Renaud Adams, President and Chief Executive Officer

Richmont Mines Inc.

MONTREAL, Quebec, Canada, November 17, 2014 – Richmont Mines Inc. (TSX – NYSE MKT: RIC) (“Richmont” or the “Corporation”) is pleased to announce that Mr. Renaud Adams has officially begun as President and Chief Executive Officer of Richmont Mines. Mr. Adams will be based in Toronto, where a corporate office will be opened shortly.

Commenting on his new role, Mr. Adams stated: “I am looking forward to my new role as President and CEO, and feel very privileged to be able to lead Richmont in its next phase of organic growth. The Corporation has a long history of successful Canadian gold production, and I believe that this history will be extended for many years to come as we continue to develop the high-grade deep extension of our flagship Island Gold Mine in Ontario. Richmont is now in a unique position within the Canadian junior gold mining landscape, as we have producing assets in two of the most favourable mining jurisdictions, namely Quebec and Ontario, a new high-grade discovery at Island Gold, and a solid balance sheet to support the continued development of this 1.1 million ounce high-grade resource. I look forward to working with Richmont’s experienced management team and Board of Directors as we continue to build on Richmont’s positive track record, and to deliver a compelling growth story for our shareholders in the months and years to come.”

Mr. Adams has 20 years of mining experience, and most recently served as President and Chief Operating Officer at Primero Mining Corp. Prior to this, Mr. Adams served as Senior Vice-President, Americas Operations, at IAMGOLD Corporation, and held various senior positions with Cambior Inc. and Breakwater Resources Ltd. Mr. Adams holds a Bachelor of Engineering degree in Mining and Mineral Processing from Laval University.

About Richmont Mines Inc.

Richmont Mines has produced over 1.4 million ounces of gold from its operations in Quebec, Ontario and Newfoundland since beginning production in 1991. The Corporation currently produces gold from the Island Gold Mine in Ontario, and the Beaufor and Monique Mines in Quebec. The Corporation is also advancing development of the extension at depth of the Island Gold Mine in Ontario. With over 20 years of experience in gold production, exploration and development, and prudent financial management, the Corporation is well-positioned to cost-effectively build its Canadian reserve base and to successfully enter its next phase of growth. Richmont routinely posts news and other important information on its website (www.richmont-mines.com).

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