Richmont Mines and LKA Agree to Extend Initial Commitment Period to Complete Current Golden Wonder Drilling Program

Richmont Mines Inc. a gold exploration, development and production company with operations in North America, and LKA International, Inc. have agreed to extend by sixty days the “Initial Commitment Period” described in the amended and restated “Letter Agreement” dated December 21, 2007, which grants Richmont an option to earn a 50% joint-venture interest in LKA’s Golden Wonder Project located near Lake City, Colorado. The Initial Commitment Period, originally set to expire on September 1, 2008, will now be extended until November 1, 2008.

The extension of Richmont’s Initial Commitment Period will allow for the completion and evaluation of drilling results from Drill Stations #4 and #5 which are located nearest the Golden Wonder’s previous production zone. Upon completion of the extended Initial Commitment Period, Richmont will have the option, but not the obligation, to proceed with the “Second Commitment Period” during which another US$3 million investment in the project will be required within the following eight months.

By extending the Initial Commitment Period, the parties have agreed that all subsequent funding segments/periods will be likewise extended. Richmont will be required to contribute a total of US$18 million over a 62 month period to earn a 50% interest in the Golden Wonder Project.