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Richmont Mines Inc. (TSX:RIC,NYSEMKT:RIC) announces financial and operational results for its third quarter ended September 30, 2013.
As quoted in the press release:
Highlights:
- Q3 2013 net loss from continuing operations of $1.1 million, or $0.03 per share, versus Q3 2012 net earnings from continuing operations of $0.5 million, or $0.01 per share;
- Q3 2013 operating cash flows of $5.0 million, or $0.13 per share, versus Q3 2012 operating cash flows of $5.2 million, or $0.15 per share;
- Gold sales of 15,438 ounces at an average selling price of $1,367 (US$1,336) per ounce in Q3 2013, versus gold sales of 14,890 ounces at an average selling price of $1,676 (US$1,677) per ounce in the prior year;
- Continued improvement at Beaufor; gold sales of 7,424 ounces at cash costs of $790 (US$772) per ounce;
- Updated inferred mineral resource estimate of 2.3 million tonnes grading 10.53 g/t Au for 771,000 ounces for the Island Gold Deep Project established;
- Commercial production declared October 1, 2013 at the W Zone Mine and Monique Mine in Quebec;
- Cash and cash equivalents of $21.2 million, or $0.53 per share, as of September 30, 2013, and long-term debt remains minimal at $5.3 million;
- Island Gold Deep development contract with an outside contractor terminated November 12th due to the weak and volatile gold market environment, lower than expected operational results at the Island Gold Mine, and the Corporation’s focus on cash preservation and sound capital deployment;
- Island Gold Deep ramp extension and development work will continue with Richmont’s own personnel and equipment in accordance with internally-established schedules and budgets, with no impact on 2014 production expectations;
- The drawdown deadline for the first CAN$12.5 million tranche (Tranche A) of the Senior Secured Macquarie Bank Limited Credit Facility has been extended until December 31, 2013. All other terms and conditions of the Facility remain unchanged. Please see Note 16 of the notes to the Third Quarter Financial Statements for details. The Corporation has not yet entered into any hedging contracts contemplated in the Credit Facility.
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