Louvem Mines Reports its 2009 Second Quarter Results

MONTREAL, QUEBEC, Jul 30 (MARKET WIRE) --
Louvem Mines Inc. (TSX VENTURE: LOV), announces its financial results for
the second quarter ended June 30, 2009. Financial results are based on
Canadian GAAP and dollar amounts are reported in Canadian currency,
unless otherwise noted.

Revenues were $2,557,757 for the second quarter of 2009, compared with
$4,001,274 during the same period in 2008. In all 2,351 ounces of gold
were sold at an average price of US$899 (CAN$1,084) per ounce in the
second quarter of 2009, compared with 4,351 ounces of gold sold at an
average price of US$860 (CAN$917) per ounce for the same period in 2008.
The decrease in revenue is mainly attributable to the decrease in number
of ounces sold, however this drop was offset by the higher average
selling price per ounce of gold.

Total expenses for the second quarter of 2009 were $2,968,452, compared
with $3,007,731 incurred in the same period in 2008. Total operating
costs for the second quarter of 2009 were $2,083,229, compared with
$2,022,665 for the same period in 2008. The cash cost per ounce of gold
sold increased from US$436 (CAN$465) for the second quarter of 2008 to
US$735 (CANS$886) for this quarter, mainly attributable to an important
decrease in the recovered grade at the Beaufor Mine.

Exploration spending in the second quarter 2009 was $511,495, compared
with $586,457 in the same period in 2008, reflecting sustained efforts in
exploration. Depreciation and depletion decreased from $178,400 in 2008
to $68,167 in 2009, reflecting a lower production rate and a lower
depreciation and depletion rate per ounce of gold sold that is calculated
based on the proven and probable reserves, which were broadly similar at
the Beaufor Mine at December 31, 2008 when compared with December 31,
2007.

The Company posted a net loss of $368,762, or $0.01 per share, for the
second quarter of 2009, compared with net earnings of $975,227, or $0.04
per share, for the same period in 2008. Cash used for operations were
$1,099,188 for the second quarter of 2009, whereas for the same period in
2008, $1,344,728 had been generated from operations.

During the quarter ended June 30, 2009, 22,806 tonnes of ore from the
Beaufor Mine were processed at an average recovered grade of 6.41 g/t,
and 4,701 ounces of gold were sold at an average price of US$899
(CAN$1,084) per ounce; Louvem's share was 2,351 ounces. In the same
quarter the prior year, 29,062 tonnes of ore were processed at an average
recovered grade of 9.31 g/t, and 8,702 ounces of gold were sold at an
average price of US$860 (CAN$917) per ounce; Louvem's share was 4,351
ounces. Cash costs per ounce sold rose from US$436 (CAN$465) in the
second quarter of 2008, to US$735 (CAN$886) in the second quarter of
2009. This cost increase is due to a lower production, the increase in
expenses for the definition drilling and a 31% drop in the recovered
grade compared with the same period in 2008. The lower grade can largely
be explained by the disappointing results from room-and-pillar stopes,
where very good grades are usually obtained.

SIX-MONTH REVIEW

For the six-month period ended June 30, 2009, revenues stood at
$5,951,413, down 24% relative to revenues of $7,841,588 for the same
period in 2008, reflecting the lower number of gold ounces sold. During
the first six months of 2009, 5,351 ounces of gold were sold at an
average price of US$917 (CAN$1,106) per ounce, compared with 8,352 ounces
of gold sold in the first half of 2008 at an average price of US$877
(CAN$935) per ounce.

Operating expenses for the six-month period ended June 30, 2009 were
$4,373,324, up $236,433 over operating costs of $4,136,891 during the
same period last year, primarily due to higher mining costs and increased
definition drilling at the Beaufor Mine.

Exploration costs were $790,345 during the first half of 2009, compared
with $747,228 during the same period in 2008, reflecting the Company's
sustained efforts to increase its reserve base.

For the six-month period ended June 30, 2009, the Company posted a net
loss of $31,918 or nil per share, compared with net earnings of
$1,881,653, or $0.07 per share, for the six-month period ended June 30,
2008.

During the first half of 2009, 52,269 tonnes of ore from the Beaufor Mine
were processed at an average recovered grade of 6.37 g/t, and 10,702
ounces of gold were sold at an average price of US$917 (CAN$1,106) per
ounce; Louvem's share was 5,351 ounces. For the six-month period ended
June 30, 2008, 59,759 tonnes of ore were processed at an average
recovered grade of 8.69 g/t, and 16,705 ounces of gold were sold at an
average price of US$877 (CAN$935) per ounce; Louvem's share was 8,352
ounces. Cash costs per ounce were US$677 (CAN$817) for the first six
months of 2009, compared with US$464 (CAN$495) per ounce for the same
period in 2008. The number of tonnes processed for the first six months
of 2009 is 13% lower than for the same period in 2008, but is within
forecasted levels. Cash costs per ounce in Canadian dollars increased by
65% compared with the corresponding period in 2008, due to a 27% drop in
the recovered grade and higher mining costs.

The definition drilling program is ongoing, with 8,781 metres drilled
compared with 4,550 metres drilled during the first six months of 2008.

Exploration

During the second quarter of 2009, a total of 10,560 metres were drilled
at the Beaufor Mine, including 7,712 metres targeting depth extensions
below the current mining infrastructure. Drilling results obtained since
the start of the year 2009 have not led to any significant increase in
inferred resources in the zones at depth compared with the resource
calculation as of December 31, 2008.

In order to increase the amount of inferred resources below existing
infrastructure, new targets will be drill-tested by the end of 2009. The
main targets are primarily located along the east and west extensions of
the Q Zone, the depth extension of the C Zone, and the area proximal to
the Perron Fault.

Outlook

Louvem Mines is maintaining its exploration efforts at the Beaufor Mine
and is working to lower its production costs. The Company has no
long-term debt and has access to 5.4 million dollars in working capital
as at June 30, 2009.

Martin Rivard

President and Chief Executive Officer

About Louvem Mines Inc.

The Company has a 50% interest in the Beaufor Mine and owns other
exploration properties located near Val-d'Or, in northwestern Quebec,
Canada.

More information on Louvem Mines can be found on its website at:
www.louvem.com.

KEY FINANCIAL DATA
--------------------------------------------------------------------------
Three-month period Six-month period
ended June 30 ended June 30
2009 2008 2009 2008
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Results ($)
Revenues 2,557,757 4,001,274 5,951,413 7,841,588
Net earnings (loss) (368,762) 975,227 (31,918) 1,881,653
Cash flow from (used in)
operations (1,099,188) 1,344,728 (776,230) 2,739,013

Results per share ($)
Net earnings (loss) basic (0.01) 0.04 - 0.07

Weighted average number
of common shares 25,929,689 25,929,689 25,929,689 25,929,689
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June 30, 2009 December 31, 2008
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Financial position ($)
Total assets 8,316,478 9,281,325
Working capital 5,363,552 5,468,777
Long term debt - -
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SALES AND PRODUCTION DATA
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Beaufor Mine - 50 % Three-month period ended June 30,
--------------------------------------------------------------------------
2009 2008
Gold sales (ounces) 2,351 4,351
Production of gold (ounces) 2,199 5,007

US$ CAN$ US$ CAN$
Cash cost (per ounce sold) 735 886 436 465
Average selling price (per
ounce of gold) 899 1,084 860 917
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Beaufor Mine - 50 % Six-month period ended June 30,
--------------------------------------------------------------------------
2009 2008
Gold sales (ounces) 5,351 8,352
Production of gold (ounces) 4,625 10,199

US$ CAN$ US$ CAN$
Cash cost (per ounce sold) 677 817 464 495
Average selling price (per
ounce of gold) 917 1,106 877 935
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Average exchange rate used for 2008: US$1 equals CAN$1.0660
2009 estimated exchange rate: US$1 equals CAN$1.2062

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

Contacts:
Louvem Mines Inc.
Martin Rivard
President and Chief Executive Officer
514-397-1448
514-397-8620 (FAX)
www.louvem.com

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