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RICHMONT
MINES REPORTS GOLD SALES MORE THAN DOUBLE IN
2008
FOURTH QUARTER
� Fourth quarter gold sales of 22,116
ounces;
� Total gold sales in 2008 were 70,945
ounces; total production reaches 73,577
ounces;
� Strong balance sheet: cash balance at December
31, 2008 of approximately $26 million with no long-term debt and
only 26.1 million shares outstanding.
MONTREAL,
Quebec, Canada, January 22,
2009 - Richmont Mines Inc. (TSX/NYSE-A: RIC)
a gold exploration, development and production
company with operations in Canada, today announced preliminary gold production and sales for
the fourth quarter and full year 2008. Complete production data and financial
results will be available on February
26, 2009. During the fourth quarter of 2008, Richmont sold 22,116
ounces of gold, more than double the 10,949
ounces of gold sold in the fourth quarter of 2007.
For the full year 2008, the Company sold 70,945
ounces of gold, compared with 46,193
ounces during 2007, an increase of 54%. Gold production
in 2008 was 73,577 ounces,
62% above 2007 production of 45,304
ounces.
|
|
Q4-2008
|
2008
|
Q4-2007
|
2007
|
|
Ounces of
gold
|
Ounces of
gold
|
Ounces of gold
|
Ounces of gold
|
|
Sales
|
Production
|
Sales
|
Production
|
Sales
|
Production
|
Sales
|
Production
|
|
Island
Gold
|
13,915
|
12,850
|
38,037
|
39,224
|
7,302
|
7,348
|
7,302
|
7,348
|
|
Beaufor
|
8,201
|
7,628
|
32,908
|
34,353
|
3,613
|
3,805
|
26,182
|
26,204
|
|
East
Amphi
|
-
|
-
|
-
|
-
|
34
|
34
|
12,709
|
11,752
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
22,116
|
20,478
|
70,945
|
73,577
|
10,949
|
11,187
|
46,193
|
45,304
|
The
Island Gold Mine sold 13,915
ounces of gold during the fourth quarter of 2008 and 38,037
ounces for the 2008 full year. Gold production at Island
Gold was 12,850 ounces
for the fourth quarter 2008 and 39,224
ounces for the year. Island Gold commenced commercial
production during the fourth quarter of 2007 and 7,302
ounces of gold were sold and 7,348
ounces of gold were produced during this quarter.
Beaufor
Mine sales and production for the fourth quarter of 2008 were 8,201 and 7,628
ounces, respectively, compared with 3,613 and 3,805
ounces in the 2007 quarter. For the year, sales and
production from the Beaufor Mine were 32,908 and 34,353
ounces, respectively, compared with 26,182 and 26,204
ounces in 2007.
Mr.
Martin Rivard, President and CEO of Richmont
Mines, commented, �Continued strong production from the Beaufor Mine combined
with measurably improving results from Island Gold resulted in notably better
production results for both the fourth quarter and year. At Island Gold, we
have made consistent progress with an improved management team combined with
greater availability of experienced miners and were able to achieve our goal of
producing in excess of 10,000
ounces per quarter. As a result, we would expect to
continue at this rate in 2009 and produce 45,000 to 50,000
ounces of gold. Combined with Beaufor�s expected
production of 25,000 to 30,000
ounces of gold, total production in 2009 could be in the
range of 70,000 to 80,000 ounces
of gold.�
He
noted, �We plan to review financial and operating results in-depth in our
fourth quarter earnings release, which we expect to issue on February
26, 2009.�
Richmont
Mines recently announced the completion of its acquisition of Patricia Mining
Corp. After the acquisition, the company has 26.1 million common shares
outstanding, and its cash balance at December
31, 2008 was approximately $26 million. The Company continues to
have a strong balance sheet with no long-term debt.
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. Richmont routinely
posts news and other important information on its website at: 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.
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.
- 30 -
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