Louvem Mines Reports its Fourth Quarter and Year End Results for 2008

Louvem Mines Inc. (TSX VENTURE:LOV), announces today its financial results for
the fourth quarter and year ended December 31, 2008.


2008 Fourth Quarter Results

Revenues for the fourth quarter of 2008 were $4,004,653, a 184% increase
compared with $1,407,996 for the same period in 2007. This increase in revenues
is a result of more ounces of gold sold at a 26% higher selling price per ounce,
in Canadian dollars. In the fourth quarter of 2008, a total of 4,101 ounces of
gold were sold at an average price of US$908 (CAN$968), compared with 1,807
ounces of gold sold at an average price of US$717 (CAN$771) for the same period
in 2007.


Operating costs for the fourth quarter of 2008 were $2,462,086 compared with
$740,056 in the same period in 2007. The cash cost per ounce of gold sold was up
significantly to US$563 in the fourth quarter compared with US$381 for the
corresponding period last year. The increase is mainly attributable to the
increased definition drilling, higher labour costs and milling costs.


The Company posted a net profit of $422,611 for the fourth quarter of 2008
compared with $26,656 for the same period in 2007. The difference is due
primarily to:


- the change in the profit margin from mining operations, which totalled
$653,015 during the fourth quarter of 2007, compared with $1,506,656 during the
same period in 2008, owing to a substantial rise ounces of gold sold and the
higher selling price per ounce of gold that was achieved;


- the increase in exploration costs which were $329,422 for the fourth quarter
of 2008 compared with $199,394 for the same period in 2007;


- the recording of a $97,022 non-cash provision for future closure cost; and

- an higher charge for mining and income taxes in 2008.

Beaufor Mine Production Results

During the fourth quarter of 2008, 30,343 tonnes of ore from the Beaufor Mine
were processed at an average recovered grade of 8.41 g/t, and 8,201 ounces of
gold were sold at an average price of US$908 (CAN$968) per ounce, Louvem's share
was 4,101 ounces. In the same quarter the prior year, 13,921 tonnes of ore were
processed at an average recovered grade of 8.07 g/t, and 3,613 ounces of gold
were sold at an average price of US$717 per ounce, Louvem's share was 1,807
ounces.


Reserves and Resources Calculation

At the end of 2008, Proven and Probable Reserves at the Beaufor Mine were
estimated at 244,063 tonnes at a grade of 8.89 g/t for 69,792 ounces of gold
compared with 75,632 ounces at the end of 2007. Measured and Indicated Resources
were estimated at 148,000 ounces at the end of 2008 compared with 141,267 ounces
at the end of 2007. Significant exploration below the current mining
infrastructure resulted in a major increase in Inferred Resources which went
from 30,278 ounces at the end of 2007 to 154,927 ounces at the end of 2008. More
exploration is planned at the Beaufor Mine in 2009 to further evaluate the
potential of expanding the mine at depth.




Beaufor Mine (100%)
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                       December 31, 2007           December 31, 2008
                 Tonnes    Grade               Tonnes     Grade
Reserves        (metric) (g/t Au)  Ounces(1)  (metric)  (g/t Au) Ounces(1)
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Proven           96,678     7.17     22,287    90,822      7.56    22,085
Probable        147,385    10.03     47,505   164,879     10.10    53,547
Total Proven
 and Probable   244,063     8.89     69,792   255,701      9.20    75,632
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                     December 31, 2008             December 31, 2007
                 Tonnes    Grade               Tonnes     Grade
Resources(2)    (metric) (g/t Au)  Ounces(1)  (metric)  (g/t Au) Ounces(1)
-------------------------------------------------------------------------
Measured        101,767     5.46     17,861   101,160      5.73    18,639
Indicated       635,839     6.37    130,139   591,534      6.45   122,628
Total Measured
 and Indicated  737,606     6.24    148,000   692,694      6.34   141,267

Inferred        655,804     7.35    154,927   133,962      7.03    30,278
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(1) Louvem's share is 50%
(2) Resources presented in the above table are exclusive of reserves and do 
    not have demonstrated economic viability at this time.



2008 Review

Precious metals revenues rose by $5,785,508 in 2008 to reach $15,537,392
compared with $9,751,884 in 2007. The difference is attributable to the increase
in gold sales and to the higher average selling price per ounce that was
achieved. Specifically, 16,454 ounces of gold were sold at an average price of
US$886 (CAN$944), compared with 13,091 ounces of gold sold at an average price
of US$693 (CAN$745) in 2007.


Operating costs for the year 2008 were 8,437,809, a 35% increase compared with
$6,261,129 in the same period in 2007. The cash cost per ounce of gold sold was
up 8% to US$481 in 2008 compared with US$445 in 2007, mainly as a result of
increases in labour and milling costs. The Company posted a net profit of
$3,182,904 for the year ended December 31, 2008, compared with $555,879 in 2007.


In 2008, 115,674 tonnes of ore, at an average recovered grade of 8.85 g/t, were
processed, and 32,908 ounces of gold were sold at an average price of US$886 per
ounce, Louvem's share was 16,454 ounces. In the same period the prior year,
97,429 tonnes of ore, at an average recovered grade of 8.36 g/t, were processed,
and 26,182 ounces of gold were sold at an average price of US$693 per ounce,
Louvem's share was 13,091 ounces.


Outlook

Production at the Beaufor Mine in 2009 is expected at 25,000 to 30,000 ounces of
gold (Louvem's share 12,500 to 15,000 ounces). More than 45,000 metres of
drilling is planned for this year, mostly to evaluate the potential to expand
the mine at depth. The Company has no hedging contracts on gold and currency.
Louvem currently has cash and cash equivalents of $6,341,887 and no long term
debt.


Jean-Guy Rivard, President and Chief Executive Officer

About Louvem Mine Inc.

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


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

National Instrument 43-101 (NI 43-101)

The reserve and resource calculation of the Beaufor Mine as of December 31, 2008
was performed by Mr. Richard Dubuc, Geo, a qualified person as defined by NI
43-101 and was supervised by Mr. Daniel Adam, Geo., Ph.D., Exploration Director,
an employee of Richmont Mines Inc. The reserve calculations were prepared using
a gold price of US$785 (CAN$785) for 2008 and US$650 (CAN$650) for 2007.




KEY FINANCIAL DATA
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                           Three-month period               Fiscal year
                            ended December 31         ended December 31
CAN$                          2008       2007        2008          2007
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Results ($)
Revenues                 4,004,653  1,407,996  15,637,679     9,841,438
Net earnings               422,611     26,656   3,182,904       555,879
Cash flow from (used
 in) operations          1,256,863   (728,578)  5,532,065     1,881,910

Results per share ($)
Net earnings basic            0.02          -        0.12          0.02

Weighted average number
 of common
  Shares outstanding    25,929,689 25,929,689  25,929,689    25,929,689
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                            December 31, 2008         December 31, 2007
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Financial position ($)
Total assets                        9,281,325                 4,777,562
Working capital                     5,468,777                 1,817,690
Long term debt                              -                         -
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SALES AND PRODUCTION DATA
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Beaufor Mine - 50%                 Three-month period ended December 31
                                         2008                      2007
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Gold sales (ounces)                     4,101                     1,807
Production of gold (ounces)             3,814                     1,902
Cash cost (per ounce sold) (US$)          563                       381
Cash cost (per ounce sold) (CAN$)         600                       410
Average selling price
 (per ounce of gold) (US$)                908                       717
Average selling price
 (per ounce of gold) (CAN$)               968                       771
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Beaufor Mine - 50%                        Fiscal year ended December 31
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                                         2008                      2007
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Gold sales (ounces)                    16,454                    13,091
Production of gold (ounces)            17,177                    13,102
Cash cost (per ounce sold) (US$)          481                       445
Cash cost (per ounce sold) (CAN$)         513                       478
Average selling price
 (per ounce of gold) (US$)                886                       693
Average selling price
 (per ounce of gold) (CAN$)               944                       745
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            Average exchange rate used for 2008: US$1 equals CAN$1.0660
            Average exchange rate used for 2007: US$1 equals CAN$1.0748