Richmont Mines Extends Mineralization to a Depth of 1,200 Metres at Island Gold Deposit

Richmont Mines Inc. (TSX:RIC,NYSEMKT:RIC) reported results from deep exploration drilling at the Island Gold deposit to the east. Highlights include intersections of 19.87 g/t Au over 3.93 metres at a vertical depth of 1,203 metres and 7.44 g/t Au over 8.49 metres at a vertical depth of 858 metres. Richmont also announced a $7.6 million exploration program for Island Gold Mine in 2015.

As quoted in the press release:

Highlights:

• Recent drill results (cut grades over true widths): in hole GD-14-01C from surface, intersections of 19.87 g/t Au over 3.93 metres in the C Zone, and 21.1 g/t Au over 0.95 metres in an undetermined zone, and in hole 400-528 09 drilled from underground, an intersection of 7.44 g/t Au over 8.49 metres in the C Zone (please see Table 1 and Chart 1 for details);
• 61,000 metres of exploration drilling planned at Island Gold during 2015, primarily to test the eastern extension of the deposit at depths of below 600 metres, as well as the potential closer to surface to the west and to the east of the existing operations and resource base;
• Focus will be on completing the exploration/definition drift on the 620 metre level of the mine which will better facilitate the 2015 drilling programs; 150 metres of the planned 600 metres of drifting have been completed as of the end of 2014, with development expected to be done by Q3 2015.

Richmont Mines President and CEO, Renaud Adams, said:

We are very pleased with recent assay results from our step-out exploration drilling programs at Island Gold. A hole drilled from surface in December reaffirms the potential for extending our existing deep resource to the east as well as below its currently defined 1,000 metre limit. The hole intersected mineralization at a depth of about 1,200 metres, at an approximate 250 metre down plunge from the limits of the currently defined resources. Results such as this reinforce our belief of the potential to grow this deposit both laterally and at depth.

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