Richmont Mines Inc

Published : January 12th, 2016

Richmont Annual Production Exceeds Guidance: Island Gold Delivers Record Production Significantly Above Revised Guidance

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  

Richmont Annual Production Exceeds Guidance: Island Gold Delivers Record Production Significantly Above Revised Guidance

TORONTO, ONTARIO-(Marketwired - Jan. 12, 2016) - Richmont Mines Inc. (TSX:RIC)(NYSE MKT:RIC) ('Richmont' or the 'Corporation'), delivered another solid quarter of operational results that contributed to fourth quarter production of 22,380 gold ounces and annual production of 98,031 ounces, which exceeds the increased annual production guidance of between 87,000 and 95,000 ounces that was announced on August 6. (All amounts are in Canadian dollars unless otherwise indicated.)


  • During the fourth quarter Richmont produced 22,380 ounces of gold (21,576 ounces sold), which contributed to the second best annual production level in 25 years of 98,031 gold ounces (96,895 ounces sold) in 2015 and exceeds the high end of revised guidance levels. Richmont reported fourth quarter revenues of $31.9 million and record annual revenues of $143.7 million for 2015.
  • Production for the fourth quarter was underpinned by another strong quarter from the Island Gold Mine, which reported quarterly production of 14,203 ounces of gold (13,504 ounces sold). Production for the quarter was impacted by a planned 3 week shutdown of the underground mine and 2 week shutdown of the mill facility for infrastructure and power upgrades. For 2015, Island Gold reported record production of 55,040 ounces, (52,363 ounces sold) exceeding the increased annual production guidance by 16%.
  • Richmont ended the quarter with a strong cash balance of approximately $61 million. Project capital investments for the quarter primarily related to a tailings dam expansion ($8.7 million) and accelerated underground development at the Island Gold Mine. Both initiatives will position Island Gold for significant production growth from 2017 to 2023 as reported in the Preliminary Economic Assessment ('PEA') results that were issued on October 28, 2015.

Production Highlights:

Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 2015 2015 Guidance
Gold Produced (oz)
Island Gold Mine 8,974 10,764 14,997 15,076 14,203 55,040 45,000-50,000
Beaufor Mine 6,633 7,963 7,082 5,714 5,652 26,411 42,000-45,000
Monique Mine 7,324 7,132 4,235 2,688 2,525 16,580
Total Produced (oz) 22,931 25,859 26,314 23,478 22,380 98,031 87,000-95,000
(1) Fourth quarter production includes a 3 week underground mine shutdown in October.
(2) Production guidance for combined Quebec operations: Beaufor and Monique mines.

Operational Highlights

Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 2015
Island Gold Mine
Underground tpd 399 552 759 669 657 659
Mill tonnes 46,651 43,785 71,584 66,416 60,352 242,137
Mill tpd 507 487 787 722 656 663
Head grade (g/t) 6.28 7.87 6.73 7.27 7.62 7.31
Recoveries (%) 95.3 97.2 96.8 97.1 96.0 96.8
Beaufor Mine
Underground tpd 327 367 360 338 306 343
Mill tonnes 30,247 29,751 36,914 30,437 28,345 125,447
Head grade (g/t) 6.96 8.44 6.05 5.93 6.30 6.64
Recoveries (%) 98.1 98.6 98.6 98.6 98.4 98.6
Monique Mine
Mill tonnes 85,447 63,938 61,826 52,987 45,922 224,673
Head grade (g/t) 2.80 3.57 2.22 1.64 1.77 2.37
Recoveries (%) 95.3 97.2 96.2 96.2 96.4 96.7
(1) Fourth quarter underground productivity includes a 3 week mine shutdown in October.
(2) Fourth quarter mill productivity includes a 2 week mill shutdown in October.

'We are very encouraged to report another strong quarter and annual production that exceeds our increased guidance estimates and was the second highest in 25 years, primarily driven by record production from our cornerstone Island Gold mine. During the quarter we have reported very promising exploration results from Island Gold, both east and west of the main deposit as well as from the down plunge extension below the 1,000 metre level, which demonstrates the significant potential for sustainable, low-cost production growth that will drive increased margins and significant cash flow streams.' commented Renaud Adams, President and CEO. 'The operational efficiencies achieved at Island Gold during the year has positioned this core operation for production growth going forward. In 2016 we will maintain our disciplined and prudent focus on advancing the Island Gold underground mine with the goal of positioning this strategic asset to be one of the most profitable underground mines in Canada.'

Island Gold Highlights

  • Production for the quarter was 14,203 ounces (13,504 ounces sold), in-line with the prior quarter, despite the 3-week planned shutdown to complete an underground mine upgrade and 2 week mill shutdown to improve mill infrastructure and power upgrade completed in the quarter. Production for the year was a record 55,040 ounces (52,363 ounces sold) for the year, 16% above annual production guidance levels.
  • Underground productivity for the quarter averaged 657 tonnes per day (659 tonnes per day for 2015), including the 3-week planned shutdown in October, at head grades of 7.62 g/t, primarily due to high-grade development from new resources on the second mining horizon. Long-hole mining from the first mining horizon (above the 635 metre level) began in the fourth quarter. In December, the underground mine averaged 815 tonnes per day at a grade of 8.16 g/t gold.
  • The mill averaged 656 tonne per day during the quarter, including the 2-week planned shutdown, with recoveries of 96.0%. In 2015, the mill averaged 663 tonnes per day with recoveries of 96.8%. In December, the mill averaged 829 tonnes per day. As a result of the mill upgrade, mill capacity has been now increased to 900 tonnes per day.
  • During the quarter a tailings dam upgrade was completed that increased tailings storage capacity to 2.5 million tonnes, sufficient for the estimated 2.1 million tonnes indicated in the recent PEA.
  • An initial update on the Island Gold exploration drilling program continued to demonstrate the significant potential to grow production and increase the mine life of this cornerstone asset both laterally above the 860 metre level, which could support an upgrade to 1,150 tonnes per day, as well as the vertical extension below the 1,000 metre level where two high-grade intercepts of 19.87 g/t over 3.9 metres and 25.6 g/t over 4.7 metres were obtained (estimated true width and high grade capped at 95 g/t). Drilling efforts are ongoing and it is expected that the entire drilling program will be completed by the end of April, 2016.

Beaufor Highlights

  • Production for the quarter was 5,652 ounces (5,237 ounces sold) and 26,411 ounces (26,875 ounces sold) for 2015, in line with the Quebec Division's increased guidance. Underground productivity at the Beaufor Mine averaged 306 tonnes per day at a head grade of 6.30 g/t for the quarter, in-line with planned levels. For 2015, the mill averaged 343 tonnes per day at a head grade of 6.64 g/t.
  • Development of the Q Zone advanced during the quarter with a target of reaching the mineralized structure in early 2016.

Monique Highlights

  • Production for the quarter was 2,525 ounces (2,835 ounces sold), the operation processed the lower-grade stockpile ore during the quarter. The processing of the lower grade stockpile was essentially completed at the end of 2015. A remaining lower grade stockpile averaging 20,000 tonnes at 0.9 g/t gold will be processed in Q1 2016.

Corporate Highlights

  • On October 28, 2015, Richmont announced the completion of a PEA for the cornerstone Island Gold Mine that highlights the potential for increased production and lower all-in-sustaining costs. The PEA considers a phased approach with Phase 1 evaluating a Base Case scenario of 800 tonnes per day, as well as a potential 1,150 tonnes per day Expanded Case from 2017. A National Instrument 43-101 Technical Report containing the PEA was filed on December 11, 2015.
  • On December 7, 2015, Richmont announced the appointment of Christian Bourcier as Vice President, Operations effective January 11, 2016. Christian is a mining engineer with over 21 years of mining experience, primarily in the prolific Abitibi region of northwestern Quebec and will be responsible for all operational programs for Richmont.
  • On December 21, 2015, Richmont provided an initial update on the Island Gold exploration drilling program which continues to demonstrate the significant potential of this cornerstone asset, particularly the potential to extend mine life laterally above the 860 metre level, which could support a potential expansion to 1,150 tonnes per day, as well as at depth where the deep drilling program intersected 25.6 g/t gold over 4.7 metres in the high grade structure below the 1,000 metre level, located approximately 270 metres from a previous 19.87 g/t gold intersection.
  • On December 22, 2015, Richmont announced that René Marion was appointed as non-executive Chairman of the Board effective January 1, 2016.

Upcoming News

  • 2016 Guidance (late January).
  • 2015 Reserve and Resource update (early February)
  • Exploration updates (mid-February and as required)
  • Q4 and Year-End Financial Results (February 22 pre-market).

About Richmont Mines Inc.

Richmont Mines has produced over 1.5 million ounces of gold from its operations in Quebec, Ontario and Newfoundland since beginning production. The Corporation currently produces gold from the Island Gold Mine in Ontario, and the Beaufor Mine in Quebec. The Corporation is also advancing development of the significant high-grade resource extension at depth of the Island Gold Mine in Ontario. With 25 years of experience in gold production, exploration and development, and prudent financial management, the Corporation is well-positioned to cost-effectively build its Canadian reserve base and to successfully enter its next phase of growth. Richmont routinely posts news and other important information on its website (

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. Except as may be required by law, the Corporation undertakes no obligation and disclaims any responsibility to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

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. The forward-looking information contained herein is made as of the date of this news release.

Cautionary note to US investors concerning resource estimates

Information in this press release is intended to comply with the requirements of the Toronto Stock Exchange and applicable Canadian securities legislation, which differ in certain respects with the rules and regulations promulgated under the United States Securities Exchange Act of 1934, as amended ('Exchange Act'), as promulgated by the SEC. The Reserve and Resource estimates in this press release were prepared in accordance with Regulation 43-101 adopted by the Canadian Securities Administrators. The requirements of Regulation 43-101 differ significantly from the requirements of the United States Securities and Exchange Commission (the 'SEC').

U.S. Investors are urged to consider the disclosure in our annual report on Form 20-F, File No. 001-14598, as filed with the SEC under the Exchange Act, which may be obtained from us (without cost) or from the SEC's web site:

Regulation 43-101

The geological data in this news release has been reviewed by Mr. Daniel Adam, Geo., Ph.D., Vice-President, Exploration, an employee of Richmont Mines Inc., and a qualified person as defined by Regulation 43-101.

Visit our Facebook page

Read the rest of the article at
Data and Statistics for these countries : Canada | Georgia | All
Gold and Silver Prices for these countries : Canada | Georgia | All

Richmont Mines Inc

ISIN : CA76547T1066
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

Richmont Mines is a gold producing company based in Canada.

Richmont Mines holds various exploration projects in Canada.

Its main assets in production are BEAUFOR MINE, ISLAND GOLD and EAST AMPHI MINE in Canada, its main asset in development is FRANCOEUR MINE in Canada and its main exploration properties are WASAMAC, CAMFLO MILL, MONIQUE, RENDELL-JACKMAN (HAMMERDOWN) and CRIPPLE CREEK in Canada.

Richmont Mines is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 741.2 millions as of today (US$ 584.1 millions, € 489.6 millions).

Its stock quote reached its lowest recent point on December 06, 2013 at CA$ 1.00, and its highest recent level on November 24, 2017 at CA$ 11.72.

Richmont Mines has 63 240 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Corporate Presentations of Richmont Mines Inc
1/7/2010Updates its 2010 Investor Presentation
Annual reports of Richmont Mines Inc
2008 annual report
Financings of Richmont Mines Inc
2/11/2015Closes Previously Announced Bought Deal Financing of Common ...
2/1/2012. Completes CAN$ 10 M Private Placement with Mr. Bob Buchan
6/1/2006announces closing of a bought deal of common shares
Nominations of Richmont Mines Inc
5/15/2009Announces Appointments to Board of Directors
Financials of Richmont Mines Inc
8/8/2016Reports Strong Second Quarter Financial Results; On Track to...
5/9/2013Reports First Quarter 2013 Results
2/21/2013Reports Full Year 2012 and Fourth Quarter Results
11/8/2012Reports Results for the Third Quarter of 2012
2/23/2012Reports Record Full Year 2011 and Strong Fourth Quarter Resu...
2/22/2011Reports Strong Fourth Quarter and Full Year 2010 Results
7/30/2009TR: Richmont Mines- News Release - Second Quarter 2009
2/26/2009(Island Gold)Reports Record Sales for the Fourth Quarter and Full Year 20...
1/22/2009(Beaufor Mine)Reports Gold Sales More Than Double in 2008 Fourth Quarter
1/22/2009(Island Gold)Reports Gold Sales More Than Double in 2008 Fourth Quarter
8/19/2008Second Quarter 2008 Fact Sheet
7/31/2008Reports 27.4% Increase in Revenue in the Second Quarter of 2...
5/23/2006announces re-statement and re-filing of first quarter financ...
Project news of Richmont Mines Inc
7/27/2017(Island Gold)Intersects High-Grade, Wide Mineralization in the Down Plung...
1/9/2013(Monique). Receives Mining Permit for Monique Gold Project
7/3/2012(Francoeur Mine)Announces Francoeur Mine Update
5/8/2012(Wasamac)Intercepts 6.40 g/t Au Over 52.8 Metres in Wasamac Main Zone...
3/15/2012(Wasamac).: 2012 Drilling Program at Wasamac Yields Additional Signif...
12/15/2011(Wasamac)Announces Significant Gold Resource Increase at Wasamac
8/30/2011(Wasamac)Intercepts 7.28 g/t Au Over 31.40 Metres at Wasamac; New Dri...
2/17/2011(Wasamac)Announces Resources of Over 1 Million Ounces of Gold at Its ...
1/21/2011(Francoeur Mine)2010 Gold Sales Increase 14%; Company Provides 2011 Producti...
1/21/2011(Beaufor Mine)2010 Gold Sales Increase 14%; Company Provides 2011 Producti...
1/21/2011(Island Gold)2010 Gold Sales Increase 14%; Company Provides 2011 Producti...
4/8/2010(Wasamac)Announces a 10,000 Metre Surface Drilling Program on Its Was...
8/7/2009NI 43-101 report on the Francoeur Gold Project
6/8/2006(Valentine Lake (leprechaun))proceeds with earn-in requirements at Valentine Lake
5/26/2006Island gold project update information concerning East amphi...
Corporate news of Richmont Mines Inc
7/13/2016Richmont Mines Announces Details for the Second Quarter Fina...
7/12/2016Richmont Reports Strong Second Quarter Results from Island G...
7/7/2016Strategic Phase 2 Exploration Program Launched at Island Gol...
6/13/2016Richmont Mines Added to the S&P/TSX Global Mining Index and ...
6/7/2016Richmont Mines Completes CAN$31 Million Bought Deal Financin...
5/16/2016Richmont Mines Announces CAN$27 Million Bought Deal Financin...
5/12/2016Richmont Mines Announces Election of Directors
5/12/2016Richmont Mines Reports Strong First Quarter Financial Result...
5/12/2016Richmont Mines posts 1Q profit
1/12/2016Richmont Annual Production Exceeds Guidance: Island Gold Del...
12/22/2015Richmont Mines Inc.: Chairman Position to Become a Non-Execu...
12/21/2015Richmont Mines Provides Exploration Update for Island Gold
12/18/2015Richmont Mines Announces Filing of NI 43-101 Technical Repor...
12/18/2015Richmont Appoints Christian Bourcier as Vice President, Oper...
12/15/2015Richmont Mines Announces Filing of NI 43-101 Technical Repor...
11/5/2015Richmont Mines Reports Solid Third Quarter Financial Results...
11/5/2015Richmont Mines posts 3Q profit
10/22/2015Richmont Mines Announces Details For Third Quarter Financial...
10/21/2015Richmont Mines to Release Milling and Mining Study for Islan...
10/8/2015Richmont Reports Strong Third Quarter Production Results; Re...
9/16/2015Richmont Mines Provides an Update on the Surface Step-Out Ex...
9/15/2015Richmont Mines Strengthens Executive Team by Appointing Anne...
9/14/2015Richmont Mines Announces Inclusion in the S&P/TSX SmallCap I...
9/10/2015Deep Drilling to Commence at Richmont's Island Gold Mine to ...
8/6/2015Richmont Mines posts 2Q profit
8/6/2015Richmont Mines Reports Record Revenues for the Second Quarte...
7/14/2015Richmont Mines to Extend Beaufor Mine Life With Development ...
7/13/2015Richmont Mines Reports Record Quarterly Gold Production at I...
4/22/2015Richmont Mines Q1 Gold Production Up 23% Over 2014; 2015 Pro...
2/27/2015Richmont Mines President and CEO Mr. Renaud Adams to Oversee...
2/27/2015Richmont Mines President and CEO Mr. Renaud Adams to Oversee...
2/23/2015Richmont Mines Announces the Appointment of Mr. Steve Burlet...
2/23/2015Richmont Mines Announces the Appointment of Mr. Steve Burlet...
2/19/2015Richmont Mines 2014 Revenues Up 47% and Operating Cash Flow ...
2/19/2015Richmont Mines 2014 Revenues Up 47% and Operating Cash Flow ...
2/19/2015annonce les résultats du quatrième trimestre et de l'année 2...
2/11/2015annonce la clôture du financement par actions ordinaires ann...
1/21/2015Richmont Mines Announces CAN$30 Million Bought Deal Financin...
1/21/2015Canada Stocks to Watch: Husky, Eldorado, Celestica, Richmont...
1/21/2015Richmont Mines Announces Increase of Bought Deal Financing t...
1/21/2015IIROC Trade Resumption - RIC; AKG
1/20/2015IIROC Trading Halt - RIC
1/15/2015Richmont Mines Provides Guidance for 2015 and Transformation...
1/15/2015Richmont Mines Provides Guidance for 2015 and Transformation...
1/8/2015Deep Exploration Drilling Extends Mineralisation to a Depth ...
1/8/2015Deep Exploration Drilling Extends Mineralisation to a Depth ...
12/1/2014Ex Barrick Executives Flock to Inca One Gold
11/17/2014Mr. Renaud Adams Officially Commences as President and Chief...
10/16/2013Enters a Land and Mining Rights Agreement with Argonaut Gold
10/4/2013(Monique).: Monique Gold Project Attains Commercial Production; 43-10...
8/23/2013Closes Previously Announced Senior Credit Facility for Up to...
6/17/2013Obtains Letter of Offer for Senior Credit Facility for Up to...
4/12/2013(Island Gold).: Island Gold Deep 43-101 Report Filed on Sedar; New Drill ...
9/24/2012Announces the Immediate Retirement of CAN$10 Million Debentu...
9/10/2012(Island Gold).: New Deep Drill Results Reaffirm Promising Potential at De...
4/12/2012Gold Industry Veteran Ebe Scherkus to Join the Richmont Mine...
3/28/2012(Wasamac)Announces Results From a Preliminary Economic Assessment for...
2/10/2012(Island Gold)Promising Drill Results From Island Gold Mine Confirm Potent...
1/11/2012Gold Industry Veteran Bob Buchan Joins the Board of Director...
12/20/2011(Monique)Announces Open Pit Resources at its Monique Property
11/29/2011(Wasamac)Announces Completion of 2011 Drilling Program at Wasamac; Up...
8/24/2011(Monique)s Final Drilling Results From the Monique Project, Studies U...
8/9/2011Announces a Significant Increase in Earnings and Cash Flow f...
6/22/2011(Monique)More Positive Drill Results From Richmont's Monique Project
5/9/2011(Wasamac)Signs Option Agreement With Globex; Expands Wasamac Explorat...
4/11/2011(Monique).: Monique Work Commitment Completed; Initial Drill Results ...
3/29/2011. Confirms and Amends its Shareholder Rights Plan
4/12/2010hits 73.54 g/t Au over 7 metres on its Cripple Creek Propert...
2/25/2010Q4 and F2009 Results
2/4/2010Shareholders Elect Four New Board Members at Special Shareho...
12/16/2009 Four board nominations at Richmont Mines - Building the nex...
10/29/2009Q3 2009 Release
12/16/2008 Acquires Patricia Mining Corp.
12/3/2008 Announces Acceptance of Normal Course Issuer Bid
5/18/2006Focus on profitable growth
1/26/2006and Patricia Mining Corp. Announce the purchase of the remai...
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
CA$ 11.72
11/24 16:00 0.480
Prev close Open
11.24 12.09
Low High
11.66 12.35
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  11.72 -%
Volume 1 month var.
625,800 -%
24hGold TrendPower© : 13
Produces Gold
Develops Gold
Explores for Gold
Interactive chart Add to compare
Print Compare Export
Last updated on : 4/20/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
announces expected non-cash impairment
AU$ 7.58+2.71%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.83-4.07%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 0.47-7.33%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.53-10.32%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+0.00%Trend Power :
Closes Bridge Loan Financing
CA$ 3.00+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 8.71-1.02%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.30+7.14%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.25+4.17%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.79-6.28%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 59.37+2.73%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :