Richmont Mines Inc.
TSX : RIC
NYSE Amex : RIC

Richmont Mines Inc.

February 27, 2012 17:00 ET

Richmont Mines Announces Management Change

MONTREAL, QUEBEC, CANADA--(Marketwire - Feb. 27, 2012) - Richmont Mines Inc. (TSX:RIC)(NYSE Amex:RIC), ("Richmont" or the "Corporation") wishes to announce the resignation of Martin Rivard, its President and Chief Executive Officer. Mr. Rivard's resignation will be effective August 31st, 2012. The Corporation has commenced a search for a new President and Chief Executive Officer and expects to have the position filled prior to Mr. Rivard's departure.

About Richmont Mines Inc.

Richmont has produced over 1,200,000 ounces of gold from its operations in Quebec, Ontario and Newfoundland since beginning production in 1991. The Corporation currently produces gold from its Island Gold and Beaufor mines, and is currently advancing its Francoeur Mine to commercial production, which should increase Richmont's production to approximately 100,000 ounces of gold on an annual basis. With extensive experience in gold exploration, development and mining, the Corporation is well positioned to cost-effectively build its Canadian reserve base through a combination of organic growth, strategic acquisitions and partnerships. Richmont routinely posts news and other important information on its website (www.richmont-mines.com).

Forward-Looking Statements

This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made.

The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenue and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Richmont Mines' Annual Information Form, Annual Reports and periodic reports.

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