Richmont Announces 2016 Operational Outlook - Seite 2

discretionary capital with allocation of these funds contingent upon
the prevailing gold price sustainably exceeding $1,500 per ounce
(US$1,100 per ounce) in 2016.

Capital and Exploration Investment
2016
Consolidated
($M) Island Gold Quebec Division
Estimates Sustaining Capital (CAD$) $17.3
$6.8 $24.1 Sustaining Capital (US$) $12.7
$5.0 $17.7 Project Capital (CAD$)(3)
$43.4 $ - $43.4 Project Capital (US$)(3)
$31.8 $ - $31.8 Company-wide Exploration
(CAD$) $7.3(1) $1.1(2) $8.4 Company-wide
Exploration (US$) $5.4 $0.8 $6.2 (1)
Exploration costs required to complete the drilling programs
announced in September 2015. (2) All delineation and exploration
drilling for the Beaufor Mine is included in sustaining
capital and $1.1 million is related to the Quebec division
outside the Beaufor property. (3) Project Capital for Island
Gold includes accelerated underground development of $25.0
million (US$18.3 million) related to the PEA and $6.0 million
(US$4.4 million) related to discretionary development outside
the scope of the PEA.

"The strategy in 2015 was to best position our asset base for
success with a key focus on developing our cornerstone Island Gold
Mine. With a 7-year mine life based on reserves, the accelerated mine
development program completed in 2015 has pre-developed more than
three years of production life. In addition, we have expanded our
tailings facility to accommodate production until 2023, and increased
the capacity of the mill facility to 900 tonnes per day. As a result
of our 2015 project investments, we have the flexibility to manage
project capital to ensure we always maintain access to adequate
liquidity to fully fund our growth strategy. Supported by the results
from the recent PEA completed in October, we will remain focused on
unlocking the significant potential of the Island Gold Mine through
initiatives that will position this core asset for production growth
and significant free cash flow generation beginning in 2017,"
commented Renaud Adams, President and Chief Executive Officer. He
continued, "We begin 2016 with a strengthened management team that
brings a renewed commitment to delivering results that positions
Richmont for long-term success."

Island Gold Mine - 2016 Estimates

The Island Gold Mine is expected to deliver another year of
significant production growth that exceeds the record production
achieved in 2015. In 2016, production is expected to increase by up
to 22% over the prior year with cash costs and AISC expected to
decline over prior year guidance estimates. During 2016, the
Corporation will remain focused on an aggressive, but disciplined,