Richmont Mines Inc. (TSX:RIC) (NYSE MKT:RIC), is pleased to announce that it has closed the previously detailed transaction consolidating its ownership of the Island Gold Mine property. Please refer to the August 5, 2014 press release entitled “Richmont Mines consolidates 100% ownership of Island Gold Mine” for full details of the agreement.

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 Mine and Monique Mine 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.