Richmont Mines Inc

Published : November 05th, 2015

Richmont Mines Reports Solid Third Quarter Financial Results; Island Gold Delivers Another Quarter of Production Growth

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Richmont Mines Reports Solid Third Quarter Financial Results; Island Gold Delivers Another Quarter of Production Growth

TORONTO, ONTARIO--(Marketwired - Nov. 5, 2015) - Richmont Mines Inc. (TSX:RIC)(NYSE MKT:RIC) ('Richmont' or the 'Corporation') delivered another strong quarter of operational and financial results for the three months ended September 30, 2015. The Corporation will host a conference call and webcast on Thursday, November 5, 2015, beginning at 8:30 a.m. Eastern Time (details below). (All amounts are in Canadian dollars, unless otherwise indicated.)

Third Quarter and Recent Highlights

The Corporation delivered another solid quarter of financial and operational results primarily underpinned by the continued strong performance from the Corporation's cornerstone Island Gold operation in northeastern Ontario.



--  Gold production of 23,478 ounces (22,962 ounces sold) at an average

    realized gold price of $1,482 per ounce (US$1,132), for quarterly

    revenues of $34.1 million (US$26.1 million).



--  Cash costs of $926 per ounce (US$707 per ounce) and All-In-Sustaining

    Costs (AISC) of $1,311 per ounce (US$1,001 per ounce).



--  Island Gold reported another consecutive quarter of production growth

    with production of 15,076 ounces (14,233 ounces sold) at cash costs of

    $890 per ounce (US$680 per ounce) and AISC of $1,267 per ounce (US$968

    per ounce).

-- Operating cash flow (after changes in non-cash working capital) of $0.20

    per share (US$0.15 per share).



--  Quarterly earnings of $3.3 million (US$2.5 million), or $0.06 per share

    (US$0.05 per share).



--  Reporting a cash balance of $76.5 million (US$57.4 million) as at

    September 30, 2015.



--  Effective September 18, 2015 the Corporation was added to the S&P/TSX

    SmallCap Index.



--  The results of a Preliminary Economic Assessment (PEA) for the

    Corporation's cornerstone Island Gold Mine was released on October 28,

    which highlights the potential to accelerate production and lower AISC.

-- In September 2015, Anne Day was appointed to the Richmont executive team

    as Vice-President, Investor Relations, to lead the strategic execution

    of the Corporation's global investor relations program.









Financial Highlights







----------------------------------------------------------------------------

                                Quarter      Quarter Nine months Nine months

                                  ended        ended       ended       ended

(in thousands, except per     Sept. 30,    Sept. 30,   Sept. 30,   Sept. 30,

 share amounts)                    2015         2014        2015        2014

----------------------------------------------------------------------------

Revenue from mining

 operations                      34,107       34,215     111,869     

102,634

----------------------------------------------------------------------------

Net earnings per share,

 basic                             0.06         0.09        0.19        

0.16

----------------------------------------------------------------------------

Operating cash flow, per

 share                             0.20         0.18        0.63        

0.54

----------------------------------------------------------------------------

Adj. Operating cash flow,

 per share(1)                      0.20         0.23        0.56        

0.67

----------------------------------------------------------------------------

Free cash flow, per share(2)      (0.02)        0.05        0.11        0.17

----------------------------------------------------------------------------

(1) Before changes in non-cash working capital.

(2) Refer to the Non-GAAP performance measures contained in the Third

 Quarter Management's Discussion and Analysis.

----------------------------------------------------------------------------


Operational Highlights





----------------------------------------------------------------------------

                                 Quarter     Quarter Nine months Nine months

                                   ended       ended       ended       ended

                               Sept. 30,   Sept. 30,   Sept. 30,   Sept. 30,

                                    2015        2014        2015        2014

----------------------------------------------------------------------------

Gold produced (oz)                23,478      24,300      75,651      

72,808

----------------------------------------------------------------------------

Gold sold (oz)                    22,962      24,635      75,319      

72,837

============================================================================

Cash cost per ounce

 (CAN$)(1)                           926         876         961         

948

----------------------------------------------------------------------------

AISC (CAN$)(1)                     1,311       1,074       1,290       

1,157

----------------------------------------------------------------------------

Realized gold price (CAN$)         1,482       1,386       1,482       1,406

============================================================================

Cash cost per ounce (US$)(1)         707         804         763         866

----------------------------------------------------------------------------

AISC (US$)(1)                      1,001         986       1,024       

1,057

----------------------------------------------------------------------------

Realized gold price (US$) 1,132 1,273 1,176 1,285 ============================================================================ (1) Refer to the Non-GAAP performance measures contained in the Third

 Quarter Management's Discussion and Analysis.

----------------------------------------------------------------------------

'We are pleased to report another strong quarter from our cornerstone Island Gold Mine as the operation continues to deliver record production. During the quarter, we remained focused on both operational and strategic initiatives that could unlock the significant potential we see at Island Gold. Supporting that view are the results from the recent PEA on Island Gold, which identifies an opportunity to accelerate production and lower costs. We also see significant exploration potential at Island Gold and have launched two strategic drilling programs designed to test the potential of the main orebody both laterally and at depth, as well as elsewhere on our highly prospective land package.' commented Renaud Adams, CEO. 'Richmont remains uniquely positioned with a quality asset base, growing production, decreasing costs, as well as significant exploration potential yet to be realized. Our favorable Canadian dollar exchange rate exposure, growing cash flow streams and our solid balance sheet will continue to support our strategic growth plans going forward.'

Island Gold Highlights

----------------------------------------------------------------------------

                                 Quarter     Quarter Nine months Nine months

                                   ended       ended       ended       ended

ISLAND GOLD MINE             Sept. 30/15 Sept. 30/14 Sept. 30/15 Sept. 30/14

----------------------------------------------------------------------------

Gold produced (oz)                15,076      11,412      40,837      

33,232

----------------------------------------------------------------------------

Gold sold (oz)                    14,233      11,231      38,859      

33,026

============================================================================

Cash cost per ounce

 (CAN$)(1)                           890         902       1,036         

893

----------------------------------------------------------------------------

AISC (CAN$)(1)                     1,267       1,165       1,416       

1,113

----------------------------------------------------------------------------

Realized gold price (CAN$)         1,485       1,388       1,483       1,410

============================================================================

Cash cost per ounce (US$)(1)         680         829         823         816

----------------------------------------------------------------------------

AISC (US$)(1)                        968       1,071       1,125       

1,017

----------------------------------------------------------------------------

Realized gold price (US$) 1,135 1,275 1,177 1,289 ============================================================================ Underground tpd

                      669         621         660         

669

----------------------------------------------------------------------------

Mill tonnes                       66,416      61,272     181,785     

184,177

----------------------------------------------------------------------------

Mill tpd                             722         666         666         

675

----------------------------------------------------------------------------

Head grade (g/t)                    7.27        5.96        7.20        

5.81

----------------------------------------------------------------------------

Recoveries (%)                     97.12       97.23       97.01       

96.52

============================================================================

Sustaining Costs ($000'S) 5,371 2,951 14,754 7,273 ---------------------------------------------------------------------------- Project and non-sustaining

exploration costs ($000's) 8,234 4,902 18,124 10,139 ============================================================================ (1) Refer to the Non-GAAP performance measures contained in the Third

 Quarter Management's Discussion and Analysis.

----------------------------------------------------------------------------
--  Production for the quarter of 15,076 ounces, is a slight increase over

    the prior quarter and another quarter of consecutive production growth.

    For the nine-month period the Island Gold Mine produced 40,837 ounces,

    well in-line to meet the higher-end of annual production guidance

    levels.



--  Cash costs for the quarter decreased by 1% to $890 (US$680) per ounce

    over the prior year period. For the nine-month period cash costs

    increased by 16% to $1,036 (US$823) per ounce.



--  AISC for the quarter increased by 9% to $1,267 (US$968) per ounce over

    the prior year period. For the nine-month period AISC increased by 27%

    to $1,416 (US$1,125) per ounce.



--  Underground productivity for the quarter averaged 669 tonnes per day at

    higher than planned head grades of 7.27 g/t as mining activities

continued in the higher-grade Goudreau Zone. During the quarter, efforts

    continued on the aggressive development of the deep resources of the

    deposit, with 46% of total ore delivered to the mill from higher cost

    development ore. It is expected that the lower cost stoping ore will

    displace development ore over the coming quarters.

-- The mill averaged 722 tonnes per day during the quarter, with recoveries

of 97%. Mill productivity was slightly lower than the prior quarter as

mining activities were transitioning to new resources below the 500

metre level, where long-hole mining from the first mining horizon (above

    the 635 metre level) began in October.



--  A planned three week shutdown of the underground mine and a

    corresponding two week mill shutdown to accommodate a power upgrade was

    completed in October. The impact of the planned shutdown has been

incorporated into the 2015 production guidance. This upgrade of existing

    infrastructure will support ongoing development plans, productivity

    enhancement and drilling requirements. With upgrade completed, the

    capacity of the mill facility has been increased to 900 tonnes per day.



--  Development of the main access ramp progressed during the quarter to

    reach 725 vertical metres, with a target of 860 vertical metres by the

    end of 2016.



--  As of September 30, approximately 77% ($14.8 million) of the planned

    sustaining costs have been invested and approximately 62% ($18.1

    million) of the planned project development costs related to the

    development of the deeper resource have been invested.



--  Results of a PEA on the Island Gold Mine were released October 28th,

    which highlights the potential to accelerate production and lower AISC.

The study considered a phased approach with Phase 1 evaluating only 2.09

    million tonnes of the known resources that are located in the most

    continuous portion of the deposit between the 450 metre and 860 metre

    levels and excludes the isolated resource blocks and parallel zones

    outside the main area of interest. The Base Case scenario, using the

    current productivity level of 800 tonnes per day, estimates production

    of approximately 78,000 gold ounces per year from 2017 to 2022, at an

    expected average diluted mined grade of 8.67 g/t.









Beaufor Mine Highlights







----------------------------------------------------------------------------

                                 Quarter     Quarter Nine months Nine months

                                   ended       ended       ended       ended

BEAUFOR MINE                 Sept. 30/15 Sept. 30/14 Sept. 30/15 Sept. 30/14

----------------------------------------------------------------------------

Gold produced (oz)                 5,714       5,757      20,759      

18,325

----------------------------------------------------------------------------

Gold sold (oz)                     5,919       6,323      21,638      

18,166

============================================================================

Cash cost per ounce

 (CAN$)(1)                           974         974         974         

949

----------------------------------------------------------------------------

AISC (CAN$)(1)                     1,225         987       1,144       

1,035

----------------------------------------------------------------------------

Realized gold price (CAN$)         1,481       1,384       1,476       1,409

============================================================================

Cash cost per ounce (US$)(1)         744         895         773         868

----------------------------------------------------------------------------

AISC (US$)(1)                        936         907         908         

947

----------------------------------------------------------------------------

Realized gold price (US$) 1,131 1,271 1,171 1,288 ============================================================================ Underground tpd

                      338         359         355         

321

----------------------------------------------------------------------------

Mill tonnes                       30,437      30,859      97,102      

85,326

----------------------------------------------------------------------------

Head grade (g/t)                    5.93        5.98        6.74        

6.83

----------------------------------------------------------------------------

Recoveries (%)                     98.55       96.97       98.60       

97.86

============================================================================

Sustaining Costs ($000'S) 1,485 84 3,683 1,567 ---------------------------------------------------------------------------- Project and non-sustaining

 capital ($000's)                    208         558         208       

1,126

============================================================================

(1) Refer to the Non-GAAP performance measures contained in the Third

 Quarter Management's Discussion and Analysis.

----------------------------------------------------------------------------
--  Production for the quarter was 5,714 ounces (5,919 ounces sold) and

    20,759 ounces (21,638 ounces sold) for the nine month period.



--  Cash costs for the quarter were unchanged $974 (US$744) per ounce over

    the prior year period. For the nine-month period cash costs increased by

    3% to $974 (US$773) per ounce.



--  AISC for the quarter increased by 24% to $1,225 (US$936) per ounce over

    the prior year period. For the nine-month period AISC increased by 11%

    to $1,144 (US$908) per ounce.



--  Development of the Q Zone advanced during the quarter with a target of

    reaching the mineralized structure by early 2016.



--  As of September 30, approximately 45% ($3.7 million) of the planned

    sustaining costs had been invested.









Monique Mine Highlights







----------------------------------------------------------------------------

                                 Quarter     Quarter Nine months Nine months

                                   ended       ended       ended       ended

MONIQUE MINE                 Sept. 30/15 Sept. 30/14 Sept. 30/15 Sept. 30/14

----------------------------------------------------------------------------

Gold produced (oz)                 2,688       7,131      14,055      

16,351

----------------------------------------------------------------------------

Gold sold (oz)                     2,810       6,843      14,822      

16,716

============================================================================

Cash cost per ounce

 (CAN$)(1)                         1,005         753         745       

1,042

----------------------------------------------------------------------------

AISC (CAN$)(1)                     1,020         790         762       

1,085

----------------------------------------------------------------------------

Realized gold price (CAN$)         1,471       1,383       1,487       1,396

============================================================================

Cash cost per ounce (US$)(1)         768         692         592         953

----------------------------------------------------------------------------

AISC (US$)(1)                        779         726         605         

992

----------------------------------------------------------------------------

Realized gold price (US$) 1,124 1,270 1,180 1,276 ============================================================================ Mill tonnes

                       52,987      82,775     178,751     

197,562

----------------------------------------------------------------------------

Head grade (g/t)                    1.64        2.77        2.53        

2.67

----------------------------------------------------------------------------

Recoveries (%)                     96.16       96.66       96.71       

96.28

============================================================================

(1) Refer to the Non-GAAP performance measures contained in the Third

 Quarter Management's Discussion and Analysis.

----------------------------------------------------------------------------

-- Milling of the lower-grade stockpiled ore for the quarter produced 2,688

    ounces (2,810 ounces sold), a decrease over the same quarter in 2014

    when the mine was in operation. The processing of the lower grade

    stockpile will be completed by the latter part of the fourth quarter as

    planned.

-- Cash costs for the quarter increased by 33% to $1,005 (US$768) per ounce

    over the prior year period. For the nine-month period cash costs

    decreased by 29% to $745 (US$592) per ounce.



--  AISC for the quarter increased by 29% to $1,020 (US$745) per ounce over

    the prior year period. For the nine-month period AISC decreased by 30%

    to $762 (US$605) per ounce.









Exploration Highlights







--  On September 10, the Corporation announced a 23,000 metre deep

    directional drilling program for the highly prospective Island Gold

    property to test the down plunge extension of the deposit where the

    Corporation previously reported an intercept of 19.87 g/t over 3.93

    metres at a depth of 1,200 metres. Drilling was initiated in early

    October.

-- On September 16, the Corporation announced an update on the 20,000 metre

    surface exploration drilling campaign on the Island Gold Mine property.

    The drilling program was designed to test the east and west extensions

    of the Island Gold deposit along strike as well as new deposits within

    the regional Goudreau shear zone.







Financial Statements and Management's Discussion and Analysis

The financial statements and related Management's Discussion and Analysis can be found on the Corporation's website at www.richmont-mines.com or under the Company's profile on www.sedar.com and with the Securities and Exchange Commission at www.sec.gov/edgar.shtml.

Webcast and Conference Call A webcast and conference call will be held on Thursday, November 5, 2015 starting at 8:30 a.m. Eastern Time. Senior management will be on the call to discuss the results.

Conference Call Access







--  International & Toronto: 1-416-764-8688

--  Canada & U.S. Toll Free: 1-888-390-0546





Please ask to be placed into the Richmont Mines 2015 Third Quarter Results Conference Call.

Conference Call Live Webcast

The conference call will be broadcast live on the internet via webcast. To access the webcast, please follow this link: http://event.on24.com/r.htm?e=1081135&s=1&k=58BD2462ECC006742D50A5E1D3810C03.

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 (www.richmont-mines.com).

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: http://sec.gov/edgar.shtml.

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.

Web Site: www.richmont-mines.com

Visit our Facebook page

FOR FURTHER INFORMATION PLEASE CONTACT:

Renaud Adams, President and CEO

Richmont Mines Inc.

416 368-0291 ext. 101





Anne Day, Vice-President, Investor Relations

Richmont Mines Inc.

416 368-0291 ext. 105









Source: Richmont Mines Inc.

News Provided by Acquire Media

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Richmont Mines Inc

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CODE : RIC.TO
ISIN : CA76547T1066
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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.

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12/16/2008 Acquires Patricia Mining Corp.
12/3/2008 Announces Acceptance of Normal Course Issuer Bid
9/4/2008AND LKA AGREE TO EXTEND INITIAL COMMITMENT PERIOD TO COMPLET...
7/10/2008TO START DRILLING AT THE GOLDEN WONDER PROJECT
5/18/2006Focus on profitable growth
1/26/2006and Patricia Mining Corp. Announce the purchase of the remai...
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TORONTO (RIC.TO)AMEX (RIC)
11.72+4.27%18,900.00-0.53%
TORONTO
CA$ 11.72
11/24 16:00 0.480
4.27%
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
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