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Richmont CEO steps down

Staff writer | Montreal, QC, Canada | July 4, 2014
RichmontJuly 4, 2014, Montreal, QC, Canada - Richmont Mines Inc., a gold exploration company, announces that Paul Carmel, Richmont's president and chief executive officer, has been relieved of his duties with the corporation.
Mr. Carmel served as the Chief Executive Officer and President of Richmont Mines Inc. from May 22, 2012. Mr. Carmel founded MinQuest Capital Inc. and served as its President and Managing Partner from 2006 to 2009. He served as Managing Director and Head of Mining - Investment Banking at Desjardins Capital Markets from 2009 to May 10, 2012. He was a Mining Product Specialist at Atlas Copco Canada, Inc. from 1989 to 1990.

He served as Vice President and Director of Sentient Asset Management Canada. He was employed at Desjardins Securities Inc. Mr. Carmel served as an Advisor of Beaufield Resources, Inc. since April 2, 2008. He served as an Equity Analyst at UBS Investment Bank, Research Division. He has over 20 years of experience in the mining sector in both industry and capital markets.

Mr. Carmel served as an Investment Manager and Director at The Sentient Group from 2001 to 2006, Senior Gold Analyst at National Bank Financial, Inc. from 1990 to 1994 and Strategic Advisor at Caisse de Depot et Placement du Quebec from 1999 to 2001. He served as Vice President and Senior Gold Analyst of UBS Securities at UBS Investment Bank from 1994 to 1999. He was an Equity Analyst at UBS Investment Bank, Research Division.

Mr. Carmel has been a Director of Richmont Mines Inc. since May 22, 2012. Mr. Carmel serves as a Director at Regis Resources Inc., Bowie Resources, Appalachian Fuels, LLC and Beaufield Consolidated Resources Inc. He served as a Director of Beaufield Resources, Inc. from December 17, 2002 to April 1, 2008 and Orezone Gold Corporation from February 24, 2009 to May 27, 2011.

He served as a Director of Orezone Resources Inc. since May 11, 2005. Mr. Carmel holds a Bachelor of Engineering, Mining from McGill University, in Montreal, Canada, and was a Recipient of the Canadian Mineral Industry Education Foundation Scholarship.

Elaine Ellingham has been appointed interim President and CEO.

Ms. Ellingham is a professional geoscientist with more than 25 years of experience in the mining industry. Ms. Ellingham is President of Ellingham Consulting Ltd., a company providing geological and advisory services to international clients. She spent eight years with the Toronto Stock Exchange, from 1997 - 2005, in a number of capacities including National Leader of Mining, and served on the TSX Stock List Committee.

Ms. Ellingham was Senior VP, Investor Relations for IAMGOLD Corporation and has a range of experience in mineral exploration, corporate development and investor relations for mining companies including Campbell Resources Inc., Rio Algom Exploration Inc., and St. Joe Canada Inc. Ms. Ellingham is currently a director of Wallbridge Mining Company Limited, Aurania Resources Ltd., and Williams Creek Gold Limited.