Mr. Renaud Adams reports

RICHMONT ANNOUNCES 2016 OPERATIONAL OUTLOOK

Richmont Mines Inc. is releasing 2016 estimates that include a potential increase in production of up to 22 per cent from the cornerstone Island Gold mine that is expected to drive a decrease in all-in sustaining costs.

2016 consolidated operational estimates

In 2016, company-wide production includes another year of production growth from the cornerstone Island Gold mine and another solid year of consistent production from the Beaufor mine. Consolidated annual production is expected to be consistent with 2015 as increased production from Island Gold is expected to fully offset the production decrease related to the 2015 closure of the Monique mine. Company-wide cash costs and AISC are expected to be largely in line with the prior year's guidance estimates.

Material assumptions include an average gold price of $1,500 per ounce ($1,100 (U.S.) per ounce) and a foreign exchange rate of $1.394 to the United States dollar. Note that 2015 cash cost and AISC results are expected to be released on Feb. 22, 2016.

  
                                                                           2016
                                                                   consolidated
Operational estimates               Island Gold         Beaufor       estimates

Gold ounces produced              62,000-67,000   25,000-30,000   87,000-97,000
Cash costs per ounce
(1)                                   $900-$960   $1,000-$1,060     $930-$1,000
Sustaining capital per ounce          $260-$290       $230-$270       $250-$280
Corporate G&A per ounce                       -               -        $95-$110
All-in sustaining costs per
ounce (1)                         $1,160-$1,250   $1,230-$1,330   $1,275-$1,390
Cash costs per ounce
(U.S. $) (1)                          $660-$705       $735-$780       $680-$730
Sustaining capital per ounce
(U.S. $)                              $190-$215       $170-$195       $185-$205
Corporate G&A per ounce
(U.S. $)                                      -               -         $70-$80
All-in sustaining costs per
ounce (U.S. $) (1)                    $850-$920       $905-$975     $935-$1,015

(1) Cash costs and AISC are non-GAAP (generally accepted accounting principles) 
measures. 
Refer to the non-GAAP performance measures section in the third-quarter 
management's discussion and analysis.

2016 capital investment and exploration estimates

The corporation will remain focused on a disciplined and prudent capital allocation strategy to ensure expenditures are fully financed internally with sustaining capital investment requirements expected to reduce compared with the prior year. Project capital investment for the year is focused on the continued development of the Island Gold mine, as detailed in the recent preliminary economic assessment released in October, 2015. Total capital investment estimates for the year include a potential $10-million ($7.3-million (U.S.)) in discretionary capital, with allocation of these funds contingent upon the prevailing gold price sustainably exceeding $1,500 per ounce ($1,100 (U.S.) per ounce) in 2016.

                CAPITAL AND EXPLORATION INVESTMENT 2016
                       (in millions of dollars)
 
                                   Island      Quebec    Consolidated
                                     Gold    division       estimates

Sustaining capital                  $17.3        $6.8           $24.1
Sustaining capital (U.S. $)         $12.7        $5.0           $17.7
Project capital (3)                 $43.4         $ -           $43.4
Project capital (U.S. $) (3)        $31.8         $ -           $31.8
Company-wide exploration         $7.3 (1)    $1.1 (2)            $8.4
Company-wide exploration 
(U.S. $)                             $5.4        $0.8            $6.2

(1) Exploration costs required to complete the drilling programs 
announced in September, 2015.  
(2) All delineation and exploration drilling for the Beaufor mine is 
included in sustaining capital, and $1.1-million is related to the 
Quebec division outside the Beaufor property.  
(3) Project capital for Island Gold includes accelerated underground 
development of $25.0-million ($18.3-million (U.S.)) related to the 
preliminary economic assessment and $6.0-million ($4.4-million 
(U.S.)) related to discretionary development outside the scope of the 
PEA.

"The strategy in 2015 was to best position our asset base for success with a key focus on developing our cornerstone Island Gold mine. With a seven-year mine life based on reserves, the accelerated mine development program completed in 2015 has predeveloped more than three years of production life. In addition, we have expanded our tailings facility to accommodate production until 2023 and increased the capacity of the mill facility to 900 tonnes per day. As a result of our 2015 project investments, we have the flexibility to manage project capital to ensure we always maintain access to adequate liquidity to fully fund our growth strategy. Supported by the results from the recent PEA completed in October, we will remain focused on unlocking the significant potential of the Island Gold mine through initiatives that will position this core asset for production growth and significant free cash flow generation beginning in 2017," commented Renaud Adams, president and chief executive officer. He continued, "We begin 2016 with a strengthened management team that brings a renewed commitment to delivering results that position Richmont for long-term success."

Island Gold mine -- 2016 estimates

The Island Gold mine is expected to deliver another year of significant production growth that exceeds the record production achieved in 2015. In 2016, production is expected to increase by up to 22 per cent over the prior year with cash costs and AISC expected to decline over prior-year guidance estimates. During 2016, the corporation will remain focused on an aggressive, but disciplined, development strategy at the Island Gold mine, which will position the operation for significant production growth and increasing free cash flow streams beginning in 2017, as detailed in the recent PEA.

           ISLAND GOLD OPERATIONAL ESTIMATES
                      
Gold ounces produced                     62,000-67,000         
                                    CAD $       U.S. $      
Cash costs per ounce            $900-$960    $660-$705
Sustaining capex per ounce      $270-$290    $195-$215
AISC per ounce              $1,170-$1,250    $855-$920
  

Annual production at Island Gold is expected to increase over the prior year, driven by increased underground productivity that is expected to average approximately 800 tonnes per day in 2016.

Increased production and enhanced operational efficiencies are expected to underpin a decrease in cash costs and AISC over the prior year's guidance estimates.

During 2016, the operation will target a planned mining ratio of approximately 60 per cent of tonnes from stoping ore and 40 per cent from development ore. As a result, in 2016, unit mining costs will remain at elevated levels of approximately $135 per tonne (approximately $210 per tonne of total operating costs) but are expected to decline significantly beginning in 2017 as the stoping against development ore ratio is expected to substantially increase. In 2016, stoping ore is expected to be mined from new resources, primarily in the second (60 per cent) and third (20 per cent) mining horizons, with the remaining tonnes (20 per cent) mined from the Lochalsh West and Goudreau areas located in the upper area of the mine, which are not included in the PEA deposit area. Ore development will be primarily from the second and third horizons of the new resources between the 675- and 825-metre levels.

Following a mill upgrade completed in October, 2015, capacity of the mill facility has been increased to 900 tonnes per day. In July, 2016, an additional three-week electrical mill upgrade is scheduled, during which time the underground mine will continue to operate and ore will be stockpiled for future processing. As a result, the mill facility is expected to average 800 tonnes per day during the first half of the year, in line with underground productivity. Following the completion of the mill upgrade, mill productivity is expected to increase to accommodate processing of stockpiled ore by utilizing the excess mill capacity. Recoveries are expected to average 96.5 per cent during 2016.

            ISLAND GOLD CAPITAL INVESTMENT ESTIMATES
  
Sustaining capital investment ($M)            CAD $      U.S. $ 
 
Capital projects/fixed assets                 $13.1        $9.6 
Sustaining underground mine development        $2.8        $2.1 
Delineation drilling                           $1.4        $1.0 
Sustaining capital investment                 $17.3       $12.7

Project capital ($M) (1)                          CAD $        U.S. $

Accelerated underground mine development          $31.0         $22.8
Infrastructure and equipment                       $9.8          $7.1
Delineation drilling (PEA)                         $2.6          $1.9
Total project capital                             $43.4         $31.8

(1) Accelerated underground mine development under 
project capital includes $25.0-million ($18.3-million (U.S.)) in 
development related to the PEA and $6.0-million ($4.4-million (U.S.)) 
related to discretionary development outside the scope of the PEA.

Project capital in 2016 will continue to focus on unlocking the potential of the Island Gold mine and is primarily allocated to accelerated mine development, as well as related infrastructure upgrades and equipment purchases, as described in the PEA.

Approximately 2,500 metres of ore development and 5,300 metres of waste development are expected to be completed during the year, including 1,000 metres of discretionary development related to new resources outside the PEA deposit area. It is expected that by the end of 2016, the main ramp will reach a vertical depth of 860 metres and the east ramp will reach a vertical depth of 655 metres. Given the significant near-mine exploration potential identified directly to the east and west of the main deposit area considered in the PEA, the corporation will review the optimal location of the dual ramp system as described in the PEA in order to accommodate any additional resources located outside the scope of the PEA.

The project capital program for 2016 includes discretionary capital investment of approximately $10-million ($7.3-million (U.S.)), with allocation of these funds contingent upon the prevailing gold price sustainably exceeding $1,500 per ounce ($1,100 (U.S.) per ounce). The discretionary $10-million ($7.3-million (U.S.)) includes 1,000 metres of development outside the PEA of $6-million ($4.4-million (U.S.)) and $4-million ($2.9-million (U.S.))) in infrastructure and equipment.

Delineation drilling in 2016 will target the conversion of the remaining resources located within the scope of the PEA deposit area.

 
               2016 ISLAND GOLD EXPLORATION ESTIMATES
    
Exploration ($M)                                     CAD $   U.S. $
 
Near-mine lateral drilling (12,000 metres)            $1.1     $0.8
Deep directional drilling (17,000 metres)             $3.4     $2.5
Eastern and western lateral extensions (8,500 metres) $0.9     $0.6
Regional surface drilling (7,500 metres)              $0.8     $0.6
740-metre-level exploration drift (182 metres)        $1.1     $0.9
Total exploration                                     $7.3     $5.4

During 2016, the corporation will complete the drilling programs that were announced in September, 2015. All drilling efforts related to this program are expected to be completed at the end of April, 2016, at which time the corporation will review all drilling results and, based on that review, will subsequently provide an update on any additional drilling programs that may be planned for the second half of 2016.

Quebec division -- 2016 estimates

The Quebec division is composed of the Beaufor mine and Camflo mill, which processes ore from the Beaufor mine. In 2016, the Beaufor mine is expected to deliver another year of consistent production, in line with the prior year, to deliver a free cash flow stream. Development of the Q zone has been advanced with a target of reaching the mineralized structure in the first quarter of 2016.

               BEAUFOR MINE 2016 OPERATIONAL ESTIMATES
                                                   
Production per ounce                                   25,000-30,000         
                                                  CAD $       U.S. $      
Cash costs per ounce                      $1,000-$1,060    $735-$780
Sustaining capex and exploration 
per ounce                                     $230-$270    $170-$195
AISC per ounce                            $1,230-$1,330    $905-$975

Annual production at the Beaufor mine is expected to be consistent with prior-year production, with cash costs and AISC also expected to be in line with prior-year guidance estimates. The underground mine is expected to average approximately 360 tonnes per day (approximately 134,000 tonnes), with approximately 75 per cent of the ore feed from stoping ore and 25 per cent from development ore. It is expected that about 50 per cent of the ore will be sourced from the Q zone. Unit costs for 2016 are expected to average $205 per tonne, including milling at the Camflo mill.

                 QUEBEC DIVISION CAPITAL INVESTMENT ESTIMATES
    
Capital investment and exploration ($M)                         CAD $  U.S. $ 

Project capital (Camflo)                                         $1.1    $0.8
Underground mine development and infrastructure                  $4.0    $2.9
Delineation and exploration drilling Beaufor mine 
(24,500 metres)                                                  $1.7    $1.3
Sustaining capital investment                                    $6.8    $5.0
Non-sustaining exploration (excluding Beaufor)                   $1.1    $0.8
 

Sustaining capital investment requirements are expected to be in line with 2015 and include approximately 625 metres of ramp development and 100 metres of vertical development. During the year, the 24,500-metre drilling program will focus drilling on the Q zone extension and in the upper mine that will target new resources and potential mine life extension at the Beaufor mine.

Regulation 43-101

The geological data in this news release have been reviewed by Dr. Daniel Adam, Geo, PhD, vice-president, exploration, an employee of Richmont Mines and a qualified person as defined by regulation 43-101.

We seek Safe Harbor.