Richmont Mines Earns $3.3-million in Fiscal Q3 2015

Richmont Mines (TSX:RIC,NYSEMarket:RIC) announced they have delivered another strong quarter of operational and financial results for the three months ended September 30, 2015.
As quoted in the press release:

Third Quarter and Recent Highlights
The Corporation delivered another solid quarter of financial and operational results primarily underpinned by the continued strong performance from the Corporation’s cornerstone Island Gold operation in northeastern Ontario.

• Gold production of 23,478 ounces (22,962 ounces sold) at an average realized gold price of $1,482 per ounce (US$1,132), for quarterly revenues of $34.1 million (US$26.1 million).

• Cash costs of $926 per ounce (US$707 per ounce) and All-In-Sustaining Costs (AISC) of $1,311 per ounce (US$1,001 per ounce).
• Island Gold reported another consecutive quarter of production growth with production of 15,076 ounces (14,233 ounces sold) at cash costs of $890 per ounce (US$680 per ounce) and AISC of $1,267 per ounce (US$968 per ounce).
• Operating cash flow (after changes in non-cash working capital) of $0.20 per share (US$0.15 per share).
• Quarterly earnings of $3.3 million (US$2.5 million), or $0.06 per share (US$0.05 per share).
• Reporting a cash balance of $76.5 million (US$57.4 million) as at September 30, 2015.
• Effective September 18, 2015 the Corporation was added to the S&P/TSX SmallCap Index.
• The results of a Preliminary Economic Assessment (PEA) for the Corporation’s cornerstone Island Gold Mine was released on October 28, which highlights the potential to accelerate production and lower AISC.
• In September 2015, Anne Day was appointed to the Richmont executive team as Vice-President, Investor Relations, to lead the strategic execution of the Corporation’s global investor relations program.

Richmont Mines CEO, Renaud Adams, stated:

We are pleased to report another strong quarter from our cornerstone Island Gold Mine as the operation continues to deliver record production. During the quarter, we remained focused on both operational and strategic initiatives that could unlock the significant potential we see at Island Gold. Supporting that view are the results from the recent PEA on Island Gold, which identifies an opportunity to accelerate production and lower costs. We also see significant exploration potential at Island Gold and have launched two strategic drilling programs designed to test the potential of the main orebody both laterally and at depth, as well as elsewhere on our highly prospective land package.
Richmont remains uniquely positioned with a quality asset base, growing production, decreasing costs, as well as significant exploration potential yet to be realized. Our favorable Canadian dollar exchange rate exposure, growing cash flow streams and our solid balance sheet will continue to support our strategic growth plans going forward.

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