Richmont Mines Reports Another Record Quarter at Island Gold with a 147% Increase in Production and a 52% Reduction in Cash Costs

- Richmont Mines Inc. (TSX - NYSE MKT: RIC) ("Richmont" or the "Corporation"), reports that the Island Gold Mine delivered another record quarter of operational results that contributed to a strong consolidated first quarter production of 32,369 gold ounces and cash costs of $806 per ounce (US$587 per ounce). (All amounts are in Canadian dollars unless otherwise indicated). Highlights for theFirstQuarterinclude:  Production Highlights  2016 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Guidance Gold Produced (oz) Island Gold 62,000- Mine 8,974 10,764 14,997 15,076 14,203(1) 26,589 67,000 25,000- Beaufor Mine 6,633 7,963(2) 7,082 5,714 5,652 4,615 30,000 Monique Mine 7,324 7,132 4,235 2,688 2,525 1,165(3) - 87,000- Total Produced (oz) 22,931 25,859 26,314 23,478 22,380 32,369 97,000 (1) Fourth quarter production includes a 3 week underground mine shutdown. (2) Production includes 1,624 ounces from the milling of slag accumulated at the Camflo Mill. (3) Processing of the stockpile pad at the Monique Mine was completed at the end of January 2016. Cash Cost Highlights  2016 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Guidance(2) Cash Costs (C$)(1) Island Gold Mine $1,307 $1,414 $954 $890 $1,026 $674 $900-$960 Beaufor Mine $935 $905 $1,062 $974 $1,084 $1,398 $1,000-$1,060 Monique Mine $586 $521 $914 $1,005 $977 $1,185 - Total Cash Costs (C$)(1) $981 $979 $974 $926 $1,034 $806 $930-$1,000 Cash Costs (US$)(1) Island Gold Mine $1,151 $1,139 $776 $680 $768 $491 $660-$705 Beaufor Mine $823 $730 $864 $744 $812 $1,018 $735-$780 Monique Mine $516 $420 $743 $768 $731 $863 - Total Cash Costs (US$)(1) $864 $789 $792 $707 $774 $587 $680-$730 (1) Refer to the Non-GAAP measures that is contained in the Annual MD&A. (2) 2016 guidance assumes a foreign exchange rate of 1.364 Canadian dollars to the US dollar. Operational Highlights  Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Island Gold Mine Underground tpd 399 552 759 669 657(1) 853 Mill tpd 507 487 787 722 656(2) 834 Mill head grade (g/t) 6.28 7.87 6.73 7.27 7.62 11.31 Recoveries (%) 95.3 97.2 96.8 97.1 96.0 96.3 Beaufor Mine Underground tpd 327 367 360 338 306 323 Mill head grade (g/t) 6.96 8.44(3) 6.05 5.93 6.30 4.96 Recoveries (%) 98.1 98.6 98.6 98.6 98.4 98.7 (1) Fourth quarter underground productivity includes a 3 week mine shutdown. (2) Fourth quarter mill productivity includes a 2 week mill shutdown. (3) Production includes 1,624 ounces from the milling of slag accumulated at the Camflo Mill. "We are pleased to report another record quarter, which was driven by higher grades and improving productivity from the Island Gold Mine. As we continue to better understand this asset at depth, we are increasingly confident that there remains significant potential for expansion." stated Renaud Adams, President and CEO. "During the quarter, we remained diligent in our focus to strategically leverage our Canadian dollar exposure in order to cost effectively advance our capital allocation requirements. As a result, we preserved our cash position quarter-over-quarter, while fully funding our strategic capital investment requirements at Island Gold and reducing our short term accounts payable balance. We are currently reviewing the remaining 2016 mine plan, which includes development and stope mining in lower-grade zones and a 3 week mill shutdown in the second half of the year at Island Gold for a planned electrical upgrade, as previously disclosed in the February 11, 2016 press release." Island Gold Highlights  Beaufor Highlights  Monique Highlights  Corporate Highlights  Upcoming News  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. Richmont routinely posts news and other important information on its website (http://www.richmont-mines.com). 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. For more information, please contact: 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 Richmont Mines Inc. Ticker symbol: RIC Listings: TSX - NYSE MKT Web Site: http://www.richmont-mines.comVisit our Facebook page