Richmont Mines Inc.: Announcement.

Business Editors

MONTREAL--(BUSINESS WIRE)--March 22, 2000

(TSE:RIC.) (AMEX:RIC) Richmont Mines Inc. announces today that The Toronto Stock Exchange has accepted Richmont's notice of intention to make a "normal course issuer bid" to purchase outstanding common shares through the facilities of The Toronto Stock Exchange. Up to 750,000 common shares of the Company, representing approximately 5 % of the 15,234,800 issued and outstanding common shares, may be purchased under the bid. The purchase may commence on March 24, 2000 and extend to March 23, 2001.

In the opinion of Management of the Company, this normal course issuer bid is justified by the fact that the common shares are undervalued on the market in regards to the Company's financial position and future prospects and that the purchase thereof by the Company is an appropriate use of the funds of the Company. During the twelve months preceding this normal course issuer bid, the Company has purchased 292,011 common shares at an average unit price of $1.97 per share.

All the shares acquired under the bid will be purchased through the facilities of The Toronto Stock Exchange in accordance with its rules and by-laws. All such acquired shares will automatically be cancelled. Consideration for shares purchased will be the market price for such shares at the time of the acquisition.

To the knowledge of the Company, none of the directors, officers or other insiders offer to sell shares during the term of the issuer bid and, in no circumstances whatsoever, will the benefits received by an insider during this period differ from those received by any other shareholder.

Richmont Mines is a gold producer active in Quebec and in Newfoundland. Production for 1999 was 84,000 ounces of gold at a cash cost of US$191. The Company should produce approximately 92,000 ounces of gold in 2000; 44,000 ounces at the Nugget Pond Mine, 24,000 ounces at the Francoeur Mine and 24,000 ounces from its 69.3 %-interest in Louvem Mines Inc. which owns 50 % in the Beaufor Mine. At December 31, 1999, the Company had no debt and working capital of $12,500,000. To pursue its growth, Richmont Mines is always searching for other gold projects.

Jean-Guy Rivard President

Disclosure regarding forward-looking statements 

This news release contains forward-looking statements that include risks and uncertainties. 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-US 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 detailed from time to time in Richmont Mines Inc.'s periodic reports.