill

Level

Unconsolidated Rockfill

Legend:

May 2012

Wasamac Project

Longitudinal Section of Stoping Sequence

Richmont Mines Inc.


Figure 16-2

16-6

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MINE DESIGN

The Main Zone was previously mined to a depth of 380 m and the crown pillar and

remaining resources are still in place.

From the surface, a 6 m diameter concrete shaft will reach a depth of 928 m. Thisinfrastructure includs the excavation and construction of three temporary lip pockets for

the three main stations use during the pre-production period and two automatic loading

stations for the production period.

The mine production will be skipped at the surface by the circular shaft that will also be

used for material service, personnel transportation and main fresh air intake. As

aforementioned, it will allow for direct access to three main production levels 29, 56, 80

and the ramp network.

From the portal at surface, a nine-kilometre ramp at a 15% average slope will reach the

bottom of the Main Zone by an internal ramp and bottom of Zones 1, 2, and 3 by the

main ramp.

A 30-m pillar will be left between the footwall drift and the stopes. Hence, the drawpoints

will be 30 m long and spaced every 20 m to 25 m. The distance between footwall drift

and the service ramp will be 40 m.

Around 78,000 m of lateral development (access, footwall, drawpoints, exploration, and

service drifts) will be required in both waste and mineralized lenses. Access and

conveyor ramps will be more than 12,000 m. The shaft access will be 928 m deep from

surface. Vertical development, mostly in waste, consisting of ventilation intake/second

egress and exhaust raises, ore and waste pass, ore and waste bin will total more than

9,000 m. The slot raises, used for stope openings will total more than 19,000 m.

Summaries of lateral and vertical development are presented in Tables 16-1 and 16-2

respectively.



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TABLE 16-1 LATERAL DEVELOPMENTRichmont Mines Inc. - Wasamac Project

LocationCapital dev’tin waste (m)

Operating dev’tin waste (m)

Operating dev’tin ore (m) Total (m)

Main & shaft bottom ramp 9,519 - - 9,519

Conveyor ramp 2,850 - - 2,850Exploration & serv. drift 5,710 - - 5,710

Footwall & Access drift 30,993 - - 30,993

Stope access & Drawpoint - 18,231 11,403 29,634

Overcut drift (transverse) - - 4,760 4,760

Overcut drift (longitudinal) - - 6,466 6,466

Total 49,072 18,231 22,629 89,932

TABLE 16-2 VERTICAL DEVELOPMENTRichmont Mines Inc. – Wasamac Project

LocationCapital dev’tin w aste (m)

Operating dev’tin waste (m)

Operating dev’tin ore (m)

Total (m)

Shaft 928 - - 928

Intake raise 1,930 - - 1,930

Exhaust raise 579 - - 579

Ore pass 2,053 - - 2,053

Finger ore pass 855 - - 855

Waste pass & fill raise 2,157 - - 2,157

Finger waste pass 1,230 - - 1,230

Ore & waste bin 600 - - 600

Slot raise (Qty 776) 0 - 19,400 19,400

Total 10,332 - 19,400 29,732

Level 11 and main levels 29, 56 and 80 are shown at Figures 16-3, 16-4, 16-5 and 16-6.



Fresh Air Raise

ZONE 2

ZONE 1

Ramp to Level 14

ExhaustFans

Air Lock

ProductionShaft

Fill Raise

Ore andWaste Bin

Conveyor

Ramp toSurface

RampPortal

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100 150 200

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Level 11

Richmont Mines Inc.


Figure 16-3

16-9

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FreshAir Raise

Fresh

Air Raise

O/P W/PO/P W/P

ZZONE 2

ZONE 1MAINZONE

Lip Pocket

Ramp to

Level 32

Ramp toLevel 32

Ramp FromLevel 26

Shaft & LevelStation

Electrical Sub-Station

Dewatering StationRefuge

Supply Pad

Explosive Magazine

CapMagazine

0

N

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0



FreshAir Raise

FreshAir Raise

FreshAir Raise O/P W/P

GarageFuel Bay

O/P W/PO/P W/P

ZONE 2ZONE 1MAIN ZONE

Conveyor DeclineFrom Level 65 -Zone 3

Conveyor DeclineFrom Level 65 -Main Zone

Lip Pocket

Ore & Waste Bins

Ramp to Level 59

Ramp From Level 53

Conveyor

Shaft & LevelStation


Dewatering Station

Refuge

Supply Pad

Explosive Magazine

Cap Magazine

Wash Bay

0

N

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Fresh Air Raise

O/P W/P

ZONE 2

Conveyor Decline FromLevel 89 - Zone 2

Lip PocketOre & Waste Bins

Ramp FromLevel 77

Shaft & Level Station


Dewatering Station

Refuge

Supply Pad

0 50 250

Metres

100 150 200

N

May 2012

Wasamac Project

Level 80

Richmont Mines Inc.


Figure 16-6

16-12

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ROCK HANDLING

The material will be dumped in the ore pass, which will be situated on south side of the

footwall drift. Also other raises will be dedicated to waste handling at each mining level.

As the four mineralized lenses will extend for two kilometres, an ore pass and waste

pass system will be constructed for each zone.

Hauling operations will be performed with underground trucks during the pre-production

period, for ramp development and for during the first year of production. Later, a

conveyor system will carry ore and waste from each exploitation zone except for Zone 3

where the waste will be hauled by truck to a transfer point.

Two jaw crushers located underground at Level 59 and Level 89 will crush the blasted

material . Jaw crusher (Level 59) will be fed by material coming from the Main Zone,upper Zone 2 and Zone 3 handling by conveyors, and upper Zone 1 where the material

will transit by ore pass. The second underground jaw crusher (Level 89) located at the

bottom of the mine near Zone 2 will be fed by material that will transit by ore pass

network coming from lower Zone 1 and lower Zone 2.

A total of seven hydraulic rock breakers will be installed to fragment production blasted

rock with a grizzly (15-in. x 15-in.): four on the upper zones (1, 2, 3 and Main), one at the

lower Zone 2, and two near the crusher room for waste. Three temporary rock breakers

for waste on top of each lip pocket raise to reduce waste over size will be required during

the pre-production period; these installations with a grizzly (15-in. x 15-in.) will be located

at level stations 29, 56 and 80.

Crushed material and waste will be transported by conveyors directly to other bins near

the shaft to feed one of the automatic loading stations located at 62 and 86 Level. The

material will be skipped to a permanent dump located 60 m below the surface to

minimize noise for the mine neighbours. Finally, the material will be transported by

conveyor via a ramp from Level 11 to the surface ore bin located near the concentrator.

The material handling system is shown in Figure 16-7.



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PRODUCTION QUANTITIES

The delineated underground stoping volumes total 24,837,014 t of potentially mineable

resources grading 2.54 g/t Au. The resources identified in the crown pillars and surface

pillars (between surface and -100 m), and in the hanging wall / footwall of the previously

mined portion of Main Zone have not been incorporated in the PEA as more technicalwork is required to evaluate the mining approach.

The Mineral Resources considered in the mine plan were in the Measured, Indicated and

Inferred categories located in the Main (under the existing mine), 1, 2, and 3 Zones. The

proportion of Inferred Mineral Resources in the material that may be potentially mineable

via underground mining is approximately 80%.

The exploration drilling programs, the geological interpretation, and the resourceestimation resulted in the presence of blocks inside the mineralized wireframes for each

zone that were assigned a zero grade because they were located outside the search

ellipsoids for the Inferred Resources. When the location and grouping of these blocks

were such that in an underground mining context, and in accordance with the accuracy

level of this PEA, it was not possible to avoid mining them without an important loss in

resource recovery, they were considered as internal dilution. The proportion of these

blocks at zero grade added to the potentially mineable resources is equivalent to an

internal dilution of approximately 0.5% tonnage.

There was also dilution of 14.7% tonnage (equivalent to 15.6% volume considering

waste, gold bearing material and backfill densities) and mining extraction factor of 95%

of material within the designed stope volumes. These were applied to the above

numbers after adjustment for internal dilution.

A minimum mining width of four metres was used to allow for effective stope mining

activities. Up to four metres, the additional material was considered as planned dilution.

Beyond the minimum four metre width, dilution was estimated according to sloughing

thickness assumptions around stopes. The 14.7% tonnage dilution represents the

combined thicknesses for both the hanging wall and footwall sides of the mineralized

zones and for additional dilution coming from backfill for secondary stopes. It is

expressed as four different sloughing area average values, ranging between 0.3 m and



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1.15 m: two values for longitudinal stopes (up to 8 m thick) and two for stopes with

transverse access (greater than 8 m thick).

The overall average grade for the diluting material surrounding the four mineralized

zones was fixed at 0.20 g/t Au within a five metre halo around the hanging wall andfootwall, as estimated by Richmont. This grade decreased to 0.19 g/t Au when

combined with dilution coming from backfill at zero grade in secondary stopes. On a

stope-by-stope basis, dilution grade decreases as stope thickness increases. Average

undiluted stope thicknesses for Main Zone and Zones 1, 2 and 3 are 20.0 m, 13.1 m,

10.5 m and 9.3 m, respectively.

The total diluted and recovered tonnage was 27,069,332 t of potentially mineable ore

grading 2.24 g/t Au. The breakdown by zone is presented in Table 16-3.

TABLE 16-3 BREAKDOWN OF QUANTITIES AND DILUTED GRADESRichmont Mines Inc – Wasamac Project

ZoneGold Bearing

Material Grade Dilut ion (t) (g/t Au) Included

Main 7,332,001 2.49 13.8%

1 6,797,997 1.90 14.5%

2 9,415,343 2.32 15.5%

3 3,523,991 2.16 15.1%Total 27,069,332 2.24 14.7%

PRODUCTION SCHEDULE

Underground mining is scheduled on two 10-hour shifts per day, seven days per week all

year round. Yearly production output from the underground mine at full production will

reach from 2,160,000 tpa, or 6,000 tpd. During the underground pre-production

development, two 12-hour shifts per day could occur.

The underground development work will start with the main ramp and the shaft, followed

by other appropriate lateral and vertical development to have the critical number of

stopes accessible in order to achieve the full production rate as early as possible. Given

the large extent of the underground mine along strike and depth, approximately 4.5

years of pre-production and construction work were estimated followed by a production



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ramp-up period lasting one year and a half, starting at approximately 2,500 tpd (mid-

Year 1) up to 6,000 tpd (beginning of Year 3). A detailed production schedule has not

been developed in this PEA. As the mill feed would come from more than one

mineralized zone at a time (up to four), the annual gold grade was assumed to be

constant each year of the LOM and to be equal to the overall average gold grade. Theresulting production schedule is summarized in Table 16-4.

TABLE 16-4 PRODUCTION SCHEDULERichmont Mines Inc. – Wasamac Project

YearMined Gold

Bearing Material Grade YearMined Gold

Bearing Material Grade(t) (g/t Au) (t) (g/t Au)

-1 25,000 2.24 8 2,160,000 2.24

1 575,000 2.24 9 2,160,000 2.242 1,430,000 2.24 10 2,160,000 2.243 2,160,000 2.24 11 2,160,000 2.244 2,160,000 2.24 12 2,160,000 2.245 2,160,000 2.24 13 2,160,000 2.246 2,160,000 2.24 14 1,279,332 2.247 2,160,000 2.24 Total 27,069,332 2.24

Note: The 25,000 t of mined gold bearing material during Year -1 comes from stopedevelopment. Another 75,000 t is mined from stope development during the first half ofYear 1, prior to mill start-up in the third quarter. Therefore, 100,000 t of gold bearingmaterial will be stockpiled prior to being processed during the second half of Year 1.

MINE EQUIPMENT

The mine equipment fleet for the owner-operated mine at a rate of 2.2 Mtpa, listed in

Table 16-5, was selected based upon the production rate, the mining method and the

underground trackless accesses.



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TABLE 16-5 UNDERGROUND MINING FLEET AT 2.2 MTPA


Type Quantity

Alimak climber 2

Jumbo drill 4LHD (11 yards) 5

LHD (8 yards) 2

Trucks (50 tons) 5

Long hole drill 3

Bolter 4

Scissor lift 4

Anfo truck development 1

Explosive truck production 1

Cable bolt drill 1

Cable inserter 1

Boom truck (material handling) 2Lube truck (fuel & lube) 1

Service truck (const. & services) 5

Service truck (transportation) 10

Concrete truck 1

Shotcrete truck 1

Small shovel 1

Grader 1

MINE SERVICES

GARAGE

In addition to the surface garage, one will be built on the 56 Level (the mine underground

garage) with a main working area of 9 m wide by 30 m long equipped with an overhead

crane, four mechanic bays with monorails and trolleys for maintenance, welding shop,

tool crib, and service office. The electrical shop will be in the same area with a complete

warehouse of main spare parts. Flying team will also provide services across the mine.

FUEL AND LUBE

Oil and diesel will be distributed via a lube truck. Also small fuel bays will be built on 29and 52 levels.

EXPLOSIVES AND DETONATORS:

During the pre-production period, two temporary magazines will be located at surface,

one for explosives and one for detonators. Later on, permanent magazines will be built



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underground. The two main installations will be for the Zones 1, 2, and 3, and an

additional small one will be built in the main zone.

REFUGE

The refuge stations will be located to ensure the safety of the personnel and to

accommodate lunch breaks. A portable refuge will be used to follow ramp excavation at

the beginning of development. A total of 30 refuge stations are planed (one by level) for

Zones 1, 2, and 3, and for the Main Zone.

UNDERGROUND STORAGE

Small material pads will be provided. If possible old excavations will be used.

POWER DISTRIBUTION

The underground electrical distribution will be divided into six sectors named andlocated:

- Feeder #1: Intake and exhaust fan- Feeder #2: Main Zone and Zone 1 ramp- Feeder #3: Conveyor head 56 Zone 1 and surrounding- Feeder #4: Zone 2 ramp (Level 29 to 56)- Feeder #5: Zone 2 ramp (Level 56 to 80)- Feeder #6: Zone 2 ramp (Level 80 to 92)

Electrical rooms (substations) were planned for the underground distribution on eachthree sub-levels. Each substation will be equipped with 600V and 4160V distribution

equipment. All substations will be used to supply the production areas as well as the

associated level loads.

COMPRESSED AIR

Compressed air totalling 13,000 cfm at 110 psi outlet pressure will be supplied by six

compressors of 400-hp each rotary screw type (two stages) located at surface and

distributed by a 10-in. diameter steel pipe in the shaft. A second mercaptan system (inaddition to the one at the fresh air intake) will be installed in the mine compressed air

system for emergency warning.



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INDUSTRIAL WATER SUPPLY

Industrial water will be supplied from the mine water pond and will be sent by a 6-in.

diameter steel pipe in the shaft. Water boxes (2) located in the shaft could be used to

reduce the head pressure underground.

DEWATERING

The underground pumping system will have a capacity of 120 cubic meters per hour

(530 usgpm). Three pumping stations will be located at Level 29, 62 and 86, and

equipped with two multi-stage centrifugal pumps in parallel; these installations include

dirty water sump for settling and clear water sump as overflow. The main pumping line

with an 8-in. diameter will be located in the shaft.

VENTILATION

A preliminary ventilation requirement analysis has been undertaken during this PEA.Temporary and permanent systems have been studied to assess the underground

ventilation requirements for the development of main underground infrastructure and

later for mine production activities.

Prior to the excavation of the main ventilation infrastructure (production shaft, vent

raises, main fans commissioning), a temporary system will be installed to ensure that the

pre-production operations will be in compliance with Health and Safety Québec’s

regulation.

The temporary system consists of installing two 60-in. diameter rigid vent ducts in the

main ramp. Those ducts will be following the ramp excavation. The system will provide

160,000 cfm (76 m³/s) i.e. 80,000 cfm (38 m³/s) per duct.

It is expected that the temporary system will be functioning until the ramp is connected

on Level 12 (existing Level 400-Old Wasamac Mine). At that time, a primary ventilation

network will be available and permanent fans will be installed. It is planned that thisscenario will be reached at the end of Year 1 of the Project. The ramp will be

approximately 2,200 m long and about approximately 100-hp fans will be installed in

each duct throughout the ramp.

The lateral development on levels will be provided with fresh air from the ramp.



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17 RECOVERY METHODS

HISTORICAL FLOW SHEET

From 1965 to 1971, production from the Wasamac Mine resulted in a total gold

production of 252,923 oz. The limited information available regarding the process

indicated that mill processed approximately 1,500 tpd of feed grading 4.16 g/t Au and

consisted of a straight cyanidation process. Run of mine ore was crushed to a passing

size of 3.5 inches in a 36 in. by 48 in. jaw crusher. The ore underwent further size

reduction to 3/8 in. by a 4.25 ft Symons cone crusher followed by a four foot Shorthead

cone crusher in closed circuit with four 4 ft by 8 ft Nordberg rod deck screens. The final

grind size was attained using a series of two rod and three pebble mills. The ground

product was leached in two banks of Pachuca tanks containing a total of eight units, and

gold and silver were recovered from the pregnant leach solution using the Merrill-Crowe

process. The tailings were disposed of using a conventional tailings management

strategy. The mill was eventually decommissioned and no longer exists.

NEW FLOW SHEET OPTIONS

Two processing options for the Wasamac material were investigated: (1) whole rock

leaching and (2) flotation followed by leaching of both the tailings and reground

concentrate products. Results of the metallurgical testwork program indicated that the

combined flotation/leaching process resulted in higher overall gold recoveries over those

obtained by whole rock leaching. Using the testwork results and the mining plan

provided by Richmont, a technico-economic trade-off study comparing the two options

was conducted. The results of the trade-off study revealed that the whole rock leach

option was in fact more economically favourable in spite of the higher recoveries

obtained in using the flotation/leaching processing option due to lower capital and

operating expenditures. The process flow sheet was therefore designed based on the

whole rock leaching option.

The processing plant is designed for a capacity of 2.1 Mtpa with an average hourly

throughput of 260 tph. The average head grade estimated from the mine plan is 2.25 g/t



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Au. A head grade of 2.75 g/t Ag was calculated as a weighted average of the silver

assays for the metallurgical testwork samples.

Run of mine material from the crushed rock storage silo is conveyed to a 500 t capacity

surge bin adjacent to the concentrator. From the surge bin, the crushed rock, with a P80of 150 mm, is reclaimed and conveyed to a 3,730 kW (5,000 HP) semi-autogenous

(SAG) mill fitted with a trommel screen for primary grinding to a P80 of 1,500 µm. The

SAG mill discharge feeds the secondary closed-loop grinding circuit made up of a

cyclone cluster and a 2,835 kW (3,800 HP) ball mill. The cyclone underflow feeds the

ball mill for grinding to a P80 of 120 µm while the overflow reports to the tertiary closed-

loop grinding circuit. Two cyclone clusters split the material sending the underflow to a

second 2,835 kW (3,800 HP) ball mill for a final size reduction to a P80 of 40 µm. The

cyclone overflow reports directly to the pre-leach thickener, 23 m in diameter, to dewater

the slurry to a solids density of 50% (w/w) prior to leaching. The thickener overflow is

pumped back to the process water tank for recycling in the process.

The leaching circuit consisting of six tanks, 15.5 m in diameter each, and is designed to

provide a total retention time of 48 hours. The leach discharge slurry is pumped to a

carousel carbon-in-pulp (CIP) circuit where the leached gold is adsorbed onto carbon in

eight 100 m3 cells. Upon exiting the CIP circuit, a screen recovers the loaded carbon

and the gold-depleted slurry is sent to the pre-detox thickener. The loaded carbon is sent

to the stripping circuit where an acidic solution strips the gold and silver from the carbon.

The coarse spent carbon is regenerated in a kiln for re-use in the CIP circuit while the

fine carbon is bagged and sold for gold and silver credit. The gold and silver bearing

pregnant solution is then pumped to a series of electrowinning cells where the precious

metals are recovered on the cathodes in the form of a sludge. The gold and silver are

subsequently washed from the cathodes, filtered and dried. The dried gold and silver is

mixed with flux material before smelting into a doré bar.

The tailings slurry from the CIP circuit is pumped to the pre-detox thickener, 23 m in

diameter, for dewatering. The overflow is pumped to the process water tank for re-use

throughout the processing facility. The underflow is pumped to a cyanide destruction

circuit in which the Inco SO2/air process reduces the residual cyanide concentration to

below 5 ppm. The underflow slurry at 60% (w/w) solids is either pumped directly to the



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tailings pond, or is stored in agitated tanks to be used in the production of hydraulic

backfill. Approximately 35% of the tailings produced will report to the hydraulic backfill

plant where they will be mixed with a cement/flyash mixture prior to being pumped back

to the mine. The production of backfill will be variable, with a maximum production of

3,000 tpd.

It is estimated that 70% of the water contained in the hydraulic backfill becomes

available for recycling to the mine water storage basin. As the tailings deposited in the

tailings pond continue to settle, an estimated 65% of the water sent to the tailings pond

becomes available for recycling to the process water tank, while 35% remains locked

within voids. It was estimated that 702 m3/h of process water and 59 m3/h of fresh water

are required. With recycled water being added to the process from the pre-leach and

pre-detox thickeners, as well as that reclaimed from the mine water basin and tailings

pond, approximately 28 m3/h of make-up water collected from precipitation and run-off

will be required to satisfy process needs.

Mill reagents, including cyanide, lime, sulphur dioxide, caustic soda, nitric acid and

carbon will be delivered to the site by transport truck and stored in the processing facility

as required.

The overall gold recovery of the proposed circuit is estimated at 90.2% with additional

silver recovery of 74.6%.

A simplified process flow sheet is presented in Figure 17-1.



SAG FEED BIN

PROCESSWATER TANK

PROCESSWATER TANK

TAILINGS THICKENER(23 m Ø)

CYANIDE DESTRUCTION(2 x 7 m Ø tank)

CEMENT SILO(2 x 250 t capacity)

TAILINGS POND

MINE

TAILINGS STORAGE(2 x 12.5 m Ø tanks)

BACKFILLMIXER(8 m Ø tank) QUENCH TANK

CARBON STRIPPING

REACTIVATION KLN

STRIPPED CARBONDEWATERING SCREEN

CY(6

CYCLONES

FINE CARBON FILTER PRESS

ELETROWNNING(2 x 3.5 m² cells)

CARBON-IN-PULP(8 x 100 m Ø tanks)

ACID WASH

HEAT EXCHANGER

LOADEDCARBONSCREEN

BARSOLU

TAN

PRIMARYGRINDINGSAG MILL (28' x 10') SECONDARY GRINDING

SAG MILL (15' x 29')

TERTIARY GRINDING

BALLMILL (15' x 29')


CYCLONES

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18 PROJECT INFRASTRUCTURE

Genivar was retained to perform the preliminary design and cost estimates for both

surface construction and underground infrastructure for the Wasamac Project.

Preliminary designs and cost estimates are based on recent and previous local

experience and general knowledge. Cost reference for materials and salaries are based

on 2012 dollars. Fire protection costs were estimated for the installation of fire cabinets

in all buildings except the two dry-compartments, which will be protected by sprinklers.

SURFACE INFRASTRUCTURE

Surface mine site general arrangement is presented in Figure 18-1.

ROADS

For the road construction, it’s planned a travelling road of 10 m and radius of curvature

of 200 m minimum. The road structure will consist of one metre of mine waste zero

millimetres to 300 mm and 200 mm of granular material MG-20 as per AMEC’s

geotechnical recommendations. The access road to the pump house or the explosive

storage will be developed to allow traffic.

PARKING LOT

Two parking lots are planned for the Project. The capacity of the first one is planned to

be 172 spaces for the mine workers. The second parking lot will be 100 spaces at the

mill. The parking lots will be constituted by one metre of mine waste tailing zero

millimetres to 300 mm and 200 mm of granular material MG-20 also as per AMEC’s

geotechnical recommendations.

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May 2012 Source: Genivar ( ), 2011.RICWA-010-C-0103

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POWER SUPPLY

The cost of material and labour was estimated for each sector listed above. All the cost

estimates were based on recent projects and on quotations from several manufacturers.

In order to assess the energy requirements of each sector, examples from different

existing mine sites were taken into consideration. The load factors used were estimatedaccording to past experiences or similar projects.

The main 120 kV electrical substation will be located in the shaft area, and this sector

will consume approximately 60% of total site power. Two power conversion scenarios

were compared to feed the underground mine and the mill area:

• Scenario 1: 120 kV to 25 kV

• Scenario 2: 120 kV to 4,160 V

The budget comparison favours the Scenario 2, a 120 kV to 4160 V conversion. The

site load was estimated at 35 MVA. In light of this information, two 18/24 MVA, 120

kV/4,160 V transformers were used for the cost evaluation.

The electrical sub-station will supply two major areas: the shaft area (underground and

hoist loads) whose load is estimated to be 20 MVA and the mill area (including

surrounding loads) whose load is estimated to be 15 MVA. The mill site distribution willbe done by a 4,160 V aerial line. The site will be supplied by three mains switchgears:

underground loads, hoists loads, and mill and surrounding loads. Each switchgear will

have a redundant power supply in case of equipment failure (two independent feeders).

The pumping stations will be fed from the mill switchgear and the supply cable of each

pumping station will be buried in a trench. Because of the distance separating the plant

and the tailings pond (15 km), a new independent 25 kV aerial line was included. This

aerial line will be connected to a nearby existing aerial line five kilometres away. In orderto communicate with the pumping station, the cost of a fiber optic cable (15 km), buried

in a trench along the tailings pipe path, was included. Monitoring stations for the

pipelines have been planned every five kilometres.



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EXPLOSIVES STORAGE

The storage location for the explosive is determined according to the Règlement sur la

santé et la sécurité du travail dans les mines. The two explosive storages are designed

for storage capacity of 10 000 kg.

The explosive storage will be separated by a ground mass of five metres high by 26 m

long. There will be a pad made from one metre of waste rock zero millimetre to 300 mm

to facilitate the delivery and loading equipment.

DIESEL DISTRIBUTION TANK

A 50,000 L diesel reservoir will serve the mine for all surface and underground

equipment. The reservoir will be a double wall utility tank meeting ULC standards and

will be equipped with two dispensers, ladders, and platforms for fuel supply. Dispensersare located at each reservoir ends. A shelter is also included in this installation to

protect from adverse weather conditions.

PADS AND DRAINAGE

Two pads will be built to accommodate the mine and the mill. An area of 35,100 m2 is

planned for the mill and administrative offices. The existing creek to the west will be the

drainage ditch for the mine pad. Around the mill pad, a ditch will be constructed to

capture water and transferred to the settling basin located at the west. A second ditch

will be built to divert water runoff from nature.

POTABLE WATER SUPPLY

Two water supplying wells will be drilled. The wells will be equipped with two similar

pumps (Grundfos 80S180-15 STG) and drives to insure a constant pressure of 75 psi in

the supply line. The required average flow of drinkable water was estimated to be 9

m3/h with maximum peaks of 20 m3/h. Both or only one of the pumps will operate at a

time depending on water consumption fluctuations and wells capacities. Water will be

conducted through an HDPE pipe (100 mm ID).



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WATER TREATMENT

For the waste water from domestic, it has provided for the installation of an intermittent

sand filter recirculation (IFR) for a daily flow of 35 m3 produced by the two sites. It is

planned to construct the IFR west of the mill parking lot. For the mine site installations, a

septic tank will be installed near the dry to collect waste water. A pumping station isexpected to pump effluent to the IFR. For the mill site facilities, a septic tank and pump

station is also planned to pump the waste water to the IFR. An ultra-violet (UV) system

is planned with phosphate removal as necessary before discharging water into the

WildCat Lake.

PUMPING STATIONS

Three different pumping stations have been estimated in order to supply process water

to the mill and the mine.

A station at Wasa Lake will supply fresh process water to the mill and supply also fire

protection water for all surface infrastructure by two separate 300 mm diameter pipe

lines. This station includes three 125 hp electric pumps and one diesel pump. There will

be two electric pumps in parallel on the process water pipe line but only one will work at

a time and it will be able to supply a mean flow of 400 m 3/h. These pumps will also be

able to supply a peak flow of 600 m3/h. The two others, an electric and a diesel pump,

will supply fire protection at a mean flow of 350 m3/h. The fire protection pumpingsystem will be in parallel with the process water pipe line and they will be connected by a

normally closed valve. This installation will allow, if it’s needed, to use one installation or

the other to insure a complete versatile water supply.

The two other stations will supply process water by recirculation water from the mine

settling pond and the tailings pond to the mill. The mine pond pumping station includes

two 125 hp electric pumps, which will be able to supply a mean flow of 400 m3/h to the

mill process tank. The tailings pumping stations, which is situated at 15 km from themine site, includes two 200 hp electric pump and will be able to supply a mean flow of

300 m3/h and a peak flow of 600 m3/h.



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FIRE SAFETY

It is planned to install six fire hydrants connected by a HDPE pipe of 200 mm diameter to

provide fire protection around the mine site. For the mill site and administrative offices,

fire protection will be provided by the installation of eight fire hydrants around the site

connected to a HDPE pipe of 250 mm in diameter.

HEADFRAME AND SHAFT HOUSE

The headframe was evaluated at a height of 50 m. This will allow the operation of two

15 t skips, one service cage (single deck, 28 people capacity) and one auxiliary cage

(single deck, 12 people capacity). The skips discharge will be underground, so the

headframe height will be sufficient to allow the skips out of the headframe at the surface.

The foundation of this infrastructure is planned to be on good ground bearing capacitywithout piles. The building will include an overhead crane. A core library and a tools

room have been integrated into the shaft house building.

WASTE BIN AND ORE BIN

Crushed material will be conveyed from underground. The conveyor will follow the

underground ramp to surface for 700 m. This conveyor will be covered including a

footbridge and steel support from the exit of the ramp to the bins building for 170 m. The

conveyor head will be located above the center of the ore bin (11 m diameter x 15 m

height), which will have a capacity of 1,620 t. A retractable chute will be connected to

the conveyor head chute in order to dump the waste through the chute in the center of

the waste bin (11 m diameter x 10 m height). The waste bin will have a capacity 900 t.

The waste will be hauled by truck to the waste dump and the gold bearing material will

be conveyed to the mill. Piles are required for the foundation.

WASTE ROCK DUMP

A waste dump is located in the southwest end of the mine site with the volumetric

capacity to temporarily receive the waste originated from the underground mine

development before it is returned underground and used as backfill. It was estimated

that the maximum capacity of the waste pile will be approximately 1.2 Mm 3.



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WASTE TRUCK HOPPER

A 12 ft x 12 ft waste truck hopper will be installed on surface near the shaft area to return

waste underground by a fill raise. This installation can also be used for ore transfer from

surface stock pile to the mill ore bin.

MINE AIR INTAKE AND HEATING

The cost of the mine air intake and heating system has been quoted.

The raise heater is designed to heat 100% of the 810,000 cfm airflow requirements for

mine ventilation. The heaters will create a 40°C temperature differential. The quotation

for this system includes six natural gas burners, two integral control rooms, remote

controls and monitoring, the inlet section, gas valves trains, and the installation.

BUILDINGS

HOISTS BUILDING

The hoist building is planned to shelter a 14 ft diameter double drum, 3,000 hp

production hoist rated to a 75,900 lbs rope pull, a 10 ft diameter single drum 1,000 hp

service hoist rated to a 33,800 lbs rope pull, a 6 ft diameter single drum 500 hp auxiliary

hoist rated to a 11,200 lbs rope pull, and an electrical room. The foundation of these

infrastructures are also planned to be on good ground bearing capacity without piles.

The building will also include overhead cranes.

COMPRESSORS ROOM

The compressor room will include six 400 hp compressors, which will supply 2,200 cfm

each at 110 psi outlet pressure. An electrical room and an oils room will be attached to

that building. Foundations of the building will consist of concrete perimeter walls and

structural concrete slabs. The building will also include an overhead crane.

MINE DRY AND ENGINEERING OFFICEThe building will include a dry room for 300 men and 30 women, engineering offices,

geology, underground mine management, a control room, infirmary, training, meeting

rooms, mine rescue, etc. The building will be completed in modules on two levels. The

building will be built on concrete foundations. An exterior closed corridor will link the

building with the shaft house. A local manufacturer and modules installer provided a



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price per square foot for the building. Costs include the complete supply and installation

of building foundations, mechanical equipment, electrical equipment and fire protection

system.

SERVICE AND ADMINISTRATION OFFICE

The building will include a dry room for 125 men and ten women, administration offices,

maintenance offices, mine management, the guardhouse, a meeting room, etc. The

building will be completed in modules on one level. The building will be supported on

steel trestles, which will rest on piles and pile heads or on a foundation plate; the costs

are similar. The same local manufacturer and modules installer provided a price per

square foot for the realization of the building. Costs include the complete supply and

installation of the building, mechanical equipments, electrical equipments, and fire

protection system.

GARAGE, SHOPS AND WAREHOUSES

The garage will include a wash bay, five mechanical bays, and a welding shop. Four

other shops, adjacent to the garage and the main warehouse will be added for welders,

carpenters, pump and accessories maintenance, and for electrical and instrumentation

workers. Two cold storages for parts and oils, and a container for mobile equipment oils

will also be included in the garage-warehouse complex. There will be two levels in the

warehouse, the upper floor used for parts storage and a dining room. In the electrical

equipment maintenance local, a second floor will be occupied by maintenance foreman

offices. A second floor is also provided at the carpentry workshop to store materials.

The building pile foundations will consist of concrete perimeter walls and structural

concrete slabs, according to the low carrying capacity. The building foundation walls will

be supported on piles and concrete slabs, and will be seated on a granular material

foundation plate. The two cold storages will be separate from main building, so the

foundation will not require piles.

OTHER SURFACE INFRASTRUCTURES

AMEC Environment & Infrastructure (AMEC) was retained by Richmont to provide

recommendations for the installation at the mine site of several infrastructure elements

which will be built on top of an existing tailings impoundment or on silty soft clay.

Recommendations were provided for:



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• Design and construction of a sedimentation pond (for mine dewatering andsurface runoff);

• Construction of an access road;• Foundations of several infrastructures;• Excavation for the decline portal; and• Waste rock dump site.

The recommendations were provided based on geotechnical data obtained from over 30

investigation boreholes recently performed by LVM Laboratory at the Wasamac mine

site.

SEDIMENTATION POND

Similar projects have shown that a five-day retention time is more than enough before

water can be discharged into the environment. The sedimentation pond was designed

to have sufficient capacity (sedimentation) to accommodate runoff water of five days of

rain with a return period of one in ten years as well as water from mine dewatering. The

pond should have an area of approximately 2,000 m2 with a depth of two metres and a

freeboard of 1.3 m. A pumping station to recycle water will be included, as well as

spillway and effluent control installations.

CONSTRUCTION OF AN ACCESS ROAD

A proposed method for the construction of the access road on top and throughout the

existing tailings impoundment has been provided. One metre of mine waste rock on

geotextile, on average, will be sufficient for the main access road.

FOUNDATIONS OF INFRASTRUCTURES AT THE MINE SITE

Based on geotechnical data provided by LVM Laboratory, the bearing capacity of the in

place soils is very low. Piles will be required to support the base of all relevant

infrastructures. Structural slabs will be required in order to transfer the loads to the piles.

EXCAVATION FOR THE DECLINE PORTAL

A method for the excavation of the decline portal was proposed and detailed. The siltand clay soils should be excavated with a 4H : 1V slope and covered with one metre of

mine waste rock, placed on geotextile, while the till could be excavated with a 3H : 1V

slope with the same covering.



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WASTE ROCK DUMP SITE

Based on geotechnical data provided by LVM Laboratory, stability analyses were

performed in order to determine the maximum height and layout of the waste rock dump

that can be built on top of the existing tailings impoundment. Results have shown that

the waste rock dump can be raised to a maximum height of 25 m. Construction in

benches with the implementation of stability berms at the toes of the existing tailings

impoundment will be required. Typical waste rock slope, berm sections and stability

analysis results were provided.

Proposed methods as well as geotechnical recommendations of all the concerned

infrastructure at the mine site are detailed in the AMEC report.

HYDROGEOLOGYWASAMAC HYDROGEOLOGY FIELD WORKS AND OBSERVATIONS

Many field works were done on the Wasamac property in 2011 in preparation for future

mine dewatering. These field works included measures for better understanding soil and

rock hydraulic conductivities to perform a preliminary numerical model.

LAND SURVEYING

A land survey using recent aerial photographs was done to obtain in order of one metre

precision surface numerical topographic model.

BOREHOLE DRILLING AND PIEZOMETER INSTALLATION

Between October and November 2011, 16 piezometers were installed in groups of two

(screened intervals in bedrock and unconsolidated deposits) in eight locations around

the site, plus 38 other boreholes reaching the bedrock. Many samples were collected

and lab tests done to obtain characterization and technical parameters of soils and near

surface rocks for geotechnical studies.

GROUNDWATER LEVEL AND ELETRICAL CONDUCTIVITY

A first survey was made after the piezometer installations in order to measure the water

table level and electrical conductivity of water in soil and rock. The following

observations were made, but it will be necessary to confirm the observations over a

longer period of time:



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• Vertical gradients between unconsolidated deposits and bedrock indicated anupward flow direction over the old mine, while they indicated a downward flowdirection west and south of the old mine site as well as in the old tailings area.

• Upward gradients varied from 0.009 to 0.03 while downward gradients variedfrom 0.015 to 0.030, showing a relatively good conductivity between bottom

layers of soils and the upper meters of rock. The top layers of soils showed arelatively low conductivity.

• Electrical conductivities varied from 99 to 1,780. High conductivity values wereobserved around an old tailing pond, indicating probable ion leaching from thissite, while other observations reflected normal unaffected groundwater values.

VARIABLE HEAD PERMEABILITY TESTS

The variable head permeability tests were carried out by pushing down the water column

with pressurized air, followed by a sudden release of this pressure. Water head

measurements taken every second were then interpreted with the Hvorslev method into

the Aquifer test 2010™ software. Interpretations were as following:

• Clayely silt hydraulic conductivity was measured at 4.53 x 10-8 m/s in onepiezometer

• Till hydraulic conductivities varied from 1 x 10-6 to 8 x 10-5 m/s with a geometricmean of 1.05 x 10-5 m/s for seven data points; relatively good conductivity

• Massive bedrock hydraulic conductivity varied from < 1 x 10-8 to 6 x 10-8 m/s witha geometric mean of 1.24 x 10-8 m/s for three data points; relatively low

conductivity

• Fractured bedrock hydraulic conductivity varied from 1.9 x 10-7 to 1 x 10-5 m/swith a geometric mean of 1.07 x 10 -6 m/s for five data points

HYDROGEOLOGICAL CONCEPTUAL MODEL

The Wasamac hydrogeological conceptual model was built using the available

information gathered from recent field works and from historical diamond drill exploration

boreholes. This information was stored in an Excel database including 16 piezometer

locations, 38 geotechnical boreholes locations, 22 residential water supply wells, 403existing mining boreholes, 14 geotechnical boreholes for a 1981 study by Golder, and

456 bedrock outcrop elevation points.



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In order to build the conceptual model, the bedrock elevation data, and also the interface

elevation between unconsolidated deposit units was interpolated. The surfaces have

been superposed to create a simplified 3D model.

Within a one kilometre radius around the site, it is possible to identify the water rechargezones in bedrock outcrop areas and the discharge zones located at lowlands and along

the surface water bodies where a slow leakage probably occurs, which is confirmed by

upward flow observed in vertical hydraulic gradient.

GROUNDWATER FLOW MODELLING

In order to draw some piezometric maps and predict the drawdown that would occur by

dewatering the Main Zone (and ultimately after long term mining of other zones), a

numerical groundwater flow model was implemented, based on the conceptual model.The groundwater flow model was calibrated in steady state flow in a trial-and-error

process by comparing the simulated potentiometric values towards the field-measured

potentiometric values.

HYDROGEOLOGICAL RESULTS

After having run a steady state simulation in order to simulate the actual groundwater

flow conditions, a boundary was added to the model in order to simulate the

underground long term dewatering. These preliminary modelling exercises were as

follows:

• The flow net confirmed the interpreted recharge and discharge areas.

• The projected potentiometric map reflecting the long term undergrounddewatering, in steady state flow, showed an allipsoïdal shape water drop aroundthe axis of the Wasa Shear Zone. Over the simulated conditions, thegroundwater underground infiltration flow would approximately be 180 m³/day.

• A projected surface radius drawdown reflecting the dewatering, in steady stateflow, would be approximately one kilometre along the axis of the Wasa ShearZone, and would be approximately ½ km in a perpendicular direction from thisaxis. The drawdown propagation would be first achieved through the fracturenetwork, and then it would propagate into the permeable unconsolidateddeposits. The nearest private water supply wells could have between 0.5 m and8 m of long term drawdown, according to model assumptions. It is to be notedthat in the past, there is no documented drawdown or dewatered well.



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These presented results are representative of the understanding of the actual knowledge

relating to the Wasamac Project with the assumptions and measurements that were

made. It should be noted that the model potentiometric predictions may not completely

reflect the measured heads though a model is an idealized representation of only

partially know details of a very complex geological system.

Nevertheless, the ability of predicting future heads and drawdown is tributary to the

available knowledge, particularly on fracture zone locations, their regional extensions,

bedrock topography, and bedrock hydraulic conductivity.

In order to improve the numerical model, it is proposed to perform a large scale pumping

test with a well which would intersect the existing underground openings. This pumping

test would help to calibrate the model in order to get more accurate predictions on

possible future drawdown.

Additional works can also contain packer testing into diamond drill holes which would

intersect massive and sheared bedrock in order to get hydraulic conductivities at greater

depths that would be more representative in the model. The actual rock model inputs

are based on near surface, more fractured rock.

With a revised groundwater model with new data from rock and a large scale pumping

test, some adverse affects could be defined. If the drawdown starts to occur as

predicted by the simulation, the piezometers already in place near the shear zone will

first detect the drop and some mitigation measures could be implemented to avoid

impacts on groundwater users.

WASAMAC TAILINGS STORAGE FACILITY

AMEC was retained by Richmont to carry out a preliminary design and cost evaluationfor a new tailings impoundment for the Wasamac Project.

Five sites were initially selected by a representative of Richmont and AMEC. Following

a brief assessment of the existing geotechnical data of superficial soils, three out of the

five sites were chosen for further studies. The selection of these sites was carried out



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mainly by considering the available storage space, the general layout and the

geotechnical characteristics of surface soils; these sites are labelled as Site # 8, Site # 9

and Site # 11.

Each of these three possible sites were evaluated to determine the most efficient andcost effective layout. The approximate cost of construction of all related infrastructure

(including deforestation, dykes, spillways, access roads, pipelines installation, private

lands to acquire, closure works, etc.) were determined afterwards. The required electric

power lines and water pumping stations were excluded from the cost estimates of each

site. In this way, it is possible to determine the site best suited for the tailings

impoundment of the Wasamac Project.

Based on fundamental design criteria (some provided by Richmont), provincial

requirements (such as the Directive 019), standard practice and assumptions, the

efficient layout of each site as well as approximated construction costs of all related

infrastructures were provided.

UNDERGROUND INFRASTRUCTURES

All excavation, ground support, energy consumption, consumables, necessary mobile

equipment, and material transportation from surface for underground infrastructure ofeach zone are included in the mine pre-production costs. Figure 18-2 presents the flow

sheet of the underground rock handling system.

SHAFT PROCUREMENT

The shaft will have a final diameter of six metres and the shaft bottom will be 928 m

below surface level. The shaft will include four compartments: two skips, one auxiliary

cage and one service cage. Brattices will separate skip compartments from the service

cage compartment and the auxiliary cage compartment from the service cagecompartment. A rigid ventilation duct was incorporated into the service cage

compartment. The cost estimate included all shaft steel and services with their brackets.

The sinking installation and concrete are included in the shaft capital costs. Figure 18-3

presents the section of the shaft.



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SHAFT INFRASTRUCTURES

Connected to the shaft, it will have seven stations, one load out for skips discharge,

three lip pockets, one spill door, and two main loadings. For a total of eleven

infrastructures attached to the shaft. The cost estimates included fabrication and

installation.

DEVELOPMENT GRIZZLYS

The development grizzlys will be used to temporarily manage the development muck to

be hoisted from the three main development levels. Grizzly openings are at 15 in. x 15

in.. Production rock breaker will be installed temporarily on these grizzlys.



May 2012 Source: Genivar (RICWAS-310-A-0100), 2011.

Wasamac Project

Shaft Section

Richmont Mines Inc.


Figure 18-3

18-17

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PRODUCTION GRIZZLYS

The production grizzlys will be installed near the ore/waste pass systems to feed the

conveyor system. Seven production grizzlys will be necessary: four on the upper zones

(Zones 1, 2, 3, and Main), one at the bottom zone and one near each crusher room for

the waste system. All installations are located near the production area. Grizzlyopenings are at 15 in. x 15 in. to feed a 48 in. conveyor. Structure and concrete will be

anchored to rock. The rock breaker with power unit and operator cab is included as well

as a dust collector.

APRON FEEDER LOADINGS

Apron feeders 48 in. width will feed the coarse ore on the conveyor systems. The three

Apron feeders sectors are located in the upper zone area and include the construction of

the bin collar, apron chute, floor access, steel structures, gravity conveyor tensioner, andconcrete floor.

CONVEYOR HEAD ZONE 3 TRANSFER

The Zone 3 head conveyor installation will directly transfer to Zone 2 conveyor. This

construction includes chute, pulleys, gearbox, motor, steel structures, concrete floor, and

magnet.

CONVEYOR HEADS AND CHUTE ZONE 1 TRANSFER

This main ore transfer area located on the top of an ore bin and crusher room will include

three transfer infrastructures: Two head conveyor and one arc gate chute with press

frame from the ore bin in Zone 1. This construction includes chutes, pulleys, gearbox

motors, steel structures, magnets, and concrete collar and floor.

CRUSHER ROOMS

Two crusher rooms are planned for the mine. The crusher will be 38 in. x 58 in. with a21-ft vibrating feeder double scalper to separate fine ore. The crusher foundation is

anchor to rock. This design has a four floor levels access to chute and equipments. The

collar is a 7-ft opening inside liner to feed the system. The sacrifice conveyor under the

crusher has a magnet at the head end.



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ORE AND WASTE BIN VIBRATING FEEDER LOADINGS

A vibrating feeder will feed fine muck onto the conveyor. Five similar double feeder

installations are required: two loading for the muck coming from the crushers and grizzly

systems, two loading for the shaft skips and one loading to feed surface bins at the load

out installation. All of these 10 electromagnetic vibrating feeders will be 48 in. x 72 in.

HEAD CONVEYOR TRANSFER CAR ORE AND WASTE BIN

Two transfer car infrastructures are planned on the top of the ore and waste bin systems

near the shaft (a third transfer car was included in the shaft infrastructures for the skips

load-out). This includes the concrete collars and the concrete walls to separate the two

finger raises as well as the top conveyor infrastructures (head pulley and gearbox).

CONVEYORS

The conveyor system includes six main conveyors and four secondary conveyors:

A conveyor (CON11-00) will haul ore and waste from the load out Level 11 through the

surface bins building. This 48 in. belt width conveyor is estimated to be a 900 m long

and a rate of 700 t per hour and will be powered by an 800 hp drive.

Ore will be hauled from Zone 3 on Level 65 by conveyor (CON65ZONE3) at a rate of

200 t per hour on 500 m long conveyor. This 48 in. belt width conveyor is powered by a

200 hp drive.

A conveyor (CON59ZONE2) will haul ore from Zones 2 and 3 through Zone 1 transfer for

a 600 m distance. This 48 in. belt width conveyor is rated for 300 t per hour. It will be

powered by a 300 hp drive.

A conveyor (CON65MAINZONE) will haul ore from the Main Zone at Level 65 through

Zone 1 at Level 56 at a rate of 300 t per hour for a 700 m distance. This 48 in. belt width

conveyor is powered by a 300 hp drive.

A conveyor (CON59SAC) will haul ore from crusher CMA59 through the ore bin

(SILO62M) for an estimated distance of 35m This 54 in. belt width conveyor will be



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powered by a 30 hp drive and will be rated for a 1,000 t per hour and to operate 12

hours per day.

A conveyor (CON62) will haul ore and waste from Level 62 through Level 56 for an

estimate distance of 500 m. This 48 in. belt width conveyor will be powered by a 400 hpdrive and will be rated for 600 t per hour.

A conveyor (CON62) will haul ore and waste from bins on Level 62 through the loading

62 transfer car (BT62M) for an estimate distance of 55 m. This 48 in. belt width

conveyor will be powered by a 30 hp drive and will be rated for 830 t per hour.

A conveyor (CON89SAC) will haul ore from crusher CMA89 through the ore bin

(SILO92M) for an estimate distance of 35 m. This 54 in. belt width conveyor will be

powered by a 30 hp drive and will be rated for 1,000 t per hour and to operate 12 hours

per day.

A conveyor (CON92) will haul ore and waste from Level 92 through Level 80 for an

estimate distance of 800 m. This 48 in. belt width conveyor will be powered by a 500 hp

drive and will be rated for 400 t per hour.

A conveyor (CON86) will haul ore and waste from bins on Level 86 through the loading

86 transfer car (BT86M) for an estimate distance of 55 m. This 48 in. belt width

conveyor will be powered by a 30 hp drive and will be rated for 830 t per hour.

All conveyor costs include; structure frame, idlers, belts, fire protection systems,

electrical devices etc.

TRUCK CHUTE

The truck chutes will be mainly used for the stope backfill waste transfer. Only onechute was planned on the ore system in lower levels to transfer the Zone 1 ore to the

lower crusher. The chute installations will use a press chain doors and an arc gate chute

to control ore and waste flow to fill the trucks.



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PUMPING STATIONS

The three main pumping stations at Levels 29, 62 and 86, include two 250 hp pumps

with starters, monorails and trolleys, high pressures valves, all piping services and all

concrete and steel structures.

MAIN VENTILATION INSTALLATIONS

The mine ventilation system includes five main fans. Two low pressure 250 hp fans will

be installed underground in the fresh air intake circuit. Three high pressure 500 hp fans

will be also installed underground and will exhaust at surface via the main ramp system

and raises for Zones 1, 2 and the Main Zone, respectively. The cost estimates include

fan installation, monorails and trolleys, steel structures, and concrete foundations.

GARAGE

The mine underground garage will be nine metres wide by 30 m long and will include

four mechanic bays. In addition, it will includes one wash bay, one welding shop, one

electric station, one components shop, one recuperation shop, storage, and four offices.

Cost estimates include one overhead crane, foundations, steel structures, concrete walls

and floors, tools, furniture, racks, three monorails and trolleys, and three access doors.

The fire protection includes hose cabinets.

UNDERGROUND ELECTRICAL DISTRIBUTION

The underground electrical loads were estimated to be 15 MVA at 4,160 V. The

underground distribution will be split into six subsections:

- Feeder #1: Intake and exhaust fan- Feeder #2: Main zone and zone 1 ramp- Feeder #3: Conveyor head 53 zone 1 and surrounding- Feeder #4: Zone 2 ramp (Level 29 to 53)- Feeder #5: Zone 2 ramp (Level 53 to 74)

- Feeder #6: Zone 2 ramp (Level 77 to 100)

Electrical rooms (substations) were planned for the underground distribution on each

level near the ramp. Each substation will be equipped with 600 V and 4,160 V

distribution equipment. Each substation will be redundantly fed from the substations



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19 MARKET STUDIES AND CONTRACTS

This section is not applicable.



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20 ENVIRONMENTAL STUDIES,PERMITTING, AND SOCIAL OR COMMUNITYIMPACT

This section will provide a brief description of the environment surrounding the Wasamac

site that could be impacted by the mining activities. This description is based on known

and available data. To complete the available data, this section also lists all studies that

Richmont intends to carry out in the future to acquire missing information and be able to

present requests for necessary permits or authorizations from governmental authorities.

Table 20-1 provides a list of all necessary permits and authorizations related to the

project development and realization.

This section also describes social requirements and mine closure requirements.

ENVIRONMENTAL STUDIES

EXISTING ENVIRONMENT

NATURAL ENVIRONMENT

The Wasamac property is located in a rural region. South of the property there is also arecreational and conservation area related to the Kekeko Hills. The comprehensive plan

(schéma d’aménagement et de développement) of the municipality of Rouyn-Noranda

identified that area as such. Private properties constitute most of the study area and the

vegetation is typical of the boreal forest. Black spruce (Picea mariana), aider (Alnus sp),

dogwood (Cornus sp), and willow (Salix sp) are commonly found and grow on soils

characterized by bad drainage or near rocks.

There are three lakes on or at the proximity of the property: Hélène Lake, Adéline Lakeand Wasa Lake. A fourth one, Wildcat Lake, of less importance was also identified on

the property. Three distinct local watersheds were identified on the Wasamac property.

Wildcat Lake is an affluent of Wasa Lake and flows towards Opasatica Lake to the west.

Hélène and Adéline Lakes flow toward the Pelletier River to the east but those two lakes

are in two separate watersheds.



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The Wasamac property was already impacted by mining activities in the late 1960s. The

Wasamac mine operated between 1965 and 1971 with a complete mine plant including

mill facilities and tailings sites. Two contained tailings sites were used and their effluents

were discharged in Wildcat Lake and ultimately in Wasa Lake. Studies done in 1981

stated that a breach in the west dam of the tailings pond caused tailings to betransported directly into Wildcat Lake and Wasa Lake. As of today, the site is completely

rehabilitated and no effluent follow up is necessary. All old tailings and mine site are on

Richmont’s private lands.

From the four lakes, Adéline Lake is probably the one that is the better protected by the

local topography as it is located in a different drainage basin. Again, from the four lakes,

Hélène and Adéline Lakes are most probably the ones that could hold a good potential

for fish habitats. Although, it is unlikely that species of fishing interest are present,

except maybe northern pike that could find good spawning grounds in those lakes. The

four lakes located on the property will have to be better studied and sampled to evaluate

future potential impacts of mining operations.

Hélène Lake has probably been influenced by mining activities occurring in the region in

the past but has also, and still is, impacted by agricultural activities and residential

occupation. That lake will have to be closely monitored before, during and after any

mining activities as it will probably be a sensitive aspect for the population living in that

area.

As for all Abitibi-Témiscamingue region, the Wasamac sector holds good potential for

moose habitat. A local population of white tail deer was also observed in the study area.

The numerous ponds, creeks, and rivers are preferential habitat for beavers and

muskrats and proof of the presence of those species was noticed on the field during

exploration works.

As for the underground water, a first study has been done on the wells of the residents

living on Rang des Cavaliers to evaluate physical and chemical properties of the waters.

This study will serve as the base line and will allow the identification of potential impacts

caused by future mining activities. The results showed no specific problems with water

quality or quantity. Also, many field works were done on the Wasamac property in 2011



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in preparation of an eventual mine dewatering. These works included many measures

for better understanding of soils and rock hydraulic conductivities to perform a first

preliminary numerical model. The first results obtained with the numerical model show a

potential diminution of the water table following dewatering of the mine. Thus, provisions

will have to be made in the budget to allow for mitigation measures to be put in place ifnecessary.

HUMAN ENVIRONMENT

Activity sectors that occupy the majority of Rouyn-Noranda’s population are retail sales

(13.1%), health and social services (12.3%), and mining (8.5%). That certainly illustrates

the importance of mining activities as they are the dominating activities of the primary

sector. Agriculture and forestry together represent only 1.63% of all available jobs. The

Wasamac Project will contribute to maintaining the importance of that activity sector as it

will provide jobs to the local population.

The property is bordered on its west site by Highway 117 that runs north-east to south-

west and running through the property is an east-west direction road name Rang des

Cavaliers. Those roads make the Wasamac property readily accessible and no major

road construction (except directly on the mining site and to the tailings site) will be

necessary for the completion of the Project thus reducing cumulative impacts of the

Project on the environment. There is also a railway running parallel to Highway 117.

Those transportation infrastructures contribute to the noise pollution already present in

the study area and will have to be taken into account during the background noise study.

Although the Wasamac property has been mainly identified as being in a rural and

agricultural sector, it is also a residential sector (mainly for Rang des Cavaliers and

Hélène Lake). The residential sector will be a sensitive topic for the Project.

No sites of archeological or cultural importance have been identified by local authority

(municipality) in the study area.

Sensitive areas include: Kekeko Hills, Hélène Lake, Adéline Lake, and residential areas.



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SITE DESIGN TO MINIMIZE NEGATIVE IMPACTS ON THE ENVIRONMENT

As mentioned before, the Wasamac property has already been impacted by mining

activities in the past. However, all mine infrastructures were dismantled in the 1990s.

The new mining infrastructures will mainly be established on the same portion of land

that sustained those mining activities. For example, mill, offices, settling ponds and

ramp will be located on the old tailing pond or very closely to it. The final effluent of the

settling ponds will be the same as the old tailings pond (Wildcat Lake). This site design

will contribute to minimizing the impacts of the new operation on the environment.

Also, as the future mine operation will be located close to private houses, noise pollution

will be a sensitive topic for the people living in the proximity of the infrastructures. Even

though the deposit is located underneath the road (Rang des Cavaliers) and north of it,

Richmont decided to use the old tailing pond to construct the major portion of the site

infrastructures because it is already impacted but also because it is located farther from

the road and the houses thus minimizing noise pollution to the citizens. Mitigation

measures like using sound proof walls, screw air compressors instead of piston ones,

underground skip dump instead of surface ones and underground main ventilation fans

instead of surface fans will also be put in place to minimize noise impacts.

As for noise pollution, blast vibrations will be a factor of concern. Seismographs will be

put in place at the very beginning of the blast works and data will be accumulated to

determine the coefficients necessary to establish the blast pattern. All conditions orthresholds indicated in any authorizations regarding the construction of the ramp and

exploitation of the mine will be respected in order to minimize impacts.

Water management methods will also contribute to minimize the impact of the Project on

the environment. Water reuse and recirculation will be put in place and the objective will

be to tend toward zero effluent. As said before, final effluent of the mine settling ponds

will discharge into Wildcat Lake that was also used in the previous mining operation.

Heavy transportation and traffic on Rang des Cavaliers will be reduced to a minimum by

using the Highway 117 access. Also, all gravel and sand material necessary for the

construction of the site will be transported from the west end of the property and thus

avoid the use of Rang des Cavaliers by heavy machinery.



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WATER MANAGEMENT

In order to estimate a preliminary water balance, the ore treatment was established at

30% to 40% solid or 250 t/h solid and 480 m3/h water. The process water flow will

mainly come from recycling water from thickener, tailings pond, and mine dewatering.

Wasa Lake would be the fresh water source and a pumping station will be constructed

on its east shores, on Richmont private land. Furthermore, a fresh water tank will have

to be planned in the mill to be able to keep at least 10 to 12 hours of autonomy. One of

the other water sources would be the settling ponds located directly on the mine site.

The water from those ponds, of a total capacity of 2,000 m3, will be pumped to the mill

for the process and to the underground mine for drilling activities. The water overflowing

from the sedimentation (or settling) ponds will be sampled according to the requirements

of Directive 019, the Quebec mining effluent guidelines.

Water from the tailings pond will also be re-circulated and will serve as a water source

during mining operations. The mill tailings will also be re-used to backfill the mine

excavations. Figure 20-1 presents the preliminary water balance of the Wasmac Project.



Rain

Rain Rain

Rain

Effluent

Infiltrations

Ventilation

5 m3/hr

85 m3/hr

60 m3/hr

20 m3/hr

215 m3/hr

100 m3/hr

175 m3/

NOTE: Normal or Averaged Flows

140 m3/hr

Ore 5 m3/hr 50 m3/hr 120 m3/hr

(0.2 ha 4000 m3)

(water shed = 625 ha)

0 m3/hr

<1 m3/hr

70 m3/hr

50 m3/hr

Mill

Mine Production

Backfill

Environment

Polishing Pond

Tailing Pond

Mine Water Pond

Wasa Lake

Environment

180 m3/hr

100 m3/hr


Wasamac Project

Preliminary Water Balance

Richmont Mines Inc.


Figure 20-1

20-6

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STUDIES TO COME

In order to obtain all necessary information to proceed with the permit and certificate of

authorization requests, many studies are currently going on or are planned in the months

to come. Those studies will also provide basic information on the prevailing conditions

on site that will able Richmont to evaluate the impact of the Project on the environment.

Those studies are:

• Tailing sites investigations

• Noise background study

• Noise simulation study during operation

• Characterization of private drinking water wells along highway 117

• Environmental baseline study for natural habitats (fauna, flora, surface waterquality and uses, sediment quality), social portrait of the study area and sensitivearea identification

• Geotechnical and hydrogeological models

PROJECT PERMITTING

Table 20-1 presents the exhaustive list of the permitting required for the Wasamac

Project.



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TABLE 20-1 WASAMAC PROJECT PERMITTINGRichmont Mines Inc. – Wasamac Project

Project component Government entity and legal reference

Dewatering MDDEP, section 22 EQA

Ramp and bulk sampling MDDEP, section 22 EQASettling ponds MDDEP, section 32 EQA

Mining (exploitation) MDDEP, section 22 EQATree cutting and access roadsconstruction(to tailing pond)

MRNF, intervention permit, Section 2,Forest act

Oil and water separator MDDEP, section 22 EQA

Water intake (for industrial or drinking) MDDEP, section 32 EQA

Mill and tailing pond MDDEP, section 22 EQA

Domestic wastewater treatmentMDDEP, section 32 EQA or municipalpermit depending on capacity

Sand or gravel pit MDDEP, section 22 EQA + MRNF lease

High risk petroleum storage equipment RBQElectric transportation lines MDDEP, section 22 EQA 1

Storage and use of explosives 2 Quebec provincial police (SQ) and RNCansection 7 of the Canadian law onexplosives

Final effluent (>50 m3/d)Env. Canada, section 36(4) Fisheries Actand section2 of MMER

Propane storage (4.5 tons/8,820 L)Declaration to Env. Canada andemergency plan

General site construction Municipal permit

Notes:

1. Hydro-Québec is responsible for obtaining the necessary authorization.2. Explosives will be stored in surface infrastructures for a couple of years and afterwards will be

stored directly underground.

As of today, the actual law does not require that the Project be submitted to the

provincial ministry of the Environment for an impact statement. Since the Project is

estimated of a capacity of less than 7000 t/d, it is not subjected to the regulation

regarding impact evaluation statement.

Richmont Mines does not anticipate any problem concerning the emission of thosepermits by each responsible government authorities. Most of them have already been

informed of the Project. One of possible constraint will be the delay related to the

analysis of each of the permit or authorization requests by government authorities. Each

request will have to be planned strategically in order to obtain the requested

authorization in time for the beginning of field works.



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SOCIAL OR COMMUNITY REQUIREMENTS

It was clearly established earlier that the Wasamac Project is located near a residential

sector and thus makes it socially sensitive. Social acceptance will be of crucial

importance for the success of the Project.

Richmont Mines is maintaining a good relationship with municipal authorities and

Wasamac’s neighbours by scheduling information meetings to keep them informed of

the progress of the Project. Richmont is also planning to establish a good

communication strategy to help the company achieve its goal of social acceptance.

Two official meetings with the local population have been held until now. Richmont also

participated in a district council meeting in February to answer questions from citizens.

Numerous communications have been held and an email address has been created to

allow the population to ask questions or emit their comments. In order to achieve social

acceptance, the company is also thinking of creating an official citizen committee and

consulting with Native communities of the region to make sure that no special interest

lands are located in the proximity of the Project.

MINE CLOSURE REQUIREMENTS

In accordance to provincial laws, a mine closure plan and cost evaluation will be

elaborated and submitted to responsible government authorities. That closure plan will

be started as soon as all the necessary permits and certificate of authorization are

emitted for the operation of the site. All necessary funds will also be deposited with the

closure plan.



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21 CAPITAL AND OPERATING COSTS

CAPITAL COST ESTIMATES

SUMMARY

The mine, mill and site infrastructure costs are summarized in Table 21-1. All costs in

this section are in 2012 C$ unless otherwise specified.

TABLE 21-1 CAPITAL COST SUMMARYRichmont Mines Inc. – Wasamac Project



Surface Infrastructure 78.1 0.4Shaft 38.2 0.8

Mining 125.1 139.2Processing 108.9 0.0

Tailings 14.5 3.8

Owners/Indirect Costs 34.7 1.4

Closure and Reclamation 0.0 2.0

EPCM 63.1 6.6


Total 533.8 177.5

The total capital cost comprised of initial and sustaining capitals for the purpose of the

economic analysis is therefore $711.3 million.

Capital costs were estimated using cost models, unit prices, suppliers’ budget quotes

general knowledge and experience, preliminary designs and other information from

recent similar Projects, particularly in the Abitibi region. The expected accuracy on cost

estimates is of PEA study level (±35%). The chart of responsibilities for the various

Project components is as follows:

• RPA: Underground mine, shaft excavation and some undergroundconstruction.

• Genivar: Surface and shaft infrastructure, underground construction.• BBA: Mill and backfill plant.• AMEC: Tailings pond.• Richmont: Environmental aspects.• Richelieu: Hydrology/Hydrogeology aspects.



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Engineering, procurement, and construction management (EPCM), and contingency for

all capital cost components vary depending on cost area, and were applied on initial and

sustaining capital investments. On average, EPCM stands at approximately 13% while

contingency totals approximately 15% of capital costs plus EPCM. Respective totals for

EPCM and contingency are $69.7 million and $94.5 million.

SURFACE INFRASTRUCTURE

Surface infrastructure cost was estimated by Genivar and includes general site

preparation and construction of on-site roads. Also under this cost item are buildings

construction, equipment and furniture, power distribution, pumping network, fuel storage

and distribution, and fire protection. Surface infrastructure capital costs are shown in

Table 21-2.

TABLE 21-2 SURFACE INFRASTRUCTURE CAPITAL COST SUMMARYRichmont Mines Inc. – Wasamac Project



Site Preparation 4.3 -

Pumping Stations 4.6 -

Headframe and Shaft House 12.3 -

Hoist Building & Equipments 23.3 -

Compressors Room 4.1 -

Mine Air Intake and Heating 3.0 -

Mine Dry and Engineering Office 4.3 -

Service and Administration Office 1.7 -

Garage, Shops and Warehouses 7.3 -

Diesel Distribution Tank 0.3 -

Waste bin and Conveyor Transfer 4.7 -

Waste Truck hopper 0.1 0.4

Electrical Distribution 7.1 -

Mobile Equipment 1.0 -EPCM 6.1 2.7


Total 98.9 3.4



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SHAFT

The capital cost for the shaft was estimated by RPA for rock work and Genivar for

equipment, steel, and infrastructure. It assumes the shaft sinking will be done by a

contractor. Shaft capital costs are shown in Table 21-3.

TABLE 21-3 SHAFT CAPITAL COST SUMMARYRichmont Mines Inc. – Wasamac Project



Collar 1.7 -

Rock Excavation and Shaft Sinking 18.5 -

Shaft Equipment and Steel 7.0 -

Infrastructure and Others 11.0 0.8

EPCM 4.2 0.4

Contingency 6.8 0.3Total 49.2 1.5

MINE

Underground mine development, construction, mobile equipment and other related costs

were jointly estimated by RPA and Genivar. All work will be performed by the owner

workforce and the equipment used for lateral and vertical development will be purchased

by the owner. Mine capital costs are summarized in Table 21-4.

Development unit costs for rock work were estimated as follows:

• Horizontal drifts at $ 2,200/m• Ramp at $3,100/m (larger and single face operation)• Raises by Alimak (2.4 m x 2.4 m dimension basis) at $2,200/m

The unit costs include manpower and material (drill, blast, muck and support), but

exclude mine services (supervision and maintenance) as these are cost into indirect and

EPCM. The base unit cost for vertical development was increased with opening

dimension and services installation (manway for example).



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TABLE 21-4 MINE CAPITAL COST SUMMARYRichmont Mines Inc. – Wasamac Project



Lateral Development 48.1 71.5

Other Vertical Development 14.4 10.0Underground Construction 34.8 53.5

Underground Mobile Equipment 26.2 4.2

Definition Drilling 1.6 -

EPCM 38.7 2.9


Total 182.2 163.3

Note: For sustaining capital, the EPCM related to most of the cost items above arecovered into operating costs during production, under Mining / Services - labourand under G&A / Technical staff.

Underground construction is the most expensive cost item of the mine capital, as there

are four zones over a two kilometre extent, three mining horizons, and the production

start-up via ramp prior the completion of the shaft. All these elements require a four year

pre-production period and require development/construction to last during the two first

years of production. An important portion of this capital cost is the rock handling

mechanization (conveyors, feeders, crushers, rock hammers).

The underground equipment fleet was planned to be purchased over a five year period;

the four year pre-production and the first year of production. All the prices are from

suppliers for new pieces of equipment. In order to keep this cost to a minimum, half of

the mining fleet was assumed to be used equipment at 50% price of new equipment.

The definition drilling cost item was estimated assuming drilling from an exploration drift

at $125/m, including samples analysis. Same rate was used and included in operating

costs for definition drilling occurring during production.

PROCESSING FACILITY

The projected capital cost (direct and indirect) for the processing facility was estimated

by BBA and is summarized in Table 21-5.



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TABLE 21-5 PROCESSING FACILITY CAPITAL COST SUMMARYRichmont Mines Inc. – Wasamac Project



Site Work 6.4 -

Concrete Work 9.3 -Structural Work 8.3 -

Architectural Work 3.6 -

Mechanical Equipment 58.3 -

Piping 6.4 -

Electrical 11.5 -

Automation/Telecommunications 5.1 -

EPCM 11.8 -

Contingency 25.0 -

Total 145.7 -

The capital cost estimate for the processing plant was based on a detailed mechanical

equipment list which was developed based on the preliminary flow sheet design and

mass balance. The major equipment costs were obtained from vendor budgetary quotes

and from a database of recent costs for similar projects. Allowances were also made for

minor equipment and platework. The remainder of the direct costs including site works,

concrete works, architectural work, structural works, piping, electrical and

automation/telecommunication costs were factored based on the mechanical equipment

list and recent projects of similar size in the Abitibi region.

The EPCM services were factored based on the direct costs. An overall contingency of

20% of the direct and indirect costs was used.

The processing facility inherent indirect costs, other than EPCM, totalling $9.8 million

were summarized in Table 21-7, as indirect costs for the whole Project were all grouped

together.

TAILINGS STORAGE FACILITY

Tailings storage facility cost was estimated by AMEC, based on fundamental design

criteria (some provided by Richmont), provincial requirements (such as the Directive

019), standard practice and assumptions, and efficient site layout. Tailings storage

facility capital costs are summarized in Table 21-6.



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TABLE 21-6 TAILINGS STORAGE FACILITY CAPITAL COST SUMMARYRichmont Mines Inc. – Wasamac Project



Site Preparation 3.5 -

Dam Construction 11.0 -Dam Raise-up - 3.8

EPCM 2.3 0.4

Contingency 3.8 0.9

Total 20.6 5.1

OWNER’S AND INDIRECT COSTS

Indirect and owner’s costs (other than EPCM) were estimated by all parties involved in

this PEA. Indirect costs consist of warehouses inventory (spare parts) and mill start-

up/commissioning. Owner’s costs are comprised of expenses generally incurred duringproduction as part of operating cost, but occurring during construction phase; namely,

general and administration (G&A) (as described in the section on operating costs), gas

and electricity consumptions, and consultant fees. These costs were factored based on

the direct costs or derived from first principles. The cost of spares, freight, and initial fills

were based on a percentage of the equipment costs. Indirect and owner’s costs are

shown in Table 21-7.

CLOSURE AND RECLAMATION

A cost allowance was made for closure and reclamation of the tailings storage facility. It

was assumed that equipment sales and metal recovery would pay for buildings

demolition and mine site rehabilitation. Closure and reclamation costs are shown in

Table 21-8.



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TABLE 21-7 OWNERS AND INDIRECT COSTS SUMMARYRichmont Mines Inc. – Wasamac Project



Electricity 4.7 -

Gas (natural and propane) 1.2 -Spare Parts 5.5 0.1

General and Administration 20.3 0.5

Consultants 1.3 0.8

Mill Construction Temporary Operation 1.2 -

Mill Pre-Op. - Mechanical Acceptance 0.5 -

Contingency 2.5 0.1

Total 37.2 1.5

TABLE 21-8 CLOSURE AND RECLAMATION COSTS SUMMARYRichmont Mines Inc. – Wasamac Project



Tailings Closure and Reclamation - 2.0

EPCM - 0.2

Contingency - 0.5

Total - 2.7

EXCLUSIONS

The following is excluded from the capital costs estimate:

• Project financing and interest charges• Escalation during the Project• Permits, fees and process royalties• Pre-feasibility and Feasibility studies• Environmental impact studies• Any additional civil, concrete work due to the adverse soil condition and

location• Taxes• Import duties and custom fees• Cost of geotechnical and geomechanical investigations• Rock mechanics study• Metallurgical testwork• Exploration drilling• Costs of fluctuations in currency exchanges• Project application and approval expenses.



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OPERATING COST ESTIMATES

SUMMARY

Mine life average operating unit costs for the Project are shown in Table 21-9. Details

on individual operating costs will be provided in the following sections.

TABLE 21-9 UNIT OPERATING COSTS SUMMARYRichmont Mines Inc. – Wasamac Project


(C$/t mil led)

Mine 29.36

Mill 11.73

G&A 5.06

Total operating cost 46.15

Operating costs were estimated using cost models, unit prices, suppliers’ budget quotes,

general knowledge and experience, preliminary designs, first principles, and other

information from recent similar projects, particularly in the Abitibi region. The expected

accuracy on cost estimates is of PEA study level (±35%).

MINE

The summary breakdown for the mine operating cost is shown in Table 21-10.

TABLE 21-10 BREAKDOWN OF MINE OPERATING COSTRichmont Mines Inc. – Wasamac Project


(C$/t mined)

Operating development (drawpoints) 3.03

Mining 7.70

Underground rock handling 0.94

Surface rock handling 0.09Services - labour 6.77

Services - material 7.00

Energy (electricity and natural gas) 3.25

Definition drilling 0.35

Geology and grade control (analyses) 0.34

Total mining cost 29.47Note: Operation labour salaries are included in the first four unit cost items.



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OPERATING DEVELOPMENT

The operating development consists of draw point excavation from the footwall drift to

stopes, and the longitudinal and transverse development in mineralized zones giving

access to production drills. The unit cost was estimated at $2,066/m, which includes

manpower, drilling, blasting and rock support materials.

MINING

The mining cost is comprised of activities such as slot raising under contract, production

drilling, blasting, ground support, and backfilling. The unit costs for these activities,

which include manpower, were estimated as follows:

• $1,480/m for slot raising

• $1.46/t drilled for production drilling based on undiluted stope tonnage excludingore development quantities

• $1.66/t blasted mainly related to ANFO

• $0.68/t mined for ground support assuming normal ground condition

• $5.00 and $1.50 per tonne mined respectively for hydraulic cemented andnon-cemented backfill

UNDERGROUND ROCK HANDLING

All the mucking and trucking activities including manpower and being part of rock

handling related to underground operations (stoping, operating development and backfill

works in/for both ore and waste), were considered in this operating cost item.

SURFACE ROCK HANDLING

The cost item related to surface rock handling including manpower applies to waste rock

trucked from the surface waste bin to the waste pad, and then between the waste pad

and the fill raise, for underground stope filling purposes.

SERVICES – LABOUR AND MATERIALS

The services cost items for the underground mine operations were subdivided into

labour and materials, and are related to three main areas: namely, mine, mechanic and

electric.

Mine services include supervision staff and labour comprised of construction workers,

cage operators, service truck drivers, etc. The mechanical and electrical services



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consist of supervision staff and underground/surface maintenance workforce. Wages

and fringe benefits used were based on actual salaries currently paid by Richmont.

Materials requirements were estimated for mine, mechanical and electrical services and

cost under the services-materials cost item.

ENERGY

The Project electrical load, with the exception of the ore treatment plant, was used for

energy consumption included into mine operating cost. The electrical load list is

comprised of hoisting, ventilation, surface needs (other than milling) and underground

requirements. An annual electric cost of $5.4 million was estimated at full production

using $0.045/kwh. An annual cost of $1.0 million was estimated at full production for

natural gas consumption required at the air heating system for 800,000 cfm.

DEFINITION DRILLING

The definition diamond drilling program performed from an exploration drift at Level 41,

down from that underground level, is part of mine operating cost; for the upper part of

the orebodies, this cost has been included into mine capital cost as it occurred during

pre-production period. A unit cost of $125/m for drilling and samples analysis was

assumed.

GEOLOGY AND GRADE CONTROL ANALYSES

No laboratory has been planned to be built at the mine site. Therefore, muck samples

for geology and grade control were assumed to be transported to and assayed by an

independent local laboratory for costing purposes.

PROCESSING FACILITY

A mill operating costs breakdown of the mill operating costs is presented in Table 21-11.



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TABLE 21-11 BREAKDOWN OF MILL OPERATING COSTRichmont Mines Inc. – Wasamac Project

Cost area Annual Cost Uni t Cost

(C$'000) (C$/t milled)

Mill liners and grinding media 6,782 3.14

Electricity 4,838 2.24Labour 3,218 1.49

Reagents 8,230 3.81

Equipment spares and maintenance 1,879 0.87

Laboratory analyses 216 0.10

Fuel 173 0.08

Total processing cost 25,336 11.73

The calculation of the process operating expenditures above was based on manpower

requirements, plant consumables, electricity and maintenance requirements, and

laboratory analyses. The plant consumables include the mill liners and grinding media

as well as reagents including cyanide, lime, oxygen, flocculant, caustic soda, sulphur

dioxide, copper sulphate, nitric acid, carbon and flux. The reagent consumptions were

based on metallurgical testwork results and information available from similar operations.

The consumable costs were taken from BBA’s database, from vendor quotes and some

data were provided by Richmont from existing operations. The electricity cost was taken

as $0.045/kwh. Equipment maintenance and spares were estimated at approximately

4% of the total mechanical equipment cost, including maintenance of the tailings

pipeline. A fixed cost of $200,000 per year was allowed for all metallurgical analyses tobe outsourced to an external laboratory. Employee salaries and benefits were provided

by Richmont.

GENERAL AND ADMINISTRATION

The general and administration unit cost is estimated at $10.9 million per year or $5.06/t

milled (basis 2.16 Mtpa). The unit cost includes administration, human resources,

engineering, geology, environment, and construction staff. The manpower related costs

are based on actual Richmont staff salaries and a fringe benefit of 41% and accounts for

almost 60% of the G&A total cost. The remaining is for material and supplies, some

consultants, insurance and taxes, and communications



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TABLE 21-12 BREAKDOWN OF GENERAL AND ADMINISTRATION COSTRichmont Mines Inc. – Wasamac Project

Cost area Annual Cost Uni t Cost

(C$'000) (C$/t milled)

Human resources staff 1,166 0.54

Administration staff 1,555 0.72Engineering staff 1,771 0.82

Geology staff 1,231 0.57

Environment staff 324 0.15

Construction staff 367 0.17

Material and supplies 3,326 1.54

Taxes and insurance 648 0.30

QAM, Corem, communications 540 0.25

Total G&A cost 10,928 5.06

MANPOWERManpower estimates were based on daily production rate, mine equipment performance,

rock handling flow sheet, mill flow sheet and typical numbers in Abitibi underground

operations of similar scale. Manpower estimates for the various administrative units are

shown in Table 23-13.

TABLE 21-13 MANPOWER SUMMARYRichmont Mines Inc. – Wasamac Project

Unit Operation Maintenance Supervisionand Services Total

Administration - - 54 54

Mine 144 59 32 235

Mill and Surface 29 23 15 67

Total 173 82 101 356



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22 ECONOMIC ANALYSIS

RPA developed a pre-tax cash flow summary for the Wasamac project (Table 22-2).

Details are as follows.

PHYSICALS

• A resource base ofo Measured & Indicated 6.8 Mt, at a grade of 2.56 g/t Au.o Inferred 25.7 Mt, at a grade of 2.58 g/t Au.

• Pre-production period: 4.5 years.

• Mine life: 14 years.

• Total production quantity of 27.1 Mt, at an average grade of 2.24 g/t Au.

• Underground mining method: longhole mining with transverse accesses.

• Backfill: cemented hydraulic fill in primary stopes; non-cemented hydraulic fillor unconsolidated rockfill in secondary stopes.

• Life of Mine production plan as summarized in Table 1-2.

• A maximum of 6,000 tonnes per day processing rate.

• Average mill recovery of 90.2% Au.

REVENUE

• Exchange rate: US$1.00 = C$1.04 (36-month trailing average).

• Gold market price: US$1,300 per ounce gold (36-month trailing average).

• Gold refining, transport and insurance charge of $4.00 per ounce gold.

• Net Revenue averages $87.40 per tonne milled, including deductions for goldrefining, transport, and insurance charge.

• Revenue is recognized at the time of production.

COSTS

• Net Life of Mine capital totals C$681 million, including the capitalized pre-production revenue.

• Net pre-production capital requirements total C$503 million.

• Average operating cost over the mine life is C$46.15 per tonne milled.



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The economic analysis shows that at a long-term gold price of US$1,300/oz Au, the

Project has a pre-tax Net Present Value (NPV) at an 8% discount rate of negative $32

million. Total pre-tax undiscounted cash flow is C$405 million.

The total net initial capital is estimated to be C$503 million, as shown in Table 22-1.

TABLE 22-1 NET CAPITAL COST SUMMARY


Cost Area (C$ million)

Surface Infrastructure 78.1

Shaft 38.2

Mining 125.1

Processing 108.9

Tailings 14.5

Owners/Indirect Costs 34.7

EPCM 63.1

Contingency 71.2

Total Initial Capital 533.8

Capitalized Net Pre-Production Revenue (30.8)

Total Net Initial Capital 503.0

Sustaining Capital 175.5

Closure and Reclamation 2.0

Total Net Life of Mine Capital 680.5

The average life-of-mine cash cost is approximately US$688 per ounce of gold, includinggold refining, transport, and insurance charges. When capital costs are added the total

production cost (cash cost per ounce plus capital cost per ounce) is approximately

US$1,061 per ounce of gold. Wasamac will produce approximately 140,000 oz Au per

year at full capacity.

Over the life of mine, the pre-tax Internal Rate of Return (IRR) is 6.9% with a payback

period of approximately eight years.



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SENSITIVITY ANALYSIS

Project risks can be identified in both economic and non-economic terms. Key economic

risks were examined by running cash flow sensitivities on:

• Head Grade• Process Recovery• Gold Price• Operating Cost Per Tonne Milled• Capital Cost

The pre-tax NPV (at 8%) and IRR sensitivity analysis has been calculated for -20% to

+20% variations on the above variables, with the exception of process recovery which

was varied from -20% to +5%. The sensitivities are shown in Table 22-3, Figure 22-1,

and Figure 22-2. The pre-tax NPV and IRR are most sensitive to head grade, recovery,

and gold price equally, followed by operating costs and capital costs.

TABLE 22-3 PRE-TAX SENSITIVITY ANALYSIS


Sensitivity to Head Grade

Au g/t NPV(8%) C$ mill ion IRR

1.81 -215.0 -0.9%

2.03 -123.7 3.4%

2.24 -32.4 6.9%

2.45 58.9 9.9%

2.66 150.2 12.5%

Sensitivity to Recovery

% NPV(8%) C$ mill ion IRR

73.1% -215.0 -0.9%

81.7% -123.7 3.4%

90.2% -32.4 6.9%

92.3% -9.6 7.7%

94.5% 13.2 8.4%

Sensitivity to Gold Price

US$/oz NPV(8%) C$ mill ion IRR1,059 -218.1 -1.0%

1,180 -125.3 3.4%1,300 -32.4 6.9%

1,420 60.5 9.9%

1,541 153.3 12.6%



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Sensitiv ity to Operating Cost Per Tonne Milled

C$/t mil led NPV(8%) C$ mil lion IRR

37.67 65.3 10.1%

41.91 16.4 8.5%

46.15 -32.4 6.9%

50.39 -81.2 5.1%54.63 -130.1 3.2%

Sensitiv ity to Capital Cost

C$ Million NPV(8%) C$ mil lion IRR

546.2 62.4 10.4%

613.3 15.0 8.5%

680.5 -32.4 6.9%

747.7 -79.8 5.4%

814.9 -127.2 4.2%

FIGURE 22-1 NPV (8%) PRE-TAX SENSITIVITY ANALYSIS

-$250,000

-$200,000

-$150,000

-$100,000

-$50,000

$0

$50,000

$100,000

$150,000

$200,000

0.75 0.85 0.95 1.05 1.15 1.25

N P V @ 8

% ( C $ 0 0 0 s )

Factor Change

Sensitivity to

Head Grade

Sensitivity to

Recovery

Sensitivity to

Gold Price

Sensitivity to

Opex

Sensitivity to

Capex



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FIGURE 22-2 IRR PRE-TAX SENSITIVITY ANALYSIS

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

0.75 0.85 0.95 1.05 1.15 1.25

I R R ( % )

Factor Change

Sensitivity to

Head Grade

Sensitivity to

Recovery

Sensitivity to

Gold Price

Sensitivity to

Opex

Sensitivity to

Capex



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23 ADJACENT PROPERTIES

Richmont holds an important portfolio of properties (810 ha) along 10 km of the

Francoeur and Wasa Shear Zones (Figure 23-1).

The Francoeur deposits include the Francoeur No.1, No.2 and No.3 deposits. They

occur along the Francoeur-Wasa Shear Zone and, from west to east, are linked with the

Arntfield No.1, No.2, and No.3 deposits, the Wasamac Mine and the Wingate deposit.

Despite showing local differences, all these deposits are very similar to one another in

both geological aspects and type of mineralization.

The Francoeur No.3 deposit, the largest deposit, is hosted in the metavolcanic rocks of

the Blake River Group. Gold mineralization mainly developed in the ductile Francoeur-

Wasa Shear Zone, and is in contact with the southern margin of a gabbro-diorite stock.

The "West Zone" is located to the west of the No.3 deposit which was mined until 2001

down to the 17th level by Richmont. The West Zone orebody is in the same Francoeur-

Wawa Shear Zone, dips northward at about 30 to 40°, and gold-bearing mineralization is

closely associated with albite-pyrite alteration.

Resources of the West Zone of the Francoeur Mine were re-assessed in 2009, at which

time Probable reserves of 615,664 t grading 6.91 g/t were defined (Adam et al, 2009).

The Francoeur Mine is presently being developed by Richmont and commercial

production is planned in 2012.

Located less than 5 km south of the Francoeur Mine, the Lac Fortune property contains

three veins, including the "Central" Zone from which historical Resources of 224,425 t

grading 5.38 g/t Au were calculated. The quartz-tourmaline gold bearing veins are within

a strong shear zone that cross-cut carbonatized andesite. This andesite is part of the

Blake River Group and the Lac Fortune shear is likely associated with the regional scale

Larder Lake-Cadillac Break which extends from Matachewan, Ontario to Val-d’Or,

Quebec. The qualified person did not verify the information regarding the above

mentioned historical resources.



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There are also some base metal deposits in the Wasamac area. Within a few kilometres

northwest of the property is the past-producing Aldermac copper mine. Extract from

Barrett et al. 1991:

“The original Aldermac mine near Noranda contained several Cu–Zn massive sulfidelenses hosted by felsic to mafic volcanic rocks of the late Archean Blake River Group.

The original Nos. 3–6 orebodies, which consisted of massive pyrite, with lesser

magnetite, pyrrhotite, chalcopyrite, and sphalerite, contained 1.87 Mt of Cu–Zn ore that

averaged 1.47% Cu (Zn was not recovered). The orebodies occurred within felsic

breccias and tuffs up to 100 m thick that are stratigraphically overlain by an extensive

dome of mainly massive rhyolite and rhyodacite (up to 250 m thick and at least 550 m

across). Most of the volcanic rocks that laterally flank and overlie the felsic dome are

dacitic to andesitic flows, breccia, and tuff, with minor rhyolites, and associated

subvolcanic sills of quartz-feldspar porphyry and gabbro.

The new massive sulfide deposit, discovered in 1988, lies 150–200 m east of the mined-

out orebodies, at a similar stratigraphic level within altered felsic breccia and tuff. The

sulfides are mainly in the No. 8 lens, which contains 1.0 Mt at an average grade of

1.54% Cu, 4.12% Zn, 31.2 g/t Ag, and 0.48 g/t Au”. The qualified person did not verify

the information about the above mentioned historical resources.

Also northwest of the Wasamac property is the RM Nickel deposit, which occurs at the

base of a gabbro intrusion. The mineralization consists of lenses of massive to semi-

massive sulphides, up to 4 metres thick. Zones of disseminated sulphides occur above

these mineralized lenses. In 1980, Falconbridge Copper estimated the resource at

131,352 t grading 0.79% Cu and 0.46% Ni. This calculation was based on the results of

more than 100 holes drilled by RM Nickel in the late 1950’s. The RM Nickel property also

belongs to Richmont. The qualified person did not verify the information about the above

mentioned historical resources.

In 2011, 13 holes over 8,820 metres were done by Visible Gold on claims south and

west of the Wasamac property. Twelve holes were done on their Wasa Creek property,

targeting the Cadillac fault or parallel structures, and one hole was done on a claim



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adjacent to the Wasamac property over the Wasa lake (please see Visible Gold press

releases for further details).

Exploration drilling was also done by Vantex on their Galloway project east of Francoeur

during 2011 (please see Vantex press releases for further details).



Lithology

ARNFIELD MINE (1935 - 1942)Prod. 480,804 t @ 3.98 g/t Au, 0.93 g/t Ag

ALDERMAC MINE (1933 - 1943)Prod. 1,87 Mt @ 1.47% Cu,6.4 g/t Ag, 0.17 g/t Au

WASAMAC MINE Prod. 1,892,448 t

MAIN and No1-2-3Measured Resour1,715,288 t @ 2.8Indicated Resour3,377,892 t @ 2.3Inferred Resource11,515,020 t @ 2.7

LAC FORTUNEInferred Resources 224,425 t @ 5.38 g/t Au38,790 oz Au (Coopers & Lybrand, 1986)

Closed Mine

In Development Project

Au Cu Ni

Ag Zn

Showing (Main Substance)

Graywacke

Conglomerate

Granodiorite

Diorite

Syenite

Gabbro

Rhyolite

Andesite

RM NICKELInferred Resources 131,352 t @ 0.79% Cu, 0.46% Ni(Falconbridge Copper Ltd, 1980)

FRANCOEUR MINE (1938 - 2001)Prod. 2,6 Mt @ 6.1 g/t Au, 509,000 oz AuWEST ZONE (Richmont 2009)Prob. Reserves: 615,664 @ 6.91 g/t Au, 136,749 oz AuInd. Resources: 76,449 Mt @ 7.54 g/t Au, 18,541 oz AuInf. Resources 202,250 Mt @ 5.95 g/t Au, 38,706 oz Au

0 100 500

Metres

200 300 400

Projection UTM NAD83, Zone 17May 2012 Source: Richmont Mines Inc., 2011.

W

Mineral W

Ric

Rouyn-

2

3 - 4



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24 OTHER RELEVANT DATA ANDINFORMATION

PROJECT SCHEDULEA project schedule has been developed for the Project development and is presented in

Figure 24-1. When the on-going definition drilling program is completed in 2012 and

Wasamac’s resources are subsequently updated, the Project can be re-evaluated.

Some technical aspects of this PEA must be improved and refined. Preliminary designs

for surface and underground infrastructures and mine design must be revised with main

objective to decrease the capital expenditures and also the pre-production period

permitting in order to start production sooner.

At this moment the critical path for the Project will be mainly the dewatering of old

Wasamac Mine which will allow the development of the underground main ramp and

provide access to the upper part of Zones 1 and 2. The other main underground

infrastructure in the critical path will be the production shaft and work will start two years

before the beginning of mine production although to start the production the material

could be transported with trucks to the surface.

RISKS & OPPORTUNITIES

A high level risk and opportunity assessment was carried out to identify major project

risks and also opportunities to improve the Project outcome. Mitigating strategies were

also developed for the major risks, as well as development strategies for the major

opportunities. These risks and opportunities are outlined in Tables 24-1 and 24-2.



1 Studies Pre-feas / Feas

A4

2 Detailed Engineering

3 Environmental studies / Permits / CA

4 Procurement

5 Construction

6 Dewatering Old Wasamac Mine

7 Ramp Development

8 Shaft Sinking

9 Ramp up

10 Starting Production

A1A2A3Tri 1 Tri 4Tri 3Tri 2 Tri 1 Tri 4Tri 3Tri 2 Tri 1 Tri 4Tri 3Tri 2 Tri 1 Tri

Studies Pre-feas / Feas


W

P

Ric

Rouyn-N

2

4 - 2



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TABLE 24-1 KEY RISKS IDENTIFIED AND MITIGATING STRATEGIES Richmont Mines Inc. – Wasamac Project

RISK MITIGATING STRATEGY Geology

Inferred Resources may not translate into Measuredand Indicated categories In-fill surface drilling program planned for 2012 onWasamac PropertyDilution higher than expected thus grade lower thanexpected also

Better understanding of structural geology andlithology

Mining Poor single face performance mainly for ramp andshaft sinking

Hire skilled workforce; ensure that superiorequipment and utilities are in places to support highdevelopment rate

Poor ability to ventilate single face development(ramp)

Use rigid ventilation ducting; establish a ventilationnetwork in upper part of old Wasamac Mine (400level and 800 level)

Delays during pre-production phase and beginning ofproduction postponed

Complete and detailed schedule of development withcritical path included construction all underground

facilitiesDewatering old Wasamac mine Complete detailed schedule and strategy to pumpwater in old development. Survey to obtain anaccurate evaluation of water pumped. Morehydrogeology investigation if need

Higher dilution during stope extraction Add hanging wall and footwall support cables bolting.Maintain stope full of muck as long as possibleduring stope exploitation

Issue concerning hydraulic backfill (dry/cemented) Complete investigation studies including tailingscharacterization and using software modelling

Geotechnical Crown Pillar instability Complete investigation and evaluation for crown

pillar

WaterIssue for supplying industrial water Back up and reuse water from mine water pond andpolishing pond

MetallurgyMetallurgical performance (recovery) and designcriteria not fully defined which may lead to changesin plant design

Perform additional metallurgical testworks withblended composites to reflect the mining schedule

Plant Design and OperationsComminution characteristics of ore not well knownfor sizing SAG and ball mills

Perform additional grindability testwork

Zones blended approach, less gold recovery if notgood proportion of zones or if fast variation of theblending

Better understanding of the mineralogy

TailingsMore important distance from mine site to tailingslocation,

More investigation for soil mechanic, hydrology andborrow pit location and obtain Ministry’s approvalssoon

EnvironmentalAdverse impact of Project on groundwater resources(socially and environmentally), resulting fromgroundwater use, mine dewatering

Pursue with specialized water resources study,modelisation to understand the existing hydrologicaland hydrogeological regime and to predict impacts ofthe Project initiated. Budget allow to put in placemitigation measures



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Habitat removal and impacts of biodiversity and floraand fauna of conservation significance

Studies of the existing flora and fauna must beconducted to evaluate future impact of mineoperation

SocialNegative impacts of the mine operation on vicinitymainly for noise, blast vibration and dust

Design approach with main objectives to minimizenegative impacts.

Relationship with neighborhood unsatisfactory Strategy to maintain good communication with local

population and Rouyn-Noranda official authorities.Creation of citizen committee

CostsOver run of operating costs Addressed in sensitivity analysis for PEA, more

detailed estimates in future studiesOver run of capital costs Addressed in sensitivity analysis for PEA, more

detailed estimates in future studiesEnergy cost (fuel, natural gas/propane, electricity)skyrocket

Uncontrollable

Rising cost of major consumables Negotiation of long term contractUS$-CDN$ exchange rate adverse UncontrollableFinancing difficult to obtain Market analysis, good timing and opportunity

Regulatory Approval

Postponement to Project due to delays inenvironmental approval and Project permitting

Environmental process commenced early to allow fordelays in approvals

Tailings approval (design, concept and location) Must be prioritized in the approval process mainlysite location

Refusal to issue exploitation permits All authorizations and exploitation permits issuedbefore financing approvals

RevenueDecreasing of gold price UncontrollableUS$-CDN$ exchange rate adverse Uncontrollable



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TABLE 24-2 OPPORTUNITIES AND DEVELOPMENT STRATEGIESRichmont Mines Inc. – Wasamac Project

OPPORTUNITY DEVELOPMENT STRATEGYGeology

Adding resources and increasing grade In fill surface drilling program planned for 2012Ag metal to be evaluated Grade calculation for Ag, re-assays for Ag

MiningIncluding resources of old Wasamac Mine and crownpillar

More technical evaluations to develop a miningapproach for these resources

Improved underground mine design infrastructure toreduction capital expenditures of mine


Daily rate performance maybe too conservative forsingle face


Optimization of underground ventilation network todecrease total pressure and volume


GeotechnicalOptimize surface infrastructures location, decreasingpile utilization

Rework design, more geotechnical investigationsand opportunity to relocate on new groundacquisition

Plant Design and OperationsImprove mill process and plant design optimisation More testwork will be done

TailingslFind a site location closer of the mine site Additional investigation programs and discussion

with Ministry Reduction in capital costs for construction Refine design and more soil investigations (borrow

pit material)Environmental & Community

Improve mine site design with objectives to reducemainly noise and dust on vicinity

Potential for optimizing good relationship soon duringconstruction phase and later in operation

CostsReduction in operating costs Addressed in sensitivity analysis for PEA, more

detailed estimates in future studiesReduction in capital costs Addressed in sensitivity analysis for PEA, more

detailed estimates in future studiesRevenue

Add revenue with Ag metal Grade calculation for Ag, re-assays for Ag



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25 INTERPRETATION AND CONCLUSIONS

The Project base case scenario consists of technical and cost assumptions outlined in

this report. The PEA indicates negative results with pre-tax IRR and NPV (8%) of 7%and negative C$32 million respectively, at a long-term gold price of US$1,300/oz Au.

For comparison, at current gold price of US$1,600/oz Au, the pre-tax IRR and NPV (8%)

would be 14% and C$197 million respectively.

The most important risk elements for the Project are the gold price, head grade and mill

recovery. Fluctuations in the gold price constitute an uncontrollable parameter for which

no mitigation measures are proposed. Other elements to which the Project is

economically sensitive are controllable and will be addressed in further steps.

The Life of Mine Plan for the Project indicates that 27.1 Mt, at an average grade of 2.24

g/t Au, will be mined over 14 years at a production rate of 2.16 Mtpa once full production

is reached in Year 3. Gold production is projected to total 1.75 million ounces.

The economic analysis contained in this report for the base case scenario is based, in

part, on Inferred Resources, and is preliminary in nature. Inferred Resources are

considered too geologically speculative to have mining and economic considerations


the reserves development, production, and economic forecasts on which this Preliminary

Economic Assessment is based will be realized.

At the PEA level, the underground mine scenario is technically feasible but shows no

economic viability at the stated gold price. However the mining of the Wasamac deposit

could have the potential to generate positive results. This should be assessed prior to

any other studies, considering cost improvement opportunities, optimizing the

pre-production time frame and the addition of silver revenues that could potentially be

generated by silver recovery, as noted during the metallurgical testwork program. The

latter will require the estimation and attribution of silver grades to mineralized blocks of

the block model. This could be part of the upcoming block model update once the

ongoing drilling program is completed.



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Specific conclusions by area of the PEA are as follows.

GEOLOGY AND MINERAL RESOURCES

• The combined Measured and Indicated Resources are 6.8 Mt grading 2.56 g/t Auand containing 556,400 oz Au. In addition, there is an Inferred Resource of 25.7

Mt grading 2.58 g/t Au and containing 2.13 million oz Au. Mineral Resourceswere estimated at a cut-off grade of 1.5 g/t Au.

• During the last exploration drilling campaign, silver was not assayed in thesample analysis program.

MINING

• A key assumption for the underground mine was the attainment of the lowestpossible operating cost. This approach generally required more infrastructureand incurred higher capital expenditures, with direct impact on initial capital andpre-production / construction phase duration. There could be potential positiveimpacts on the Project capital, if higher operating cost is considered.

• The two kilometre lateral and one kilometre vertical extent of the Wasamac goldbearing mineralization, combined with the relatively low average gold grade andtonnage ratio per vertical metre contributed significantly to the high capital cost.

• The presence of zero grade blocks lying inside the 1.5 g/t Au cut-off gold bearingwireframe, because they were located outside the search ellipsoids for theInferred Resources, resulted in an increase of the tonnage to mine/process and adecrease of the average gold head grade. This could be mitigated by moredrilling in these areas.

PROCESSING & METALLURGY• Zonal composites were classified as being medium-hard to hard with respect to

resistance to impact breakage. Bond rod mill indices ranging from 15.5 kWh/t to16.8 kWh/t are considered hard, while Bond ball mill indices ranging from 13.5kWh/t to 15.5 kWh/t classify the composites in the medium hardness category.

• The mineralogical analysis of Main Zone and Zone 1 samples revealed that themajority of liberated gold particles average between 8.7 and 10.5 µm in size,while the average size of attached and locked particles ranges between 2.1 and4.0 µm.

• The Main Zone sample showed marginal potential for gold recovery using gravity

methods.

• Flotation testwork followed by leaching of both the tailings and regroundconcentrate products conducted using all four zonal composites resulted inoverall gold recoveries ranging between 90.2% and 95.1%.

• Whole rock leaching test conducted on the four zonal composites ground to 45µm resulted in gold recoveries of 84.6% to 96.3%.



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• A techno-economic trade-off study was conducted to compare the combinedflotation/leaching and whole rock leach options. Based on the results, the wholerock leach option was selected.

• The whole rock leach flow sheet was designed for a final grind size P80 of 40 µmand a leaching retention time of 48 hours. The overall gold recovery was

assumed to be 90.2% based on the blending of the four zonal composites overthe life of mine.

• The metallurgical testing has identified silver associated with gold mineralizationin Zones 1, 2 and 3, recoverable at a rate of 74.6% using the actual mill design.

PROJECT OPPORTUNITIES

• Potential for silver revenue - Since the start of the 2012 drilling program,Richmont has been systematically assaying for silver content in all drill cores. Todate, results from this drilling have delivered results of between 1.0 g/t Ag and6.0 g/ Ag. Richmont has initiated a complete review of existing available pulpsamples which will be re-assayed for silver content in order to establish a

representative grade.

• Mill optimization / cost reduction possibilities - Potential expansion and/orfurther optimization of the carbon-in-pulp (CIP) mill process to increase the goldrecovery rate. Alternative possibility to optimize milling process: preliminarymetallurgical tests have indicated that a flotation-cyanidation process couldachieve a 92.9% gold recovery compared to the 90.2% CIP gold recovery ratesused for the PEA. Further optimization work is required.

• Mine plan and existing resource optimization – There is potential to shortenthe ramp-up time of production and to readjust the mining plan so that highergrade areas are mined earlier with less initial capitals. It is recommended to

review the mining approach to incorporate resources that have not been includedwithin the scope of the current PEA, namely the gold mineralization located in thecrown/surface pillars and in the footwall/hanging wall of the previously minedportion of Main Zone.



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26 RECOMMENDATIONS

RPA and BBA recommend that Richmont advance the Wasamac Project to the next

phase of project development, by collecting data, conducting metallurgical testwork, and

carrying out additional studies that will allow for design optimization.

Specific recommendations are as follows.

• Review of the underground mining concept and approach in order to shorten thepre-production / construction phase and to achieve earlier gold production.

• Initiate more detailed engineering concepts to pursue cost improvementopportunities as discussed previously.

• Define an appropriate mining approach for gold bearing mineralization in surfacepillars and surrounding previously mined stopes.

• Continue the ongoing definition drilling program with silver assaying in addition togold and the further update of the geological block model.

• Carry out further metallurgical testwork on a larger number of representativesamples. The program would consist of the following :

o Test the whole rock leach and the combined flotation/leaching flow sheetoptions.

o Additional grindability testwork to ensure accurate sizing of the semi-autogenous grinding (SAG) and ball mills.

o Investigate the optimization of gold leaching through the use of oxygen andlead nitrate addition. Improvements in recovery and kinetics may result indecreased number or size of leach tanks required.

o Conduct cyanide destruction tests.

o Continue with environmental testing of residue samples.

o Conduct settling and rheology tests on residues of the selected flow sheet to

allow for accurate pump, tailings pipeline and tailings impoundment sizing.



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27 REFERENCES

Adam D., 2011, Technical Report On The Mineral Resource Estimate For The WasamacGold Project Rouyn-Noranda, Quebec, Canada, Richmont Mines, 64 pages, 6appendices.

AMEC, 2012: Etude de Prefaisabilite, Amenagements du site Minier, Project Wasamac,Rouyn Noranda, Prepared by AMEC, Prepared for Richmont Mines Inc., February2012.

AMEC, 2012: Etude de Prefaisabilite- Parc a Residus Evaluation de sites Potentiels,Project Wasamac, Rouyn Noranda, Prepared by AMEC, Prepared for RichmontMines Inc., March 2012.

Andrieux P., 2011, Revue des informations géomécaniques disponibles pour Wasamac,Mémorandum technique, ITASACA, 13 pages.

BBA Inc., 2012: Preliminary Economic Assessment for the Wasamac Gold Project,Prepared by BBA Inc., Prepared for Richmont Mines Inc., May 4, 2012.

Belzile Solutions Inc. (BSI), 2010: Statistical Study on the Wasamac Project, Rouyn-Noranda Quebec, Prepared for Richmont Mines Inc., Prepared by BSI, 2010.

Bugnon, M.F., 1981, Réserves du Pilier de Surface de la Zone Principale WasamacMine #1, canton de beauchastel, 1981, 8 pages.

Bugnon, M.F., 1981, Section 1: état des réserves de la Mine Wasamac No.1 à la fin avril1971. Section 2: Ré-évaluation de la mine Wasamac No1, janvier 1981. 31 pages.

Bugnon, M.F., 1981, Réserves de la zone principale, niveaux 800’ à 1525’, WasamacMine No.1, canton de Beauchastel, 48 pages.

Bugnon, MF., 1982, Rapport de forages, campagne 1980-1981, propriété Wasamac,Canton de Beauchastel, Québec, 23 pages.

Bugnon, MF., 1982, Vérification des analyses et graphiques de corrélation, campagnede forages 1980-1981, propriété Wasamac, Canton de Beauchastel, Québec. 9pages.

Bugnon, M-F., Carré, M., Le Beau, Y. and Marchand, K., 1981, Rapport sur la géologieet le potentiel économique de la propriété Wasamac, Canton de Beauchastel. 22

pages.Canadian Institute of Mining, Metallurgy and Petroleum (CIM), 2010: CIM Definition

Standards for Mineral Resources and Mineral Reserves, Prepared by CIMStanding Committee on Reserve Definitions, Adopted by CIM Council, November27, 2010



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Colvine, A.C, Fyon, A.J., Heather, K.B., Marmont, S., Smith, P.M. and Troop, D.G. 1988,Archean lode gold deposits in Ontario. Ontario Geological Survey; MiscellaneousPaper 139.

Couture, J.-F., Pilote, P., 1991, Géologie et Genèse des Minéralisations AurifèresAssociées au Cisaillement Francoeur-Wasa - Géologie du Gisement Francoeur.

Ministère Énergie et Ressources du Québec. 156 pages.Couture, J.-F., Pilote, P., 1993, Geology and Alteration Patterns of a Disseminated,

Shear Zone Hosted Mesothermal Gold Deposit: The Francoeur #3 Deposit,Rouyn-Noranda, Quebec.

Gao, S., 1994, Étude de la Géologie et des Inclusions Fluides des Gisements Francoeuret de Lac Fortune. Master Thesis presented at the Université du Québec àChicoutimi (UQAC). 98 pages.

Genivar, 2009: Les Mines Richmont Wasamac Project Pre-Feasibility Study, Preparedby Genivar Inc., for Richmont Mines Inc., February 9, 2012.

Guay, M., 2004, Report on Wasamac gold property, Beauchastel township, Quebec,SNRC 32D03. 14 pages.

Jolly, W., 1978, Metamorphic history of the Archean Abitibi Belt. In Metamorphism in theCanadian Shield. Edited by J. A. Fraser and W. W. Heywood, Geological Survey ofCanada. Paper 78-10, 367 pages.

Karpoff, B.S., 1986, Rapport d’évaluation, propriété Wasamac, canton de Beauchastel,NO québécois. Préparé par Coopers & Lybrand pour Ressources Minières RouynInc. 26 pages.

Richelieu Hydrogeologie Inc., 2012: Project D’Exploitation d’une Mine Souterraine EtudeHydrogeologique sur L’Impact du Project, Prepares by Richelieu HydrogeologieInc., Prepared for Richmont Mines Inc.



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28 DATE AND SIGNATURE PAGE

This report titled Technical Report on the Wasamac Project, Rouyn-Noranda, Quebec,

Canada and dated May 11, 2012 was prepared and signed by the following authors:

(Signed & Sealed) “ Jacques Gauthier ”

Dated at Quebec City, QCMay 11, 2012 Jacques Gauthier, ing.

Principal Mining Engineer, RPA

(Signed & Sealed) “ Yves Galarneau”

Dated at Quebec City, QC

May 11, 2012 Yves Galarneau, ing.Senior Mining Engineer, RPA

(Signed & Sealed) “ Marc Lavigne”

Dated at Quebec City, QCMay 11, 2012 Marc Lavigne, M.Sc., ing.

Senior Mining Engineer, RPA

(Signed & Sealed) “ Daniel Adam”

Dated at Rouyn-Noranda, QCMay 11, 2012 Daniel Adam, Ph.D., geo.

Exploration Director, Richmont Mines Inc.

(Signed & Sealed) “ Colin Hardie”

Dated at Montreal, QCMay 11, 2012 Colin Hardie, P.Eng.

Matallurgist, BBA Inc.

(Signed & Sealed) “ Stéphane Lance”

Dated at Rouyn-Noranda, QCMay 11, 2012 Stéphane Lance, ing.

Director – Mining Infrastructures, Abitibi-Temiscamingue, Northern Quebec, Genivar



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29 CERTIFICATE OF QUALIFIED PERSON

JACQUES GAUTHIER

I, Jacques Gauthier, MPM, ing., P.Eng., as an author of this report entitled “TechnicalReport on the Wasamac Project, Rouyn-Noranda, Quebec, Canada” prepared forRichmont Mines Inc. and dated May 11, 2012, do hereby certify that:

1. I am Principal Mining Engineer with Roscoe Postle Associates Inc. of Suite 302,1305 Boulevard Lebourgneuf, Québec, QC G2K 2E4.

2. I am a graduate of Université Laval, Québec, Quebec, in 1980 with a B.Sc. degree inMining Engineering and Université du Québec en Abitibi-Témiscamingue, Québec, in2002 with a Masters of Project Management – Professional Profile degree.

3. I am registered as a professional engineer in the Province of Ontario(Reg.#100110996) and an engineer in the Province of Quebec (Reg.#34899). I haveworked as a mining engineer for a total of 31 years since my graduation. My

relevant experience for the purpose of the Technical Report is: Review and report as a consultant on mining operations and projects for due

diligence and regulatory requirements Project management of technical and economic feasibility studies Mine planning and technical assistance Practical experience in mining industry as Chief Engineer and Project Manager

4. I have read the definition of "qualified person" set out in National Instrument 43-101(NI 43-101) and certify that by reason of my education, affiliation with a professionalassociation (as defined in NI 43-101) and past relevant work experience, I fulfill therequirements to be a "qualified person" for the purposes of NI 43-101.

5. I visited the Wasamac Project on November 15, 2011.

6. I am responsible for the over preparation of the Technical Report and for Sections 1,2, 3, 19, and 24, and contributed to Sections 16, 21, 25, and 26 of the TechnicalReport.

7. I am independent of the Issuer applying the test set out in Section 1.5 of NI 43-101.

8. I have had no prior involvement with the property that is the subject of the TechnicalReport.

9. I have read NI 43-101, and the Technical Report has been prepared in compliancewith NI 43-101 and Form 43-101F1.



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10. At the effective date of the Technical Report, to the best of my knowledge,information, and belief, the Technical Report contains all scientific and technicalinformation that is required to be disclosed to make the Technical Report notmisleading.

Dated this 11th day of May, 2012

(Signed & Sealed) “ Jacques Gauthier”

Jacques Gauthier, ing.



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YVES GALARNEAU

I, Yves Galarneau, ing., as an author of this report entitled “Technical Report on theWasamac Project, Rouyn-Noranda, Quebec, Canada” prepared for Richmont Mines Inc.and dated May 11, 2012, do hereby certify that:

1. I am Senior Mining Engineer with Roscoe Postle Associates Inc. of Suite 302, 1305

Boulevard Lebourgneuf, Quebec City, QC, G2K 2E4.

2. I am a graduate of Laval University of Québec City in 1981 with a B.A.Sc., MiningEngineering.

3. I am registered in Ordre des ingénieurs du Québec (Reg. # 35554). I have workedas a mining engineer for a total of 29 years since my graduation. My relevantexperience for the purpose of the Technical Report is: Feasibility study; Xstrata Zinc Canada, Bracemac-Mc Leod Project Feasibility study; Agnico Eagle Mine, Lapa Mine Project manager; Agnico Eagle-Lapa Mine Project engineer and Mine captain Agnico Eagle, Shaft /1,/2,/3 and Bousquet. Chief engineer and Assistant mine manager Richmont, Francoeur mine. Project engineer Falconbridge Limited, Callahan Project Mining engineer Barrick, Camflo Mine

4. I have read the definition of "qualified person" set out in National Instrument 43-101(NI 43-101) and certify that by reason of my education, affiliation with a professionalassociation (as defined in NI 43-101) and past relevant work experience, I fulfill therequirements to be a "qualified person" for the purposes of NI 43-101.

5. I visited the Wasamac Project on November 15, 2012.

6. I am responsible for Section 16 and collaborated with my co-authors on Sections 18,21, and 26 of the Technical Report.

7. I am independent of the Issuer applying the test set out in Section 1.5 of NI 43-101.



10. At the effective date of the Technical Report, to the best of my knowledge,information, and belief, the Technical Report contains all scientific and technicalinformation that is required to be disclosed to make the technical report notmisleading.


(Signed & Sealed) “ Yves Galarneau”

Yves Galarneau, ing.



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MARC LAVIGNE

I, Marc Lavigne, ing., M.Sc., as an author of this report entitled “Technical Report on theWasamac Project, Rouyn-Noranda, Quebec, Canada” prepared for Richmont Mines Inc.and dated May 11, 2012, do hereby certify that:

1. I am Senior Mining Engineer with Roscoe Postle Associates Inc. My office address isSuite 302, 1305 Boulevard Lebourgneuf, Québec, Québec, G2K 2E4.

2. I am a graduate of Université Laval, Québec, Québec, Canada, in 1987 with aB.A.Sc. in Mining Engineering, and in 1991 with a M.Sc. in Geostatistics.

3. I am registered as an Engineer in the Province of Québec, member of the Ordre desIngénieurs du Québec (Reg.# 99190). I have worked as a mining engineer for a totalof 22 years since my graduation. My relevant experience for the purpose of theTechnical Report is: Specialist in geostatistics - project engineer, Roche Ltd Consulting Group, 1989

to 1995;

Project Manager, Roche Ltd Consulting Group, 1995 to 2006; Senior Project Manager, Genivar Limited Partnership, 2006 to 2011; Senior Mining Engineer, RPA from 2011 to present.

4. I have read the definition of "qualified person" set out in National Instrument 43-101(NI43-101) and certify that by reason of my education, affiliation with a professionalassociation (as defined in NI43-101) and past relevant work experience, I fulfill therequirements to be a "qualified person" for the purposes of NI43-101.

5. I did not visit the Wasamac Project.

6. I am responsible for preparation of Sections 15 and 22 and contributed to Sections

16, 25 and 26 of the Technical Report.7. I am independent of the Issuer applying the test set out in Section 1.5 of NI 43-101.



10. At the effective date of the Technical Report, to the best of my knowledge,information, and belief, the Technical Report contains all scientific and technical

information that is required to be disclosed to make the Technical Report notmisleading.


(Signed & Sealed) “ Marc Lavigne”

Marc Lavigne, M.Sc., ing.




DANIEL ADAM

I, Daniel Adam, Ph.D., geo., as an author of this report entitled “Technical Report on theWasamac Project, Rouyn-Noranda, Quebec, Canada” prepared for Richmont Mines Inc.and dated May 11, 2012, do hereby certify that:

1. I am a Professional Geologist employed as Exploration Director by RichmontMines Inc., located at 161, Principale Avenue, Rouyn-Noranda, Quebec;

2. I received a Ph.D. in Geology from the University of Nancy I (Nancy, France) in1987;

3. I am a registered member of the Ordre des Géologues du Québec (OGQ licenceno 229);

4. I have worked as a geologist for a total of 24 years since my graduation. I haveworked mainly in exploration and in the mining industries for companies where Ihad increasing levels of responsibilities;

5. I have read the definition of “qualified person” set out in Regulation 43-101(“R 43-101”) and declare that by reason of my education, affiliation with aprofessional association (as defined in R 43-101) and past relevant workexperience, I fulfill the requirements to be a qualified person for the purposes ofR 43-101;

6. I was responsible for the preparation of Sections 4 through 12, 14, 20, and 23and contributed to Sections 25, and 26.

8. I visited the property several times.

7. I have no personal knowledge, as of the date of this certificate, of any material

fact or change, which is not reflected in this report;

8. I have been an employee of Richmont Mines since March 2008, first as SeniorGeologist, later as Exploration Manager and now as General Manager,Exploration and Sustainable Development;

9. I have prepared this section of the Preliminary Economic Assessment report incompliance with Regulation 43-101 and in conformity with generally acceptedCanadian mining industry practices. As of the date of the certificate, to the best ofmy knowledge, information and belief, the Technical Report contains all scientificand technical information that is required to be disclosed to make the TechnicalReport not misleading;




10. I consent to the filing of the Report with any stock exchange and other regulatoryauthority and any publication by them for regulatory purposes, includingelectronic publication in the public company files on their websites accessible bythe public.


(Signed & Sealed) “ Daniel Adam”

Daniel Adam, Ph.D., geo.




COLIN HARDIE

To accompany the technical report entitled: “Technical Report on the Wasamac Project,Rouyn-Noranda, Quebec, Canada” prepared for Richmont Mines Inc. dated May 11,2012.

I, Colin Hardie, P. Eng., as a co-author of this technical report, do hereby certify that:

1) I am currently employed as a Department Manager and Metallurgist in the consulting firm:BBA Inc.630 René-Lévesque Boulevard, WestSuite 2500Montreal, QuebecCanada H3B 1S6

2) I graduated from the University of Toronto in 1996 with a BASc in Geological and MineralEngineering. In 1999, I graduated from McGill University of Montreal with an M.Eng inMetallurgical Engineering and in 2008 obtained a Master of Business Administration (MBA)degree from the University of Montreal (HEC).

3) I am a member in good standing of the Professional Engineers of Ontario (Member Number:90512500) and of the Canadian Institute of Mining, Metallurgy, and Petroleum (MemberNumber: 140556). I have practiced my profession continuously since my graduation in 1996. Ihave been employed for over 15 years in mining operations (Xstrata Nickel – Raglan Mine),consulting engineering (Hatch, MetSol and BBA Inc) and applied metallurgical research(Noranda Inc);

4) I have not visited the site of the Wasamac gold project;

5) I have read the definition of “qualified person” set out in the National Instrument 43-101 andcertify that, by reason of my education, affiliation with a professional association, and pastrelevant work experience, I fulfill the requirements to be an independent qualified person forthe purposes of NI 43-101;

6) I, as a qualified person, I am independent of the issuer as defined in Section 1.4 of NationalInstrument 43-101;

7) I am responsible for or was involved in the preparation of Sections 13, and 17 and contributedto Section 21 (Processing Facility Capital and Operating Costs) of this technical report;

8) I have had no prior involvement with the properties that are the subject of the TechnicalReport;

9) I have read National Instrument 43-101 and confirm that the sections for which I amresponsible have been prepared in compliance therewith;

10) I have not received, nor do I expect to receive, any interest, directly or indirectly, in theWasamac Project or securities of Richmont Mines Inc.;

11) That, as of the date of this certificate, to the best of my knowledge, information and belief, thistechnical report contains all scientific and technical information that is required to be disclosedto make the technical report not misleading;

12) I consent to the filing of the technical report with any stock exchange and other regulatoryauthority and any publication for regulatory purposes, including electronic publication in thepublic company files on their websites accessible to the public of extracts from the technicalreport; and




13) I confirm that I have read the news release dated March 28, 2012 in which the findings of thetechnical report have been disclosed publically and have no reason to believe that there areany misrepresentations in the information derived from the report or that the press releasedated March 28, 2012 contains any misrepresentations of the information contained in thereport.

Montreal, QuebecMay 11, 2012

(Signed & Sealed) “ Colin Hardie”

Colin Hardie, P. Eng.BBA Inc.Department Manager – Mining and Metals




STÉPHANE LANCEI, Stéphane Lance, Engineer, Director – Mining Infrastructures, Abitibi-Témiscamingue,Northern Quebec, of GENIVAR inc. 1075, 3ième Avenue Val-d'Or, Quebec CANADAJ9P 6M1 as a co-author of this report entitled ““Technical Report on the WasamacProject, Rouyn-Noranda, Quebec, Canada” prepared for Richmont Mines Inc. and datedMay 11, 2012 do hereby certify that:

1. I am a consultant in engineering contracted by Les Mines Richmont.

2. I am a graduate of École de Technologie Supérieur, Université du Québec,(Montréal), Province of Quebec, Canada, in 1995 with a Baccalaureate inMechanical Technology.

3. I am a mechanical engineer who has worked on a continuous basis since 1995.

4. I am registered as an Engineer by the Ordre des Ingénieurs du Québec (LicenseNo. 116195). I am designated as a Mechanical Engineer.

5. I have worked as an engineer for a total of 17 years since my graduation. My

relevant experience for the purpose of this report is: Project engineer, Les Industries Béroma inc., from 1995 to 1999; Project Manager mechanical services, Léandre Gervais and Associates, from

1999 to 2003; Director of mechanical services and mining infrastructures department,

Léandre Gervais and Associates and GENIVAR inc., from 2004 to 2011; Director Mining Infrastructures with GENIVAR inc. from 2011 to present.

6. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI 43-101) and certify that by reason of my education, affiliation with aprofessional association (as defined in NI 43-101) and past relevant workexperience, I fulfill the requirements to be a "qualified person" for the purposes ofNI 43-101.

7. I am contributed to the preparation of the following items of this report: Sections18 and 21.

8. I am independent of Les Mines Richmont (the Issuer) applying the test set out inPart 1.4 of NI 43-101.

9. I have no prior involvement with the property that is the subject of this report.

10. I have read NI 43-101, and this report has been prepared in compliance with NI43-101 and Form 43-101F1.

11. To the best of my knowledge, information, and belief, this report contains allscientific and technical information that is required to be disclosed to make thetechnical report not misleading.



12. I consent to the filing of the technical data contained in this Technical Report withany stock exchange and other regulatory authority and any publication by themfor regulatory purposes, including electronic publication in the public companiesfiles on their websites accessible by the public, of the Technical Report.

Dated this 11th dayt of May, 2012

(Signed & Sealed) “ Stéphane Lance”

Stéphane Lance, ing.

rpa richmont wasamac ni 43-101technical report - final may 11, 2012

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