Richmont Mines Announces Accelerated Development Plan for Island Gold, Reports Chip Sampling Results

Richmont Mines Inc. (TSX:RIC,NYSEMKT:RIC) announced an accelerated and expanded development plan for the Island Gold Mine in Ontario, particularly the lower Island Gold zone where work is expected to commence mid-October. The ramp development will enable Richmont to prepare a second mining horizon by the end of 2015. Results from chip sampling averaged 12.68 g/t Au over an average width of 2.51 metres were also reported.

As quoted in the press release:

A contract will be signed with Manroc to accelerate ramp development into the lower Island Gold zone, with work expected to commence in mid-October. The contracted development is expected to take 12 months and will extend the ramp from the current 635 metre level to a depth of 660 metres by year end, and to a depth of 735 metres by the end of the contract (November 2015). This requires 800 linear metres of ramp development. The work will enable Richmont to prepare a second mining horizon by the end of 2015, on the 735 metre level. Development of the first mining horizon on the 635 metre level will be completed in early 2015, in accordance with previously established plans.

… Results from chip sampling on the face over 120 metres of lateral development on the 535 metre level averaged 12.68 g/t Au over an average width of 2.51 metres. On the 585 metre level, sampling over 125 metres of lateral development averaged 6.89 g/t Au over an average width of 2.91 metres. These results are in addition to the previously announced chip sampling results obtained over 92 metres of lateral development on the 560 metre level of the mine that averaged 12.73 g/t Au over a 2.92 metre width. These grades should be seen as indicative, as the capping value used (75 g/t) needs to be confirmed by further studies. The chip sampling results correspond well with the resource estimate and meet the Corporation’s grade and continuity expectations.

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