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richmont mines inc (RIC) Snapshot

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01/27/15 - C$4.55
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richmont mines inc (RIC) Details

Richmont Mines Inc. is engaged in the mining, exploration, and development of mining properties, primarily gold in Canada. It operates three gold mines, including the Beaufor/W Zone and the Monique mines in Quebec; and the Island Gold Mine in Ontario. The company is also developing the Island Gold Deep project located in Ontario. As of December 31, 2013, it had proven and probable reserves of 143,505 ounces of gold at the Island Gold Mine; and 31,133 ounces of gold at the Beaufor Mine. The company was formerly known as Ressources minières Rouyn inc. and changed its name to Richmont Mines Inc. in 1991. Richmont Mines Inc. was founded in 1981 and is headquartered in Rouyn-Noranda, Canada.

442 Employees
Last Reported Date: 02/28/14
Founded in 1981

richmont mines inc (RIC) Top Compensated Officers

Vice-President of Finance
Total Annual Compensation: C$180.0K
Vice President of Exploration
Total Annual Compensation: C$181.7K
Compensation as of Fiscal Year 2013.

richmont mines inc (RIC) Key Developments

Richmont Mines Inc. Reports Production and Sales Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Production and Capex Outlook for the Year 2015

Richmont Mines Inc. reported production and sales results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company’s gold production was 23,854 ounces. For the year, the company’s gold production was 95,208 ounces, a 45% increase over the 2013 level. For the quarter, the company’s gold sales were 21,666 ounces. For the year, the company’s gold sales were 94,503 ounces. For the year 2015, the company expects production of 78,000 to 88,000 ounces. Capital expenditures for the year 2015 planned at CAD 56.3 million, with CAD 48.3 million focused on operation and development of the Island Gold Mine.

Richmont Mines Inc. Provides Results from its Deep Exploration Drilling of Island Gold Deposit

Richmont Mines Inc. provided results from its deep exploration drilling to test part of the down plunge projection of the Island Gold deposit to the east. Highlights include intersections of 19.87 g/t Au over 3.93 metres at a vertical depth of 1,203 metres and 7.44 g/t Au over 8.49 metres at a vertical depth of 858 metres. Richmont also announced a $7.6 million exploration program for Island Gold Mine in 2015. In September 2014 the Corporation announced plans to complete several additional exploration drill holes in order to better evaluate the potential of the deposit towards the east between depths of approximately 800 and 1,000 metres. Hole GD-14-01C, drilled from surface, intersected the targeted C Zone at a vertical depth of 1,203 metres, and assayed 19.87 g/t Au over a true width of 3.93 metres. Significantly, this intersection is approximately 250 metres down plunge from the limits of the currently defined resources, and is considered indicative of the excellent potential for the down plunge extension of Island Gold Mine's mineralization. An additional intersection of 21.1 g/t Au over 0.95 metres is not within the C Zone, but its relationship is yet to be determined. A second hole being drilled from surface will be concluded shortly, however the areas previously targeted by the remaining planned holes from surface will be drilled at a later date from the 620 metre exploration drift as development advances by the contractor, and drill access has been attained. The additional two holes, drilled from underground (400-528-09 and 400-528-10), both successfully intersected the C Zone. Hole 400-528-09 intersected 7.44 g/t Au over 8.49 metres at a vertical depth of 858 metres, which is not a significant step out from the known resources, while hole 400-528-10 intersected 4.44 g/t Au over 6.07 metres at a vertical depth of 1,091 metres, which is approximately 100 metres.

Richmont Mines Inc. Appoints Renaud Adams as President and Chief Executive Officer

Richmont Mines Inc. announced that Mr. Renaud Adams has officially begun as President and Chief Executive Officer of Richmont Mines. Mr. Adams will be based in Toronto, where a corporate office will be opened shortly. Adams has 20 years of mining experience, and most recently served as President and Chief Operating Officer at Primero Mining Corp.


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