Richmont Mines Reports Fourth Quarter and Annual Financial Results; Record Performance at the Island Gold Mine - Seite 2

an 84% increase over 2015.
- Operating cash flow[2] for the quarter was $12.6 million (US$9.5
million), or $0.20 per share (US$0.15 per share), an 86% increase
over Q4 2015. Operating cash flow for 2016 was $48.2 million
(US$36.4 million), or $0.79 per share (US$0.60 per share), a 14%
increase over 2015.
- Richmont ended the year with a strong cash balance of $75.1 million
(US$55.9 million) that is expected to fully support the
Corporation's organic growth strategy.

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(1) Non-IFRS performance measure. Refer to the Non-IFRS Performance
Measures section contained in the 2016 Management's Discussion and
Analysis.

(2) Operating cash flow presented is after changes in non-cash
working capital.

Recent Corporate Highlights

- On February 2, 2017, Richmont announced a projected increase of up
to 15% in 2017 company-wide production guidance to between 110,000
and 120,000 gold ounces, including high-quality production growth
from the Island Gold Mine to between 87,000 and 93,000 gold ounces.
The increase in production is expected to drive a decrease of up to
8% in cash costs both company-wide and at the Island Gold Mine.
- On January 31, 2017, Richmont announced Mineral Reserves and
Resources as of December 31, 2016. Mineral Reserves at the
cornerstone Island Gold Mine increased by 34% (net of depletion) to
752,200 ounces of gold, at an increased grade of 9.17 g/t gold.
Inferred resources increased by 30% (net of conversion) to 995,700
gold ounces, at an increased grade of 10.18 g/t, at an average
discovery cost of less than $35 per ounce.
- On January 25, 2017, Richmont announced the appointment of Mr. Rob
Chausse as Chief Financial Officer effective March 20, 2017.
- On December 19, 2016, Richmont announced the receipt of the
required permit amendments that allow for ore mining and processing
rate increases to an average of 1,100 tonnes per day as
contemplated in the Expansion Case Preliminary Economic Assessment
("Expansion Case PEA") that is currently under review.

"We have reported a number of key milestones for 2016, including
record company-wide production. The strong performance was driven by
another consecutive year of solid results from the Island Gold Mine,
which exceeded all annual production and cost guidance metrics,"
stated Renaud Adams, CEO. He continued, "2016 was a pivotal year for
Island Gold. During the year we completed a strategic underground
mine and mill upgrade, advanced the accelerated underground
development program and received the amended permits to increase mine
and mill throughput rates to 1,100 tonnes per day. In 2017 we will