The Conversation (0)
Richmont Mines Inc. (TSX:RIC,NYSEMKT:RIC) reported Q1 2015 gold production was at 25,859 ounces and gold sales at 24,791 ounces – which are increases of 23% and 21%, respectively, from 2014.
As quoted in the press release:
Highlights:
Q1 2015 gold production of 25,859 ounces and gold sales of 24,791 ounces, increases of 23% and 21%, respectively, from prior year levels;
First quarter average realized gold price in CAN$ of $1,496 per ounce in 2015, up 4% over the same period in 2014;
2015 annual gold production guidance of 78,000 – 88,000 ounces confirmed;
Accelerated development at Island Gold Mine progressing on plan: the main access ramp extended to a depth of 675 metres, the exploration/definition drift to a length of 290 metres and the secondary eastern ramp to a depth of 470 metres;
Mining and milling studies initiated at Island Gold Mine, with first update expected in Q3 2015;
Cash balance of approximately $70.7 million at March 31, 2015, compared to $67.5 million at February11, 2015 subsequent to the closing of the bought deal financing announced in January 2015, and $35.3 million at year-end 2014.
Richmont Mines CEO, Renaud Adams, said:
I am very pleased with our results this quarter. On a consolidated basis, our operations performed well with total gold production and sales both returning superior results. Our Quebec operations had an excellent three months, with Beaufor and Monique delivering significant gold production increases over last year. We continued to ramp up production at Island Gold during the first quarter in accordance with our 2015 plans, while also building up inventory at the mine site. Additionally, we began implementing our infrastructure upgrade plan, which had a minor impact on the mine’s operational performance during the first two months of the quarter. This was offset by a very strong March for Island Gold, during which the mine generated an average of 860 tonnes per day, which in turn led to the establishment of a 6,700 tonne ore stockpile on surface at the end of the quarter. I believe that the progress achieved in our March performance is a beacon of things to come at Island Gold, as we have only just begun to implement the strategic infrastructure and operational improvements that we believe will translate into game-changing long-term growth at Island Gold.
Click here to read the Richmont Mines Inc. (TSX:RIC,NYSEMKT:RIC) press release
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