Mr. Renaud Adams reports

RICHMONT REPORTS STRONG THIRD QUARTER PRODUCTION RESULTS; REAFFIRMS INCREASED ANNUAL PRODUCTION GUIDANCE

Richmont Mines Inc. has delivered another strong quarter with a year-to-date production of 75,651 ounces that is in line with planned levels and positions the corporation to achieve the higher end of the increased annual production guidance of between 87,000 and 95,000 ounces that was announced on Aug. 6.

Highlights for the third quarter include:

• During the third quarter the corporation produced 23,478 ounces of gold (22,962 ounces sold) and reported total revenues of $34.1-million.
• Production for the third quarter was underpinned by another strong quarter from the Island gold mine, which reported production of 15,076 ounces of gold (14,233 ounces sold), in line with planned levels and on track to meet the higher end of annual production guidance.
• For the nine-month period, production was 75,651 ounces (75,319 ounces sold), with total revenues of $111.9-million.
• The corporation ended the quarter with a strong cash balance of approximately $76.5-million to maintain a solid balance sheet that will support the corporation's growth profile going forward.
• A 23,000-metre directional drilling program was announced at the highly prospective Island gold property to test the downplunge extension of the deposit where the corporation previously reported an intercept of 19.87 grams per tonne over 3.93 metres at a depth of 1,200 metres.
• Effective Sept. 18, 2015, the corporation was added to the S&P/TSX SmallCap Index.

                                OPERATIONAL HIGHLIGHTS

                                                        Nine months
                                                              ended              2015
                     Q4 2014 Q1 2015 Q2 2015 Q3 2015 Sept. 30, 2015          guidance
Gold produced (oz)
Island gold mine       8,974  10,764  14,997  15,076         40,837     45,000-50,000
Beaufor mine           6,633   7,963   7,082   5,714         20,759     42,000-45,000(1)
Monique mine           7,324   7,132   4,235   2,688         14,055
Total produced (oz)   22,931  25,859  26,314  23,478         75,651     87,000-95,000

                                                                      Nine months
                                                                            ended
                      Q4 2014     Q1 2015     Q2 2015     Q3 2015  Sept. 30, 2015
Island gold mine
Underground (tpd)         399         552         759         669             660
Mill (tonnes)          46,651      43,785      71,584      66,416         181,785
Mill (tpd)                507         487         787         722             666
Head grade (g/t)         6.28        7.87        6.73        7.27            7.20
Recoveries (%)           95.3        97.2        96.8        97.1            97.0
Beaufor mine
Underground (tpd)         327         367         360         338             355
Mill (tonnes)          30,247      29,751      36,914      30,437          97,102
Head grade (g/t)         6.96        8.44        6.05        5.93            6.74
Recoveries (%)           98.1        98.6        98.6        98.6            98.6
Monique mine
Mill (tonnes)          85,447      63,938      61,826      52,987         178,751
Head grade (g/t)         2.80        3.57        2.22        1.64            2.53
Recoveries (%)           95.3        97.2        96.2        96.2            96.7

(1) Production guidance for combined Quebec operations: Beaufor and Monique mines.

"We are pleased to deliver another solid quarter of production, particularly from our cornerstone Island gold operation. Our focus in 2015 has been to leverage the significant growth potential we see at Island gold. This includes the completion of a milling and mining study, which is expected to be released in the latter part of October and was designed to evaluate additional opportunities to increase operating capacity throughout the operation. Also during the quarter, we have advanced our strategic drilling program that targets both increasing our mineral reserves and resources as well as identifying new mineralization both laterally and at depth," commented Renaud Adams, president and chief executive officer. "We begin the fourth quarter well positioned with a quality asset base in Canada, and additional exploration potential yet to be realized, all of which is underpinned by a solid balance sheet that will support our strategic growth plans."

Island gold highlights:

• Production for the quarter was 15,076 ounces, in line with the prior quarter. For the nine-month period the Island gold mine produced 40,837 ounces, well in line to meet the higher end of annual guidance production levels.
• Underground productivity for the quarter averaged 669 tonnes per day at higher-than-planned head grades of 7.27 grams per tonne as mining activities continued in the higher-grade Goudreau zone.
• The mill averaged 722 tonnes per day during the quarter, with recoveries of 97.1 per cent. Mill productivity was slightly lower than the prior quarter as mining activities were transitioning to new resources below the 500-metre level. Long-hole mining from this first mining horizon (above the 635 m level) will begin in the fourth quarter. The corporation continues to test the mill at higher throughput levels of 900 tonnes per day and in September achieved 24 days with productivity exceeding 900 tonnes per day, including one day where throughput reached 1,000 tonnes.
• A planned three-week shutdown of the underground mine and a corresponding two-week mill shutdown in October will accommodate a power upgrade, which will impact production in the fourth quarter. This scheduled upgrade of existing infrastructure will support continuing development plans, productivity enhancement and drilling requirements, and has been incorporated into the 2015 production guidance. At the completion of the shutdown and related upgrade, the capacity of the mill facility will be increased to 900 tonnes per day.
• Development of the main access ramp progressed during the quarter to reach 725 vertical metres, with a target of 750 vertical metres by the end of the year.
• A 23,000 m deep directional drilling program was announced during the quarter, which was designed to further expand resources at depth, below the current one-million-ounce global gold resource.
• A milling and mining study that is evaluating several optimized mining scenarios is nearing completion and a preliminary version is expected to be released in latter part of October.

Beaufor highlights:

• Production for the quarter was 5,714 ounces (5,919 ounces sold) and 20,759 ounces (21,638 ounces sold) for the nine-month period.
• Underground productivity at the Beaufor mine averaged 338 tonnes per day at a head grade of 5.93 g/t for the quarter, in line with planned levels.
• Development of the Q zone advanced during the quarter with a target of reaching the mineralized structure by the end of 2015 or early 2016.

Monique highlights:

• Production for the quarter of 2,688 ounces (2,810 ounces sold) decreased over the prior quarter as the operation began processing the lower-grade stockpile ore during the quarter.
• The processing of the lower-grade stockpile will be completed by the latter part of the fourth quarter as planned.

Upcoming news flow:

• Release of Island gold milling and mining preliminary study (latter part of October);
• Third quarter financial results (Nov. 5 premarket);
• Exploration results (mid-December).

We seek Safe Harbor.