Richmont’s Island Gold mine near Wawa, Ont.

ONTARIO – Richmont Mines of Toronto said its Island Gold mine 85 km northeast of Wawa set a new production record last year. The mine recovered 83,323 oz. of gold, a 51% increase over 2015 and exceeding production guidance for 2016.

The company recorded revenue for the full year of $168.7 million and net earnings of $0.20 per share.

Even as the mining rate increases at Island Gold, Richmont said that reserves grew 34% (net of depletion) to 752,200 oz. of gold at a grade of 9.17 g/t. Inferred resources increased by 30% (net of conversion) to 993,700 oz. at an increased grade of 10.18 g/t gold.

The cash cost of production at Island Gold fell 24% for 2016 to $799 per oz. (US$587 per oz.). All-in sustaining costs fell to $988 per oz. (US$745 per oz.) and below guidance.

Additional information is available at www.Richmont-Mines.com.