 | Richmont Mines Inc - RIC.t currently produces gold from the Island Gold Mine in Ontario, and the Beaufor Mine in Quebec. The Company is advancing development of a significant high-grade resource extension at depth of the Island Gold Mine. The company reported Q1 production of 32,369oz at non-AISC cash costs of $806 |  |
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Hey Kevin! Your head office is still darned leaky, isn't it? At what point do they start laughing at you behind your back?"
"Richmont Mines Inc. (TSX: RIC) (NYSE MKT: RIC) (“Richmont” or the “Corporation”), reports that the Island Gold Mine delivered another record quarter of operational results that contributed to a strong consolidated first quarter production of 32,369 gold ounces and cash costs of $806 per ounce (US$587 per ounce). (All amounts are in Canadian dollars unless otherwise indicated).
Highlights for the First Quarter include:
- During the first quarter, Island Gold produced 26,589 ounces of gold (26,031 ounces sold), an increase of 147% over the same period in 2015 and an 87% increase over the prior quarter. Increased production for the quarter was positively impacted by higher than expected reconciled grades of 11.31 g/t milled and record mill throughput of 834 tonnes per day. Company-wide production was 32,369 ounces of gold (32,239 ounces sold), a 25% increase over the prior year period and 45% over the prior quarter.
- Cash costs for the quarter at Island Gold were $674 per ounce (US$491 per ounce), a 52% decrease over the prior year period and a 34% decrease over the prior quarter. Company-wide cash costs for the quarter were $806 per ounce (US$587 per ounce), a decrease of 18% over the prior year period and a 22% decrease over the prior quarter.
- First quarter revenues were a record $52.6 million at an average realized gold price of $1,629 per ounce (US$1,186 per ounce).
- Richmont maintained its cash balance of approximately $61 million (US$45 million) as at the end of the quarter, despite an $8.7 million reduction in Accounts Payable balances during the quarter.
Q4 14 | Q1 15 | Q2 15 | Q3 15 | Q4 15 | Q1 16 | 2016 Guidance | ||
Gold Produced (oz) | ||||||||
Island Gold Mine | 8,974 | 10,764 | 14,997 | 15,076 | 14,203(1) | 26,589 | 62,000-67,000 | |
Beaufor Mine | 6,633 | 7,963(2) | 7,082 | 5,714 | 5,652 | 4,615 | 25,000-30,000 | |
Monique Mine | 7,324 | 7,132 | 4,235 | 2,688 | 2,525 | 1,165(3) | - | |
Total Produced (oz) | 22,931 | 25,859 | 26,314 | 23,478 | 22,380 | 32,369 | 87,000-97,000 | |
(1) | Fourth quarter production includes a 3 week underground mine shutdown. | |||||||
(2) | Production includes 1,624 ounces from the milling of slag accumulated at the Camflo Mill. | |||||||
(3) | Processing of the stockpile pad at the Monique Mine was completed at the end of January 2016. | |||||||
Cash Cost Highlights
Q4 14 | Q1 15 | Q2 15 | Q3 15 | Q4 15 | Q1 16 | 2016 Guidance(2) | ||
Cash Costs (C$)(1) | ||||||||
Island Gold Mine | $1,307 | $1,414 | $954 | $890 | $1,026 | $674 | $900-$960 | |
Beaufor Mine | $935 | $905 | $1,062 | $974 | $1,084 | $1,398 | $1,000-$1,060 | |
Monique Mine | $586 | $521 | $914 | $1,005 | $977 | $1,185 | - | |
Total Cash Costs (C$)(1) | $981 | $979 | $974 | $926 | $1,034 | $806 | $930-$1,000 | |
Cash Costs (US$)(1) | ||||||||
Island Gold Mine | $1,151 | $1,139 | $776 | $680 | $768 | $491 | $660-$705 | |
Beaufor Mine | $823 | $730 | $864 | $744 | $812 | $1,018 | $735-$780 | |
Monique Mine | $516 | $420 | $743 | $768 | $731 | $863 | - | |
Total Cash Costs (US$)(1) | $864 | $789 | $792 | $707 | $774 | $587 | $680-$730 | |
(1) | Refer to the Non-GAAP measures that is contained in the Annual MD&A. | |||||||
(2) | 2016 guidance assumes a foreign exchange rate of 1.364 Canadian dollars to the US dollar. | |||||||
Operational Highlights
Q4 14 | Q1 15 | Q2 15 | Q3 15 | Q4 15 | Q1 16 | |||
Island Gold Mine | ||||||||
Underground tpd | 399 | 552 | 759 | 669 | 657(1) | 853 | ||
Mill tpd | 507 | 487 | 787 | 722 | 656(2) | 834 | ||
Mill head grade (g/t) | 6.28 | 7.87 | 6.73 | 7.27 | 7.62 | 11.31 | ||
Recoveries (%) | 95.3 | 97.2 | 96.8 | 97.1 | 96.0 | 96.3 | ||
Beaufor Mine | ||||||||
Underground tpd | 327 | 367 | 360 | 338 | 306 | 323 | ||
Mill head grade (g/t) | 6.96 | 8.44(3) | 6.05 | 5.93 | 6.30 | 4.96 | ||
Recoveries (%) | 98.1 | 98.6 | 98.6 | 98.6 | 98.4 | 98.7 | ||
(1) | Fourth quarter underground productivity includes a 3 week mine shutdown. | |||||||
(2) | Fourth quarter mill productivity includes a 2 week mill shutdown. | |||||||
(3) | Production includes 1,624 ounces from the milling of slag accumulated at the Camflo Mill. | |||||||
“We are pleased to report another record quarter, which was driven by higher grades and improving productivity from the Island Gold Mine.
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