Island Gold Mine Delivers Solid Production and Record Low Cash Costs of US$431 per ounce; On-Track to Meet or Exceed Annual Guidance
TORONTO, Ontario, Canada, July 13, 2017 - Richmont Mines Inc. (TSX - 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
• Company-wide production was 31,249 ounces of gold (35,040 ounces sold) for the quarter, primarily driven by another quarter of solid production from the Island Gold Mine of 26,110 ounces of gold (29,534 ounces sold). The mine is now well positioned to achieve, or exceed, the high-end of production guidance for the year of 87,000-93,000 ounces.
• Company-wide cash costs for the quarter were $725 (US$539) per ounce, positively impacted by record low cash costs from the Island Gold Mine of $580 (US$431) per ounce. The Island Gold Mine remains on-track to meet, or beat, the low end of annual cash cost guidance.
• The Island Gold Mine reported record underground mine productivity of 1,148 tonnes per day, exceeding the late-2018 target rate of 1,100 tonnes per day. The mill averaged a record 940 tonnes per day and is expected to achieve the target rate of 1,100 tonnes per day once the mill expansion is completed in the latter part of 2018.
• Revenues for the quarter were $59.3 (US$44.1) million.
• During the quarter, Richmont announced results from the Expansion Case Preliminary Economic Assessment (“PEA”) completed on the Island Gold Mine. The PEA confirmed the positive economics of a low cost 1,100 tonne per day underground mine and mill expansion and represents another positive step forward in unlocking the potential of the Island Gold Mine.
“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
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 H1 17
2017 Guidance Gold Produced (oz)
Island Gold Mine 26,589 18,617 14,031(2) 24,086 23,772 26,110 49,882 87,000-93,000
Beaufor Mine 4,615 4,703 4,825 5,419 5,629 5,139 10,768 23,000-27,000
Monique Mine 1,165(1) - - - - - - -
Total Produced (oz) 32,369 23,320 18,856 29,505 29,401 31,249 60,650
110,000-120,000
(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.

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