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The Canadian Press - ONLINE EDITION

Richmont Mines says president and CEO Paul Carmel 'relieved of duties'

MONTREAL - Richmont Mines Inc. (TSX:RIC) has announced the abrupt departure of president and CEO Paul Carmel.

No reason for the departure was given in a brief company statement Wednesday which said only that Carmel had been "relieved of his duties with the corporation effective immediately."

Board member Elaine Ellingham has been appointed to replace him on an interim basis while the gold miner searches for a new chief executive.

Ellingham has served on Richmont's board of directors for the past four years and is a mining executive and a professional geologist with over 25 years' experience in the mining industry. She has held senior positions at a number of mining companies as well as at the Toronto Stock Exchange.

Richmont Mines has produced over 1,400,000 ounces of gold from its operations in Quebec, Ontario and Newfoundland and Labrador since beginning production in 1991 and currently has producing mines in Ontario and Quebec.

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