Richmont Mines: Promising Drill Results From Island Gold Mine Confirm Potential at Depth

Richmont Mines Inc. RIC, is pleased to announce results from its deep drilling program on its Island Gold Mine property. Highlights: -- Four main zones (G, C, D and E1E) identified between -500 metres and -900 metres of vertical depth over a lateral strike length of 150 metres that span between the Lochalsh and Island Main zones; -- Results include: 13.39 g/t Au over 4.84 metres and 16.42 g/t Au over 4.08 metres in Zone E1E, 22.08 g/t Au over 6.58 metres in the G Zone, 12.28 g/t Au over 7.24 metres and 27.26 g/t Au over 5.88 metres in Zone C, 33.36 g/t Au over 2.18 metres and 20.22 g/t Au over 2.05 metres in Zone D, and 13.23 g/t Au over 3.67 metres in Zone STH (just south of the G Zone) (all cut grades over true width); -- 2011 deep exploration drilling at the Island Gold Mine encompassed 25 holes and wedges over a total of 23,000 metres; 2012 program will include 35,000 metres of surface and underground exploration drilling. Martin Rivard, President and CEO, commented: "We have results from more than 23,000 metres of deep drilling completed at our Island Gold Mine, and are pleased that they have confirmed the potential at depth for this Property. While the spacing of this drilling is currently too large to establish resources, the results confirm the extension of known zones at depth. We plan on completing approximately 35,000 metres of deep drilling at Island Gold during 2012, with the goal of establishing resources below current infrastructure. 20,000 metres of this drilling is planned from underground, and we have already begun a 1,100 metre exploration drift from the -400 metre level of the mine to provide more effective access for drilling. In addition, we are currently evaluating different options for the potential construction of an exploration shaft in order to accelerate the identification of deep resources at Island Gold." The following table selectively presents drill results that intersected a cut grade of at least 3 g/t Au over a minimum true width of 2.0 metres.