Richmont Mines' Exploration Drilling Continues to Intersect Significant Gold Mineralization at Island Gold Both Laterally and at Depth and Intersects 9.71 g/t Over 8.00 Metres at the Kremzar Mine Regional Target

Toronto (ots/PRNewswire) -

- Deep Drilling Intersects 18.03 g/t over 5.70 metres; Near-Mine
Lateral Drilling Intersects 33.32 g/t over 2.60 metres and 9.99 g/t
over 6.65 metres

Richmont Mines Inc. (TSX - NYSE MKT: RIC) ("Richmont" or the
"Corporation") is providing an update on the previously announced
Island Gold exploration drilling program (Figure 1
(http://files.newswire.ca/1459/Figure_1_Eng.pdf)), which continues to
demonstrate the significant potential of the cornerstone Island Gold
Mine.

The exploration drilling program commenced in September 2015 and
is now focused on three key priorities: 1) Testing the lateral
continuity of the known deposit to potentially extend mine life above
the 1,000 metre level; 2) following up on gold intersections down
plunge that support the potential for an extension of the deposit
between the 1,000 and 1,500 metre levels; and 3) testing
high-priority regional gold targets elsewhere across the prospective
Island Gold property.

"These positive results on the eastern extension along strike,
directly adjacent to the main deposit area, could be incorporated
into our near-term mine plan. We are also pleased to report
significant intersections further east, approximately one kilometer
from the main deposit that we will continue to explore" stated Renaud
Adams, President and CEO. He continued, "The deep directional
drilling program continues to confirm the higher-grade, wider
mineralized zones at depth below the 1,000 metre level. We are very
encouraged that all of the holes successfully intercepted the
mineralized structure and that the average grade and thickness
continue to be consistent at depth."

"We are very pleased with the positive drill intercepts from the
eastern lateral exploration as they continue to indicate that the
mine deposit remains open to the east" stated Daniel Adam,
Vice-President, Exploration. He continued, "The deep directional
drilling program continues to intersect the main structure with the
results to date confirming that the zone is still robust and open in
all directions. Our broader exploration initiative across the
property has given us some very interesting initial results below the
old Kremzar mine, which will support additional drilling in this
area. Our aggressive exploration initiatives are meeting with success
and we are excited by the potential to identify additional resources
along strike, at depth and elsewhere on the larger Island Gold Mine
property."

Highlights from the drilling program to date include:

Lateral Exploration (Figure 2