– Island Gold Mine Delivers Solid Production and Records Low Cash Costs of US$431 per ounce; On-Track to Meet or Exceed Annual Guidance

Richmont Mines Inc. (TSX: RIC) (NYSE: RIC) (“Richmont” or the “Corporation”), reports strong second quarter results with company-wide production of 31,249 ounces of gold, at cash costs¹ of $725(US$539) per ounce. The strong operational performance was driven by solid production from the Island Gold Mine of 26,110 ounces of gold, at record low cash costs of $580(US$431) per ounce. (All amounts are in Canadian dollars unless otherwise indicated.)

SECOND QUARTER HIGHLIGHTS

“The Island Gold Mine has delivered another solid operational quarter that positions the operation to potentially exceed annual production guidance at record low cash costs. As demonstrated in the recently released PEA, we continue to successfully transform the mine into one of the lowest cost underground gold producers in the Americas as we execute on our disciplined, multi-phased growth strategy,” commented Renaud Adams, President and CEO. He continued, “During the balance of the year our focus at the Island Gold Mine will remain on enhancing operational and cost efficiencies, executing on our expansion plan and advancing our strategic delineation and exploration drilling programs. All of these initiatives are supported by our strong balance sheet and our disciplined approach to capital allocation.”

¹ Refer to the Non-IFRS Performance Measures disclosure presented at the end of this press release.

Second quarter operational highlights for the Island Gold and Beaufor mines are provided in the tables below:

Production Highlights

2017 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 H1 17 Guidance Gold Produced (oz) Island Gold 14,031( 87,000-9 Mine 26,589 18,617 2) 24,086 23,772 26,110 49,882 3,000 Beaufor 23,000-2 Mine 4,615 4,703 4,825 5,419 5,629 5,139 10,768 7,000 Monique 1,165(1 Mine ) – – – – – – – Total Produced 110,000- (oz) 32,369 23,320 18,856 29,505 29,401 31,249 60,650 120,000 (1) Processing of the remaining stockpile pad at the depleted Monique Mine was completed at the end of January 2016. (2) Q3 2016 production includes a 16-day underground mine shutdown and a 25-day mill shutdown.

Cash Cost Highlights

2017 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 H1 17 Guidance Cash Costs ($)(1) Island Gold Mine $667 $757 $947 $826 $668 $580 $618 $715-$765 Beaufor $1,265-$1,32 Mine $1,396 $1,484 $1,408 $1,480 $1,265 $1,502 $1,380 0 Monique Mine $1,182 – – – – – – – Total Cash Costs ($)(1) $800 $895 $1,054 $952 $791 $725 $754 $835-$885 Cash Costs (US$)(1) Island Gold Mine $486 $588 $726 $619 $504 $431 $463 $550-$590(2) Beaufor $975-$1,015( Mine $1,017 $1,152 $1,080 $1,110 $956 $1,117 $1,034 2) Monique Mine $861 – – – – – – – Total Cash Costs (US$)(1) $583 $695 $808 $714 $598 $539 $565 $640-$680(2) (1) Refer to the Non-IFRS Performance Measures disclosure presented at the end of this press release. (2) Assuming an exchange rate of 1.30 Canadian dollars to 1.0 US dollar.

Operational Highlights

Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Island Gold Mine Underground tpd 853 911 735(1) 977 1,019 1,148 Mill tpd 834 878 640(1) 903 926 940 Mill head grade (g/t) 11.31 7.51 7.70 9.31 9.18 9.73 Beaufor Mine Underground tpd 323 286 282 302 354 339 Mill head grade (g/t) 4.96 5.27 5.62 6.16 6.00 5.21 (1) Q3 2016 productivity includes a 16-day underground mine shutdown and a 25-day mill shutdown.

Island Gold Mine Highlights

Beaufor Mine Highlights

Upcoming News

Non-International Financial Reporting Standards (“IFRS”) Performance Measures In this press release, the term “cash costs per ounce” is used, which is a non-IFRS performance measure, and may not be comparable to similar measures presented by other companies. The Corporation believes that, in addition to conventional measures prepared in accordance with IFRS, the Corporation and certain investors use this information to evaluate the Corporation’s performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. “Cash costs per ounce” is a common performance measure in the gold mining industry, but does not have any standardized definition. The Corporation reports cash cost per ounce based on ounces sold. Cash costs include mine site operating costs, administration, royalties and by-product credits but are exclusive of depreciation, accretion expense, interest on capital leases, capital expenditures and exploration and project evaluation costs. Refer to the Corporation’s 2017 and 2016 MD&A for a reconciliation of cash costs to cost of sales.

About Richmont Mines Inc. Richmont Mines 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 35 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”, “objective” 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 or regulation, 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’s 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 United States Securities and Exchange Commission (the “SEC”). The requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) adopted by the Canadian Securities Administrators differ significantly from the requirements of the SEC.

U.S. Investors are urged to consider the disclosure in our annual report on Form 40-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.

National Instrument 43-101 The scientific or technical information in this news release has been reviewed by Mr. Daniel Adam, Geo., Ph.D., Vice-President, Exploration, an employee of Richmont, and a qualified person as defined by NI 43-101.

ContactRenaud Adams President and CEO Phone: +1-416-368-0291 ext. 101

Anne Day Senior Vice-President, Investor Relations Phone: +1-416-368-0291 ext. 105

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