Richmont Mines to Terminate Joint Venture Option at Golden Wonder Mine

MONTREAL, QUEBEC, CANADA AND LAKE CITY, COLORADO, Oct
23 (MARKET WIRE) --
Richmont Mines Inc. (TSX: RIC)(NYSE-A: RIC) a gold exploration,
development and production company with operations in North America,
today announced that it has completed diamond drilling activities from
drill station # 5 at the past-producing Golden Wonder Mine near Lake
City, Colorado. A total of 16 holes were completed by Richmont Mines in
2008 for a total of 2,037 metres of drilling. Most of the drilling was
targeted at confirming the depth extension of the previously mined-out
area which was Richmont's main exploration target. Only limited
exploration was conducted in other areas of the mine. Drilling results
are presented in Appendix I below and a longitudinal plan of the drilling
is presented as Appendix II.

Results obtained to date have failed to confirm the continuity of an
economically viable ore zone below current infrastructures at the sixth
level. In light of these results, Richmont Mines has informed LKA
International, Inc. that it has completed its "Initial Commitment Period"
and that it will not exercise its option to the "Second Commitment
Period" by notifying LKA of the termination of its option to proceed with
the Joint Venture Agreement. Demobilization of the drilling crew is in
progress.

Martin Rivard, President and CEO of Richmont Mines, commented
"Unexpectedly failing to confirm the continuity of the zone below the
sixth level has changed our approach to this project and we have decided
to terminate our option at the Golden Wonder Mine. We will continue our
focus on advancing our exploration at the Beaufor Mine, improving
production at the Island Gold Mine and continuing exploration on our
pipeline of projects. Importantly, we constantly search for other
opportunities to grow our reserves and production profile."

Martin Rivard

President and Chief Executive Officer

About Richmont Mines Inc.

Richmont Mines produces gold from its operations in Canada and is focused
on building its reserves in North America. The Company has extensive
experience in gold exploration, development and mining. Since it began
production in 1991, the Company has produced more than one million ounces
of gold from its holdings in Quebec, Ontario and Newfoundland. Richmont
Mines' strategy is to cost effectively develop its mining assets, exploit
mineralized reserves on properties owned and acquired, or develop
partnerships to expand its reserve base. Richmont Mines routinely posts
news and other important information on its website at:
www.richmont-mines.com.

National Instrument 43-101 (NI 43-101)

The exploration programs were conducted by qualified geologist as
required by National Instrument 43-101, under the supervision of Mr.
Daniel Adam, Geo., PhD, an employee of Richmont Mines Inc. The analyses
were conducted at the ALS Chemex laboratory in Elko, Nevada, by means of
fire assay fusion on 50 grams of material with atomic absorption (AA) and
gravimetric finish. Mr. Daniel Adam has reviewed the content of this news
release.

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.

NYSE Alternext US: In September 2008, the NYSE Euronext (owner of the
NYSE) acquired the American Stock Exchange (AMEX). Upon closing of the
acquisition, RIC shares traded in the U.S., which previously traded on
the AMEX, are now traded on the NYSE Alternext Exchange.

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 revenues 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.

APPENDIX 1: A table of "Golden Wonder Exploration Drilling Results is
available at the following address:
http://media3.marketwire.com/docs/rica_table1023.pdf

APPENDIX 2: A map of "Golden Wonder Drilling Bay 5 - Longitudinal
Section, Looking South 120 degrees" is available at the following
address: http://media3.marketwire.com/docs/rica_map1023.pdf

Contacts:
Kei Advisors LLC
James Culligan
Investor Relations
716-843-3874
jculligan@keiadvisors.com

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