Richmont Mines Reports 45% gold production in 2014

Resource Investing News

Richmont Mines Inc. (TSX:RIC,NYSEMKT:RIC) reported an annual gold production of 95,208 ounces, a 45% increase over the 2013 level for 2014. In 2015, a production of 78,000 – 88,000 ounces at a cash cost of CAN$935 – CAN$1,035 (US$850 – US$940) is forecasted, and Island Gold Mine development plans include extending the main access ramp and the secondary eastern ramp.

Richmont Mines Inc. (TSX:RIC,NYSEMKT:RIC) reported an annual gold production of 95,208 ounces, a 45% increase over the 2013 level, for 2014. In 2015, a production of 78,000 – 88,000 ounces at a cash cost of CAN$935 – CAN$1,035 (US$850 – US$940) is forecasted, and Island Gold Mine development plans include extending the main access ramp and the secondary eastern ramp.

As quoted in the press release:

Highlights:
– Fourth quarter 2014 gold production of 23,854 ounces resulted in 2014 annual gold production of 95,208 ounces; 45% higher than 2013, and over 5% above the Corporation’s increased guided range;
– Fourth quarter 2014 gold sales of 21,666 ounces contributed to 2014 annual gold sales of 94,503 ounces, the second highest in the Corporation’s history, and a 49% increase over 2013;
– Cash and cash equivalents of approximately $35 million as at December 31, 2014;
– 2015 Island Gold Mine development plans to include: extending the main access ramp to a minimum depth of 750 metres and the secondary eastern ramp to a minimum depth of 570 metres, completing 41,000 metres of exploration drilling to potentially extend the existing resource to the east and 59,000 metres of definition and delineation drilling to upgrade the inferred resources between 500 and 1,000 metres of depth in preparation for mining in 2016;
– 2015 forecasted production of 78,000 – 88,000 ounces at a cash cost of CAN$935 – CAN$1,035 (US$850 – US$940)(1);
– Total planned 2015 capital expenditures of $56.3 million, with $48.3 million focused on operation and development of the Island Gold Mine;

Richmont Mines President and CEO, Renaud Adams, said:

2015 will be a transformational year for Richmont. Our 2015 budget represents a significant step towards positioning Island Gold with the view of creating a longer-life multi-million gold ounce, higher production and superior free cash flow operation.This will provide a solid foundation for Richmont to deliver potentially industry-leading high-quality growth from a mining-friendly and safe jurisdiction for many years to come.

Click here to read the Richmont Mines Inc. (TSX:RIC) press release
Click here to see the Richmont Mines Inc. (TSX:RIC) profile.

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