Strategic Phase 2 Exploration Program Launched at Island Gold - High-Grade Resource Potential Identified Laterally and at Depth

Toronto (ots/PRNewswire) -

Deep Drilling Intersects 18.63 g/t over 6.60 metres and 9.11 g/t
over 4.12 metres;

Lateral Drilling Intersects 17.41 g/t gold over 2.27 metres and
21.0 g/t over 2.78 metres

Richmont Mines Inc. (TSX: RIC) (NYSE MKT: RIC) ("Richmont" or the
"Corporation"), is pleased to announce that based on the positive
results reported from the Phase 1 exploration drilling program, a
strategic Phase 2 exploration drilling program has been launched at
the Island Gold Mine. The Corporation is also providing a final
update on the Phase 1 drilling program (Figure 1 (http://files.newswi
re.ca/1459/Figure_1_-_IG_PHASE_1_Completed_Exploration_Program.pdf)),
which continues to demonstrate the potential of the cornerstone
Island Gold Mine. (All amounts are in Canadian dollars unless
otherwise indicated).

The Phase 1 exploration drilling program commenced in September
2015 and 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 that
support the potential for a down plunge 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.

The results from the Phase 1 drilling program have met our
objectives, which has supported the launch of an aggressive Phase 2
exploration program of up to 142,000 metres that will be completed
over the next 18 to 24 months. The primary objective of the Phase 2
program is to expand the existing resource inventory laterally along
strike, mainly to the east of the main deposit, with a goal of
extending mine life above the 1,000 metre level that could support
the potential expansion scenarios currently under review, as well as
to identify the next million-plus ounces of high-grade inferred
resource at depth, between the 1,000 and 1,500 metre levels.

"Drilling to date has identified the potential for high-grade
resource blocks in the eastern lateral extension that could add
incremental ounces to the near-term production plan, support
potential expansion opportunities and increase mine life. The success
of the deep directional drilling program increases our confidence in
the potential to add another million or more, high-grade ounces at
depth, which could support medium-to-longer term production growth
opportunities." stated Renaud Adams, CEO. He continued, "The Phase 2
program will continue to focus on expanding our global resource
inventory with a target of adding inferred ounces both laterally and
at depth by the end of the year, with an ultimate goal of unlocking
the multi-million ounce potential of the Island Gold Mine."

PHASE 1 EXPLORATION DRILLING PROGRAM UPDATE

Recent highlights from the Phase 1 exploration drilling program
include:

Lateral Exploration (Figure 2
(http://files.newswire.ca/1459/Figure_2_-_IG_PHASE_1.pdf))

Approximately 50,100 metres of the Phase 1 lateral exploration
program (east and west) have been completed, including 16,440 metres
from surface, 23,850 metres from the 450 and 620 metre levels, 2,612
metres from the 190 metre level and 7,170 metres from the 340 metre
level.

Recent highlights include (all results are reported with estimated
true width and high grade capped at 95 g/t gold):

- Hole 620-543-34: 17.41 g/t gold over 2.27 metres
- Hole 620-556-04: 21.00 g/t over 2.78 metres
- Hole GD-590-05: 10.55 g/t gold over 2.46 metres

The Phase 1 lateral exploration program has successfully
identified a potential resource block located approximately 300
metres east of the main deposit as well as a second contiguous
mineralized sector identified 800 metres east of the main deposit,
which demonstrates the potential to increase the resource inventory
to the east of the main deposit.

Phase 1 Deep Directional Drilling (Figure 3 (http://files.newswire
.ca/1459/Figure_3_-_IG_PHASE_1_Completed_Deep_Directional_Drilling.pd
f))

The Phase 1 deep directional drilling program was designed to test
the down plunge extension of the deposit between the 860 and 1,500
metre levels and to follow-up on a single deep hole from surface that
intersected 19.87 g/t over 3.93 metres at a depth of 1,200 metres.
High grade gold values over wide zones continue to be intersected,
confirming the interpreted high grade zone at depth. Approximately
21,700 metres of the Phase 1 directional drilling program have been
completed, including five pilot holes and 15 wedged holes. All of the
holes drilled to date have intersected the main mineralized
structure.

Recent highlights include (all results are reported with estimated
true width and high grade capped at 95 g/t gold):

- Hole MH1-6: 18.63 g/t gold over 6.60 metres
- Hole MH1-7: 9.11 g/t gold over 4.12 metres
- Hole MH3-6: 12.49 g/t gold over 2.19 metres
- Hole MH4-1: 6.36 g/t gold over 5.84 metres (parallel zone to the
main C Zone)

Phase 1 drilling has also identified a potential new high-grade
resource block located in the eastern down plunge extension between
the 900 and 1,250 metre levels, which shows similar geological
characteristics as the main C Zone structure. The weighted average
grade of the 20 holes located within the potential inferred resource
area (16 from deep directional drilling and 4 from previous drilling
programs) is 10.85 g/t gold (capped at 95 g/t gold) over an average
true thickness of 4.35 metres. This compares to the main million
ounce discovery that has an average resource grade of 10.73 g/t gold
(capped at 95 g/t gold) over a 4.5 metre true width.

Regional Surface Exploration (Figure 4 (http://files.newswire.ca/1
459/Figure_4_-_IG_PHASE_1_Completed_Regional_Exploration.pdf))

A 7,500 metre regional exploration program was initiated in 2015
to test the east and west regional extensions of the Island Gold
deposit along strike as well as for new deposits within the Goudreau
shear zone. The Phase 1 program included drilling in the former
Kremzar Mine area, which tested the extension of the previously mined
mineralized zone at depth, with 3 holes completed to date. Results to
date confirm the extension of the mineralized quartz veins at depth
in 2 of the holes (main zone and subsidiary zones). To date, a total
of approximately 4,000 metres of drilling have been completed with
the remaining 3,500 metres to be incorporated into the Phase 2
drilling program. Ongoing drilling will also focus on the previously
identified high-priority gold targets located elsewhere on the highly
prospective 77 km2 Island Gold property.

PHASE 2 EXPLORATION PROGRAM (Figure 5 (http://files.newswire.ca/14
59/Figure_5_-_IG_PHASE_2_Exploration_Program.pdf))

The Phase 2 exploration program will build on the success of the
Phase 1 program and will focus on three key priorities over the next
18 to 24 months: 1) continuing to test the lateral continuity of the
known deposit to the east of the main deposit to potentially add new
resource blocks with the overall objective of extending mine life
above the 1,000 metre level; 2) to identify the next million-plus
ounce, high grade inferred resource in the vertical extension of the
deposit between the 1,000 and 1,500 metre levels; and 3) continuing
to test high priority regional gold targets across the prospective
Island Gold property.

Approximately 39,000 metres ($7 million) of the approximately
142,000 metre Phase 2 drilling program is expected to be completed
over the balance of the year. (Refer to Table 2 for additional
details of the Phase 2 drilling program).

Eastern Lateral Drilling Program (Figure 5 (http://files.newswire.
ca/1459/Figure_5_-_IG_PHASE_2_Exploration_Program.pdf))

The Phase 2 eastern lateral drilling program will follow up on the
potential addition of new resource blocks located east of the main
deposit that were identified as part of the Phase 1 program, as well
as continue to test the main mineralized structure laterally along
strike above the 1,000 metre level.

Approximately 9,000 metres of an overall 42,000 metres of drilling
is expected to be completed over the balance of the year, including
approximately 3,000 metres of infill drilling (50 metre drill
spacing), to potentially define an inferred resource block between
the 500 and 750 metre levels located approximately 300 metres east of
the main deposit.

One conventional surface drill and one underground drill from the
340 metre level are currently drilling in the target area. Should
infill drilling confirm the potential for a new inferred resource,
the 620 metre exploration drift will be extended and infill drilling
would then be transitioned to underground drilling from the 620 metre
exploration drift.

Due to the favourable results from the Phase 1 drilling to the
east, including better access for drilling and proximity to the
existing mining infrastructure, drilling to test the potential
extension to the west of the known deposit will be deferred until
further analysis is complete.

Deep Drilling Program (Figure 5 (http://files.newswire.ca/1459/Fig
ure_5_-_IG_PHASE_2_Exploration_Program.pdf))

The objective of the Phase 2 deep directional program is to
continue to test the significant potential of the vertical extension
of the main deposit between the 1,000 and 1,500 metre levels with the
overall objective of adding the next million-plus ounces of
high-grade inferred resources.

Approximately 27,000 metres of an overall 80,000 metres of
drilling, including 5,000 metres of infill drilling (50 metre drill
spacing), is estimated to be completed over the balance of the year.
Four surface directional drills and two surface conventional drills
(infill drilling) are currently drilling in the target area. The
objective of the deep infill program is to define a potential
inferred resource block that was identified through the Phase 1
program, which is located in the eastern down plunge extension of the
C Zone between the 1,000 and 1,500 metre levels. The infill drilling
will transition to underground drilling once access to the 860 metre
drift has been established.

The complete 18 to 24 month deep drilling program will consist of
exploring the western and eastern down plunge corridors between the
1,000 and 1,500 metre programs, as well as infill drilling for the
potential conversion to inferred high-grade resources at depth that
could potentially support additional expansion opportunities and
extend mine life.

Regional Program

Approximately 3,000 metres of an overall 20,000 metre drilling
program are expected to be completed in 2016. The Phase 2 regional
drilling program will continue to evaluate the potential extension of
the mineralization below the Kremzar mine as well as the previously
identified high-priority gold targets located elsewhere on the highly
prospective 77 km2 Island Gold property.

About Richmont Mines Inc.

Richmont Mines has produced over 1.6 million ounces of gold from
its operations in Quebec, Ontario and Newfoundland since beginning
production. The Corporation currently produces gold from the Island
Gold Mine in Ontario, and the Beaufor Mine in Quebec. The Corporation
is also advancing development of the significant high-grade resource
extension at depth of the Island Gold Mine in Ontario. With 25 years
of experience in gold production, exploration and development, and
prudent financial management, the Corporation is well-positioned to
cost-effectively build its Canadian reserve base and to successfully
enter its next phase of growth.

Forward-Looking Statements

This news release contains forward-looking statements that include
risks and uncertainties. When used in this news release, the words
"estimate", "project", "anticipate", "expect", "intend", "believe",
"hope", "may" and similar expressions, as well as "will", "shall" and
other indications of future tense, are intended to identify
forward-looking statements. The forward-looking statements are based
on current expectations and apply only as of the date on which they
were made. Except as may be required by law, the Corporation
undertakes no obligation and disclaims any responsibility to publicly
update or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise.

The factors that could cause actual results to differ materially
from those indicated in such forward-looking statements include
changes in the prevailing price of gold, the Canadian-United States
exchange rate, grade of ore mined and unforeseen difficulties in
mining operations that could affect revenue and production costs.
Other factors such as uncertainties regarding government regulations
could also affect the results. Other risks may be set out in Richmont
Mines' Annual Information Form, Annual Reports and periodic reports.
The forward-looking information contained herein is made as of the
date of this news release.

Cautionary note to US investors concerning resource estimates

Information in this press release is intended to comply with the
requirements of the Toronto Stock Exchange and applicable Canadian
securities legislation, which differ in certain respects with the
rules and regulations promulgated under the United States Securities
Exchange Act of 1934, as amended ("Exchange Act"), as promulgated by
the SEC. The Reserve and Resource estimates in this press release
were prepared in accordance with Regulation 43-101 adopted by the
Canadian Securities Administrators. The requirements of Regulation
43-101 differ significantly from the requirements of the United
States Securities and Exchange Commission (the "SEC").

U.S. Investors are urged to consider the disclosure in our annual
report on Form 20-F, File No. 001-14598, as filed with the SEC under
the Exchange Act, which may be obtained from us (without cost) or
from the SEC's web site: http://sec.gov/edgar.shtml.

Regulation 43-101

The geological data in this news release has been reviewed by Mr.
Daniel Adam, Geo., Ph.D., Vice-President, Exploration, an employee of
Richmont Mines Inc., and a qualified person as defined by Regulation
43-101.

Table 1: Drill Results

LATERAL EXPLORATION

(East of Main Zone)

Vertical
True Uncut Cut
depth of
Length From To
Width Grade Grade Intersection
Hole Number
(metres) (metres) (metres) (metres) (g/t Au) (g/t Au) Zone
(metres)
620-543-32 141 123.27 126.00 2.66
0.86 0.86 E1E 575
620-543-34 231 201.79
204.56 2.27 17.41 17.41 E1E 715
620-543-35
285 236.39 239.83 2.44 2.51 2.51 E1E
767
620-543-36 250 221.58 228.00 4.86 4.01
4.01 E1E 731
620-543-39 180 156.36 158.86
2.32 3.04 3.04 E1E 622
620-556-02 234
214.34 219.88 4.68 0.48 0.48 E1E 697

620-556-03 180 141.53 151.66 9.78 0.32 0.32
E1E 607
620-556-04 285 267.97 271.82 2.78
21.00 21.00 E1E 753
GD-580-02 1,161 986.51
990.64 2.07 2.35 2.35 E1E 950
GD-590-04
1,050 829.38 835.21 3.34 0.12 0.12 E1E
781
GD-590-05 1,050 747.73 751.74 2.46 19.20
10.55 E1E 660
including 748.65 748.95
0.18 210.72 95.00

DEEP
DRILLING PROGRAM

Vertical

True Uncut Cut depth of

Length From To Width Grade Grade
Intersection
Hole Number (metres) (metres) (metres) (metres)
(g/t Au) (g/t Au) Zone (metres)
MH1-4 1,540
1,252.50 1,256.00 3.16 0.45 0.45 E1E 1,045

MH1-6 1,490 1,299.95 1,308.37 6.60 20.31 18.63
E1E 1,130
including 1,300.75 1,301.30 0.43
120.82 95.00
MH1-7 1,500 1,391.07 1,398.00 4.12
11.87 9.11 E1E 1,280
including
1,393.43 1,394.00 0.34 45.77 45.77

including 1,395.76 1,396.06 0.18 158.68 95.00
MH2A
1,422 1,262.85 1,265.60 2.06 3.35 3.35 X
1,091
MH2A-3 1,442 1,199.50 1,202.60 2.27 2.42
2.42 X 1,031
MH2A-3 1,442 1,276.00 1,278.74
2.01 4.31 4.31 E1E 1,091
MH3-6 1,505
1,362.84 1,367.66 2.19 12.49 12.49 E1E 1,257

MH4 1,400 1,276.00 1,282.60 4.91 1.17 1.17
X 1,061
MH4 1,400 1,289.40 1,293.40 2.75
4.29 4.29 C 1,070
MH4-1 1,400
1,106.61 1,114.65 5.84 6.36 6.36 X 932

including 1,108.84 1,109.33 0.36 68.47 68.47

MH4-1 1,400 1,292.10 1,295.21 2.27 1.53 1.53
C 1,068

Table 2: Phase 2 Exploration Drilling

Phase 2 Exploration Program Amount (C$)

Lateral Drilling Program
Surface Drilling (15,000m)
$1,650,000
Underground Drilling (27,000m)
$2,200,000
620m and 740m exploration drifts extension $3,750,000
Total Lateral Drilling $7,600,000

Deep
Drilling Program
Surface directional drilling (40,000m)
$8,400,000
860m exploration drift (500m) $3,200,000
Infill underground drilling (40,000m) $3,200,000
Total
Deep Drilling $14,800,000

Regional
Drilling Program
Surface drilling (20,000m)
$2,200,000

Total Phase 2 Exploration
$24,600,000

Renaud Adams, President and CEO, Phone: +1-416-368-0291 ext. 101;
Anne Day, Vice-President, Investor Relations, Phone: +1-416-368-0291
ext. 105

ots Originaltext: Richmont Mines
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