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Richmont Mines Inc. (TSX:RIC,NYSEMKT:RIC) has completed the bulk sampling phase for its Monique Gold Project in Quebec. The bulk sample was processed at the Corporation’s 100%-owned Camflo Mill, located approximately 50 km from the Project. As a result, the company has established estimated mineral Reserves for the Project, and will proceed to commercial production.
As quoted in the press release:
Highlights:
- 8,494 tonne Monique bulk sample generated 717 ounces of gold with a head grade of 2.76 g/t and a mill recovery rate of 95.1%; Project metallurgy and geological model confirmed; open-pit Proven and Probable Reserves of 485,737 tonnes, grading 2.29 g/t for 35,698 ounces of gold established at the Project;
- Three month pre-production phase from July 1 through September 30 expected to generate approximately 3,500 ounces of non-commercial gold production from a total of 52,500 tonnes during the third quarter of 2013;
- Commercial gold production of 4,500 ounces expected over October to December period from the Project; Richmont’s 2013 gold production forecast increased to 72,000 ounces.
- Estimated life of mine (“LOM”) commercial gold production of 30,000 ounces, over 19 months, at an average cash cost per ounce of CAN$904.
Richmont President and CEO Paul Carmel said:
The bulk sampling phase of Monique was completed as expected, and we are pleased that it has confirmed our metallurgical and geological expectations for the Project. The addition of 22,500 tonnes per month from Monique will translate into efficiency improvements and lower unit cost levels at our Camflo Mill, which is currently operating at full capacity with material from our Beaufor, W Zone and now Monique operations. With the Project in the pre-production phase as of the beginning of July, we will continue to ramp up production levels through the end of the summer, and look forward to declaring commercial production on this project at the beginning of October.
Click here to read the Richmont Mines Inc. (TSX:RIC,NYSEMKT:RIC) press release
Click here to see the Richmont Mines Inc. (TSX:RIC,NYSEMKT:RIC) profile.