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Press release from Marketwire

Richmont Mines Inc. Completes Equity Financing

Thursday, June 17, 2010

Richmont Mines Inc. Completes Equity Financing09:40 EDT Thursday, June 17, 2010MONTREAL, QUEBEC, CANADA--(Marketwire - June 17, 2010) - Richmont Mines Inc. ("Richmont") (TSX:RIC)(NYSE Amex:RIC)THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.Richmont Mines Inc. announced today that it has completed the previously announced overnight marketed public offering of 3,300,000 common shares of Richmont (the "Common Shares") at a price of CAN$5.00 per Common Share for aggregate gross proceeds of CAN$16,500,000. The 3,300,000 Common Shares issued by Richmont include 300,000 Common Shares issued upon the exercise in part by the underwriters of an over-allotment option. The underwriting syndicate was co-led by Desjardins Securities Inc. and CIBC World Markets Inc. and included Dundee Securities Corporation and National Bank Financial Inc.The net proceeds of the offering will be used for development work at Richmont's projects, primarily the Francoeur Mine in Quebec, for potential acquisitions and for general corporate purposes.The Common Shares offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws. Accordingly, the Common Shares may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Common Shares offered under the short form prospectus within the United States or to U.S. persons. About Richmont Mines Inc. Richmont has produced over 1,000,000 ounces of gold from its operations in Quebec, Ontario and Newfoundland since beginning production in 1991. With extensive experience in gold exploration, development and mining, Richmont is well positioned to cost-effectively build its North American 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).FOR FURTHER INFORMATION PLEASE CONTACT: Investor Relations: Richmont Mines Inc. Jennifer Aitken 514-397-1410 jaitken@richmont-mines.com www.richmont-mines.com or Media Contact: EDELMAN Public Relations Frederic Tremblay 514-844-6665 ext. 231 frederic.tremblay@edelman.com