Richmont Mines Provides Exploration and Delineation Drilling Update for the Island Gold Mine; New High Grade Mineralization Identified

20.6 g/t of Gold Over 11.3 Metres (Core Length) in the Eastern Lateral Extension

Toronto (ots/PRNewswire) -

Richmont Mines Inc. (TSX: RIC) (NYSE: RIC) ("Richmont" or the
"Corporation"), is pleased to provide an update from its strategic
exploration and delineation drilling program currently underway at
the cornerstone Island Gold Mine. Recent exploration drilling has
identified new high-grade mineralization located approximately 800
metres east of the main Island Gold deposit with hole GD-640-05
intersecting 20.6 g/t gold over 11.3 metres (core length). All
results are reported with estimated true width, unless otherwise
indicated, and high-grade assays are capped at 225 g/t gold for the
Lower C zone and 70 g/t for the E1E zone, the main mineralized zone
east of the second dyke.

"Results from the strategic drilling program at the Island Gold
Mine continue to demonstrate the significant near-term potential of
this high quality deposit. In the eastern lateral extension, drilling
has identified a new mineralized zone in the down plunge extension of
a high-grade trend that was identified in 2016. This new area is
located only 500 metres east and below the new resource blocks, which
indicates that the structure could continue at depth." stated Renaud
Adams, CEO. He continued, "The early results from our delineation
drilling in the Expansion Case PEA area indicate the significant
potential to further expand our reserves at higher than current
average grades. In 2017 we will continue to advance our systematic
drilling program with an overall focus on positively impacting our
near-term mine life and identifying the next million ounces of
resources outside the Expansion Case PEA area."

2017 DRILLING PROGRAM - ISLAND GOLD MINE (Figure 1
(http://files.newswire.ca/1459/FIG_1_-_March29-2017.pdf))

The 2016 delineation drilling program contributed to a 34%
increase in reserves at an 11% higher grade, while the exploration
program delivered more than 450,000 ounces of new inferred resources
at a cost of less than $35 per ounce discovered. As of December 31,
2016, the Island Gold Mine increased its reserve base to 752,200
ounces of gold at a higher grade of 9.17 g/t, while inferred
resources increased to 995,700 ounces of gold at a higher grade of
10.18 g/t.

The 2017 drilling program currently underway continues to build on
positive results achieved in 2016 and is focused on three key
priorities: 1) to expand near-mine resources outside the Expansion
Case PEA area, both laterally and at depth; 2) to further expand the
reserve base, primarily within the Expansion Case PEA area; and 3)
continuing to test high priority regional gold targets across the
prospective Island Gold Mine property.

Eastern Lateral Exploration and Infill Drilling Program (Figure 2