GOLD: Richmont Mines Reports a 107% Year Over Year Increase in Q2 Gold Production

MONTREAL, QUEBEC -- Richmont Mines Inc. announced strong second quarter 2014 ("Q2 2014") gold production of 29,091 ounces and six month gold production of 48,171 ounces, 107% and 73% above the respective prior year levels. With these six month results from operations, Richmont is revising its 2014 production guidance upward to 75,000 to 85,000 ounces of gold from 70,000 to 80,000 ounces previously. A cash balance of over $32 million at June 30, 2014 represents a significant increase over the $13.5 million at March 31, 2014.

Highlights:

• Q2 2014 gold production of 29,091 ounces and gold sales of 27,790 ounces, each more than doubled from the prior year levels;
  
  

• First half gold production of 48,171 ounces and gold sales of 48,202 ounces, up 73% and 78% respectively over the comparable six months in 2013;
  
  

• 2014 annual production guidance increased to 75,000 - 85,000 ounces of gold;
  
  

• Cash balance of over $32 million at June 30, 2014, compared to $13.5 million at March 31, 2014.
  
  

Elaine Ellingham, Interim President and CEO of Richmont Mines, commented: "We are very pleased with the strong performance of our operations during the second quarter of 2014, with gold production and sales exceeding our plans for the period. With 60% of our 2014 forecast realized in the first six months of the year, we are comfortable increasing guidance for the 2014 production profile to 75,000 to 85,000 ounces."

For more information please visit www.richmont-mines.com.