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Richmont Mines (TSX: RIC) (NYSE: RIC) (“Richmont” or the “Corporation”), announces updated Mineral Reserves and Resources as of December 31, 2016. Mineral Reserves at the cornerstone Island Gold Mine in Ontario increased by 34% (net of depletion) to 752,200 ounces of gold, at an increased grade of 9.17 g/t gold. As quoted in the press release: “We are …
Richmont Mines (TSX: RIC) (NYSE: RIC) (“Richmont” or the “Corporation”), announces updated Mineral Reserves and Resources as of December 31, 2016. Mineral Reserves at the cornerstone Island Gold Mine in Ontario increased by 34% (net of depletion) to 752,200 ounces of gold, at an increased grade of 9.17 g/t gold.
As quoted in the press release:
“We are pleased to report another year of high quality reserve growth at the Island Gold Mine. The increase in reserves and resources is consistent with our vision of developing the Island Gold Mine to be a long life, high quality underground mine in Canada. Our systematic delineation drilling campaign at Island Gold during 2016 has more than offset mining depletion, contributing to the 34% increase in reserve ounces and the 11% increase in average reserve grade. Our drilling program has also successfully contributed to a 30% increase in inferred resources at a 20% higher grade, which is very positive, given the high rate of resource conversion that was achieved in 2016,” stated Renaud Adams, Chief Executive Officer.
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