Richmont Mines and Mountain Lake Resources to Advance the Valentine Lake Gold Project in Central Newfoundland

MONTREAL and HALIFAX, NS, May 20 (MARKET WIRE) --
Mountain Lake Resources Inc. (TSX-V: MOA) ("Mountain Lake") and Richmont
Mines Inc. (TSX: RIC) (AMEX: RIC) ("Richmont") have finalized the
parameters of the joint venture agreement between the two companies, which will
govern the terms and conditions of future work programs on the Valentine Lake
Project.

In addition, plans for the 2008 field work program have been completed.
Mountain
Lake will be the field operators conducting the field work on behalf of the
joint venture. This work will consist of:

1. Establishing an access road to the property.

2. Commencing permit applications to enable the companies to expose the
surface expression of the mineralization by trenching at the main deposit
(Leprechaun Pond). This work will allow the joint venture to extract a
sufficient volume of rock in order to establish a higher degree of
confidence in the grade and distribution of the gold and allow for future
metallurgical studies. In addition, the exposure of the mineralization
willallow for a greater understanding of the gold mineralizing system which will
be
important in the planning of future detailed drill programs.

3. Field work consisting of geological mapping and geochemical surveys
willbe conducted on targets generated by the 2007 helicopter airborne surveys.
The
purpose of this work will be to identify areas of gold mineralization in close
proximity
to the existing Leprechaun Pond deposit.

A budget of $500,000 is planned for this initial phase of the program. The
second phase of the program will commence upon receipt of the necessary
governmental permits to allow for the trenching and sampling at the main
deposit.

Mountain Lake President Gary Woods stated, "Richmont has put six gold
deposits
in Eastern Canada into production since 1991 and we are very pleased with
their strong commitment to the Valentine Lake Project."

Martin Rivard, President of Richmont, said, "Formalizing the joint venture
agreement with Mountain Lake is another important step for the advancement of
the
Valentine Lake Project. We remain confident in Valentine Lake's potential and
look forward to working with our partners as we proceed with this project."

About Valentine Lake

As outlined in the National Instrument 43-101 compliant technical report
(Jan.
2005), the Valentine Lake property has inferred mineral resources of 1.3
million tonnes grading 10.50 grams per tonne (g/t) gold. Cutting assays to 58
g/t gold, the average grade is 8.51 g/t gold, for a total estimated mineral
resource of 359,000 ounces of gold in the Leprechaun Pond area.

About Richmont Mines Inc.

Richmont Mines is a gold exploration, development and mining company.
Sinceit started production in 1991, the Company has produced more than one
million
ounces of gold from its holdings in Quebec, Newfoundland and Ontario.
Richmont Mines' strategy is to cost effectively develop its mining assets,
exploit mineralized reserves on properties owned and acquired, or develop
partnerships to expand its reserve base.

More information on Richmont Mines can be found on its website at:
www.richmont-mines.com.

About Mountain Lake Resources Inc.

Mountain Lake Resources Inc. (TSX-V: MOA) is a diversified junior mining and
exploration company whose corporate strategy is to build shareholder value
through
the exploration and development of economically viable mineral properties.
Current projects include: a 100% interest in the Bobby's Pond Base Metal
Project; a 30% interest in the Valentine Lake Gold Project, and a 16.2% stake
in Etruscan Diamonds (Pty) Limited of South Africa, a producing diamond miner.
Mountain Lake also has an option to earn a 100% interest in the Falls Grid
gold exploration property in New Brunswick.

For more information visit: www.mountain-lake.com.

This news release was prepared by the companies' management teams, which
assume
full responsibility for its content. The TSX Venture Exchange does not accept
responsibility for the adequacy or the accuracy of this release.

Martin Rivard Gary Woods
President and CEO President and CEO
Richmont Mines Inc. Mountain Lake Resources Inc.

National Instrument 43-101

This news release has been reviewed by Mr Gary Woods, P.Geo. a qualified
person
designated by National Instrument 43-101.

Disclosure Regarding Forward-Looking Statements

This news release contains forward-looking statements that include risks and
uncertainties. The factors that could cause actual results to differ materially
from those indicated in such forward-looking statements include changes in the
prevailing price of gold, the Canadian-United States exchange rate, grade of ore
mined and unforeseen difficulties in mining operations that could affect
revenues and production costs. Other factors such as uncertainties regarding
government regulations could also affect the results. Other risks may be
detailed in Mountain Lake Resources' and Richmont Mines' Annual Information
Form, Annual Report and periodic reports.

Distributed by Filing Services Canada and retransmitted by Marketwire

For more information:

Richmont Mines Inc.
James Culligan
Investor Relations
Kei Advisors LLC
Phone: 716-843-3874
E-mail: Email Contact
Trading symbol: RIC
Listings: TSX - Amex

Web Site: www.richmont-mines.com

Mountain Lake Resources Inc.
Greg Lytle
Corporate Communications
Phone: 866-285-5817
E-mail: Email Contact
Trading symbol: MOA
Listing: TSX Venture Exchange

Web site: www.mountain-lake.com

Richmont Mines Inc.,
1 Place-Ville-Marie,
Suite 2130, Montreal, QC
H3B 2C6 Canada

Mountain Lake Resources Inc.,
Purdy's Wharf, Tower 1,
1700-1959 Upper Water St.,
Halifax, NS
B0P 1T0 Canada

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