Richmont Mines Announces Revision to 2016 Operational Guidance Estimates

- September 12th, 2016

Richmont Mines (TSX:RIC) has announced a revision to its 2016 operational guidance estimates from the Island Gold Mine. As quoted in the press release. Company-wide annual gold production guidance estimates have increased to between 98,000 and 106,000 ounces, from 87,000 to 97,000 ounces, supported by a potential 45 percent annual production increase at the Island …

Richmont Mines (TSX:RIC) has announced a revision to its 2016 operational guidance estimates from the Island Gold Mine.
As quoted in the press release.

  • Company-wide annual gold production guidance estimates have increased to between 98,000 and 106,000 ounces, from 87,000 to 97,000 ounces, supported by a potential 45 percent annual production increase at the Island Gold Mine.
  • The Corporation is also revising the Canadian to US dollar exchange rate assumptions to $1.33 Canadian dollars to the US dollar for the period January to June and $1.30 Canadian dollars to the US dollar for the balance of the year, due to the strengthening of the Canadian dollar during the year. The original guidance estimates issued on February 11, 2016 assumed an exchange rate of $1.364.
  • Company-wide annual cash cost guidance estimates have decreased to between $885 and $945 per ounce (US$675 and US$720 per ounce), from $930 to $1,000 per ounce (US$680 to US$730 per ounce), supported by the increased contribution of higher quality, lower cost ounces from the Island Gold Mine.
  • Company-wide annual All-in Sustaining Costs (“AISC”) guidance estimates have decreased to between $1,230 and $1,335 per ounce (US$935 and US$1,015 per ounce), from $1,275 to $1,390 per ounce (US$935 to US$1,015 per ounce), supported by the strong AISC performance from the Island Gold Mine.

Click here to read the full press release. 

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