Richmont Mines Inc. (TSX: RIC)(AMEX: RIC), a gold exploration, development and production company with operations in Canada, today announced financial and operational results for its first quarter ended March 31, 2008. Financial results are based on Canadian GAAP and dollars are reported in Canadian currency, unless otherwise noted.

Revenue for the first quarter of 2008 was $15.0 million, a 46% increase compared with $10.2 million in the first quarter of 2007. In the 2008 quarter, 14,995 ounces of gold were sold at an average price of US$947 (CAN$947) per ounce, compared with 12,403 ounces of gold sold in the same period the prior year at an average price of US$717 (CAN$771) per ounce. Total precious metals revenue was up $4.6 million, or 48%, to $14.2 million in the first quarter of 2008 compared with $9.6 million in the first quarter of 2007. Sales from the Island Gold Mine, which commenced production during the fourth quarter of 2007, more than offset the loss of gold sales from the East Amphi Mine, which was closed in mid-2007.

Operating costs, including royalties, for the first quarter of 2008 were $10.4 million, a 46% increase compared with $7.2 million in the same period the prior year reflecting increased production and higher operating costs. The cash cost per ounce of gold sold increased 30% to US$697 in the first quarter compared with US$537 in the first quarter of 2007. Relatively high cash costs of US$809 were incurred at the Island Gold Mine as production has not yet reached projected levels, while costs at the Beaufor Mine increased slightly to US$599 from US$587 in the first quarter of 2007.

Exploration and project evaluation costs increased $0.8 million to $1.1 million in the first quarter of 2008 compared with $0.3 million in the same period of 2007. Higher exploration and project evaluation expenses reflect the Company's efforts to grow its reserves. Approximately $0.5 million in exploration costs were incurred at the Beaufor Mine and about $0.5 million at the Golden Wonder project, which is located in the historic precious metal rich Colorado Mineral Belt.

Net earnings for the first quarter of 2008 were $0.4 million, or $0.02 per share, compared with net earnings of $0.3 million, or $0.01 per share, in the first quarter of 2007.

At March 31, 2008, cash and cash equivalents were $30.0 million, a $2.7 million increase from $27.3 million at December 31, 2007. During the quarter, $0.5 million was invested in the development of the Island Gold Mine and $0.3 million was invested in property, plant and equipment. Richmont Mines has no long-term debt obligations and has working capital of $35.3 million.

Island Gold Mine(1)

During the first quarter of 2008, 31,688 tonnes of ore from the Island Gold Mine were processed at an average recovered grade of 6.86 g/t, and 6,992 ounces of gold were sold at an average price of US$937 (CAN$937) per ounce. Although the average recovered grade has improved 6.4% compared with the grade of 6.45 g/t experienced in the fourth quarter of 2007, the mine's initial quarter in commercial production, ore output from production stopes was lower than forecasted due to lower productivity from the long-hole contractor and delays in stope sequencing which adversely impacted results and contributed to a high cash cost of US$809 during the quarter. Major improvements were made to address these issues and better results are expected in the second quarter.

Mr. Martin Rivard, President and CEO of Richmont Mines, commented: "Although we made progress at Island Gold during the quarter, production is still below target. Our biggest challenge is finding mining personnel at a time when the industry is experiencing a shortage of experienced miners. We are revising work schedules and increasing recruiting efforts to meet our production target. A mining contractor was also retained to advance underground development allowing us to refocus our resources to production activities."

Beaufor Mine

During the first quarter of 2008, 30,697 tonnes of ore from the Beaufor Mine were processed at an average recovered grade of 8.11 g/t, and 8,003 ounces of gold were sold at an average price of US$955 (CAN$955) per ounce. In the same quarter the prior year, 29,700 tonnes of ore were processed at an average recovered grade of 6.50 g/t, and 6,211 ounces of gold were sold at an average price of US$726 (CAN$780) per ounce. Despite a higher grade, the average cash cost per ounce increased in 2008 due to maintenance costs at the Camflo Mill which only processed ore from the Beaufor Mine during the quarter and to a higher Canadian dollar compared with 2007. The cash cost of production in the first quarter of 2008 was US$599 per ounce sold, up slightly from US$587 in the first quarter of 2007.

Golden Wonder Project

Site preparation at the Golden Wonder Project, where the Company is exercising its option to acquire a 50% joint venture interest, began at the end of the first quarter of 2008. Preliminary exploration drilling and underground development work is expected to begin during the second quarter.

Annual and Special General Meeting

Richmont Mines' Annual and Special General Meeting will be held on Tuesday, May 13, 2008 in Rooms II and III of the Conference Center of the Sun Life Building, 1155 Metcalfe Street, 7th floor, Montreal, Quebec, at 9:00 a.m. (local time). The presentation will also be available on Richmont Mines' Website.

Outlook

Mr. Rivard concluded, "Improved results in the first quarter provide us with an excellent start to 2008. Higher gold sales at higher prices combined with improved operational discipline enabled us to increase operating leverage, even as we maintain our exploration activity. We continue to build our cash reserves giving us the flexible balance sheet needed to support our exploration activity and we expect to see significant progress at our different properties in 2008, providing us with a project pipeline for the future."

Martin Rivard, President and Chief Executive Officer

About Richmont Mines Inc.

Richmont Mines produces gold from its operations in Canada and 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.

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. Richmont Mines undertakes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Cautionary Note to U.S. Investors Concerning Resource Estimates

The resource estimate in this news release is prepared in accordance with Regulation 43-101 adopted by the Canadian Securities Administrators. The requirements of R 43-101 differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"). In this news release, we use the terms "measured", "indicated" and "inferred" resources. Although these terms are recognized and required in Canada, the SEC does not recognize them. The SEC permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that constitute "reserves". Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally extracted at the time the determination is made. United States investors should not assume that all or any portion of a measured or indicated resource will ever be converted into "reserves". Further, "inferred resources" have a great amount of uncertainty as to their existence and whether they can be mined economically or legally, and United States investors should not assume that "inferred resources" exist or can be legally or economically mined, or that they will ever be upgraded to a higher category.

(1) Richmont Mines reports 100% of the consolidated results of the Island Gold Mine, in compliance with AcG-15, which stipulates that a holder of variable interests must consolidate the accounts if it intends to assume the majority of the expected losses and/or receive the majority of the residual returns of the variable interest entity (VIE). Richmont Mines holds a 55% stake in the unincorporated joint venture, and as its share of the earnings and/or losses will differ from the percentage that it owns, the Company is therefore considered the primary beneficiary of the VIE.

FINANCIAL DATA
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                                                        Three-month period
                                                            ended March 31,
                                           CAN$   2008                2007
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Results (in thousands of $)
Revenue                                         14,961              10,237
Net earnings                                       406                 326
Cash flow from operations                        3,181               4,002
Results per share ($)
Net earnings basic and diluted                    0.02                0.01
Basic weighted average number
 of common shares outstanding
 (thousands)                                    24,053              24,242
Average selling price of gold
 per ounce                                      US$947              US$717
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                                  March 31, 2008         December 31, 2007
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Financial position
 (in thousands of $)
Total assets                              87,501                    85,976
Working capital                           35,336                    33,970
Long-term debt                                 -                         -
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SALES AND PRODUCTION DATA
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                                         Three-month period ended March 31,
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                                   Ounces of gold                Cash cost
                        Year   Sales   Production          (per ounce sold)
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Island Gold Mine        2008   6,992        8,008                   US$809
                        2007       -            -                        -
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Beaufor Mine            2008   8,003       10,385                   US$599
                        2007   6,211        8,642                   US$587
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East Amphi Mine         2008       -            -                        -
                        2007   6,192        5,239                   US$487
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Total                   2008  14,995       18,393                   US$697
                        2007  12,403       13,881                   US$537
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                    Average exchange rate used for 2007: US$1 = CAN$1.0748
                           2008 estimated exchange rate: US$1 = CAN$1.0000
CONSOLIDATED STATEMENTS OF EARNINGS
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                                         (in thousands of Canadian dollars)
(Unaudited)                                             Three months ended
                                                      March 31,   March 31,
                                                          2008        2007
                                                             $           $
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REVENUE
 Precious metals                                        14,194       9,566
 Other                                                     767         671
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                                                        14,961      10,237
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EXPENSES
 Operating costs                                        10,097       7,065
 Royalties                                                 347          93
 Administration                                            827         803
 Exploration and project evaluation                      1,081         301
 Accretion expense - asset retirement obligations           43          44
 Depreciation and depletion                              1,205       1,631
 Loss (gain) on disposal of mining assets                   20         (94)
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                                                        13,620       9,843
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EARNINGS BEFORE OTHER ITEMS                              1,341         394
MINING AND INCOME TAXES                                    723         186
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                                                           618         208
MINORITY INTEREST                                          212        (118)
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NET EARNINGS                                               406         326
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NET EARNINGS PER SHARE
 Basic and diluted                                        0.02        0.01
BASIC WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING (thousands)                  24,053      24,242
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See accompanying notes to consolidated financial statements
available on SEDAR.
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CONSOLIDATED BALANCE SHEETS
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                                          (in thousands of Canadian dollars)
                                                      March 31, December 31,
                                                          2008         2007
                                                             $            $
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                                                    (Unaudited)   (Audited)
ASSETS
CURRENT ASSETS
 Cash and cash equivalents                              30,015       27,291
 Short-term investments                                    931        1,826
 Accounts receivable                                     3,003        2,859
 Mining and income taxes receivable                      1,393        1,677
 Inventories                                             6,324        5,438
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                                                        41,666       39,091
ADVANCE TO A MINORITY PARTNER                            1,500        1,875
PROPERTY, PLANT AND EQUIPMENT                           44,335       45,010
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                                                        87,501       85,976
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LIABILITIES
CURRENT LIABILITIES
 Accounts payable and accrued charges                    5,997        5,005
 Mining and income taxes payable                           333          116
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                                                         6,330        5,121
ASSET RETIREMENT OBLIGATIONS                             3,401        3,358
MINORITY INTERESTS                                      14,450       14,238
FUTURE MINING AND INCOME TAXES                           1,272        1,446
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                                                        25,453       24,163
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SHAREHOLDERS' EQUITY
 Capital stock                                          61,014       61,016
 Contributed surplus                                     5,226        5,092
 Deficit                                                (4,253)      (4,647)
 Accumulated other comprehensive income                     61          352
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                                                        62,048       61,813
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                                                        87,501       85,976
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See accompanying notes to consolidated financial statements
available on SEDAR.
CONSOLIDATED STATEMENTS OF CASH FLOW
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                                         (in thousands of Canadian dollars)
(Unaudited)                                             Three months ended
                                                      March 31,   March 31,
                                                          2008        2007
                                                             $           $
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CASH FLOW FROM OPERATING ACTIVITIES
 Net earnings                                              406         326
 Adjustments for:
  Depreciation and depletion                             1,205       1,631
  Stock-based compensation                                 141         123
  Accretion expense - asset retirement obligations          43          44
  Loss (gain) on disposal of mining assets                  20         (70)
  Minority interests                                       212        (118)
  Future mining and income taxes                          (174)       (247)
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                                                         1,853       1,689
 Net change in non-cash working capital items            1,328       2,313
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                                                         3,181       4,002
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CASH FLOW USED IN INVESTING ACTIVITIES
 Disposal of mining assets                                  14         157
 Property, plant and equipment - Island Gold              (475)     (1,976)
 Property, plant and equipment - Beaufor Mine              (80)          -
 Other property, plant and equipment                      (270)        (78)
 Cash received from an advance to a minority
  partner                                                  375           -
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                                                          (436)     (1,897)
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CASH FLOW FROM (USED IN) FINANCING ACTIVITIES
 Issue of common shares                                     19         178
 Redemption of common shares                               (40)        (86)
 Contribution from a minority partner                        -         135
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                                                           (21)        227
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Net increase in cash and cash equivalents                2,724       2,332
Cash and cash equivalents, beginning of period          27,291      16,126
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Cash and cash equivalents, end of period                30,015      18,458
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See accompanying notes to consolidated financial statements available
on SEDAR.

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