The Conversation (0)
Richmont Mines (TSX:RIC,NYSEMarket:RIC) announced it has delivered another strong quarter with a year-to-date production of 75,651 ounces that is in line with planned levels and positions the corporation to achieve the higher end of the increased annual production guidance of between 87,000 and 95,000 ounces that was announced on Aug. 6.
Richmont Mines (TSX:RIC,NYSEMarket:RIC) announced it has delivered another strong quarter with a year-to-date production of 75,651 ounces that is in line with planned levels and positions the corporation to achieve the higher end of the increased annual production guidance of between 87,000 and 95,000 ounces that was announced on Aug. 6.
As quote in the press release:
Highlights for the third quarter include:
- During the third quarter the Corporation produced 23,478 ounces of gold (22,962 ounces sold) and reported total revenues of $34.1 million.
- Production for the third quarter was underpinned by another strong quarter from the Island Gold Mine, which reported production of 15,076 ounces of gold (14,233 ounces sold), in-line with planned levels and on track to meet the higher-end of annual production guidance.
- For the nine-month period, production was 75,651 ounces (75,319 ounces sold), with total revenues of $111.9 million.
- The Corporation ended the quarter with a strong cash balance of approximately $76.5 million to maintain a solid balance sheet that will support the Corporation’s growth profile going forward.
- A 23,000 metre directional drilling program was announced at the highly prospective Island Gold property to test the down plunge extension of the deposit where the Corporation previously reported an intercept of 19.87 g/t over 3.93 metres at a depth of 1,200 metres.
- Effective September 18, 2015 the Corporation was added to the S&P/TSX SmallCap Index.
Richmont Mines President and CEO, Renaud Adams, stated:
We are pleased to deliver another solid quarter of production, particularly from our cornerstone Island Gold operation. Our focus in 2015 has been to leverage the significant growth potential we see at Island Gold. This includes the completion of a milling and mining study, which is expected to be released in the latter part of October and was designed to evaluate additional opportunities to increase operating capacity throughout the operation. Also during the quarter, we have advanced our strategic drilling program that targets both increasing our mineral reserves and resources as well as identifying new mineralization both laterally and at depth. We begin the fourth quarter well positioned with a quality asset base in Canada, and additional exploration potential yet to be realized, all of which is underpinned by a solid balance sheet that will support our strategic growth plans.
Connect with Richmont Mines (TSX:RIC,NYSEMarket:RIC) to receive an Investor Kit