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Richmont Mines Reports Record Third Quarter Production and Peer-Leading Cash Costs from the Island Gold Mine; Island Gold On-Track to Beat Annual Guidance
Richmont Mines Reports Record Third Quarter Production and Peer-Leading Cash Costs from th...
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[{"type":"text","content":"\n\n\n\nRichmont Mines Reports Record Third Quarter Production and Peer-Leading Cash Costs from the Island Gold Mine; Island Gold On-Track to Beat Annual Guidance\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Oct. 12, 2017\n\n\n\nTORONTO, Oct. 12, 2017 /CNW Telbec/ - Richmont Mines Inc. (TSX: RIC) (NYSE: RIC) (\"Richmont\" or the \"Corporation\"), reports solid third quarter results from the Island Gold Mine with record quarterly production of 26,659 ounces of gold, at low cash costs1 of $666 (US$532) per ounce. For the nine-month period, the Island Gold Mine produced 76,541 ounces of gold at peer-leading cash costs of $637 (US$487) per ounce, positioning this cornerstone asset to beat annual guidance. (All amounts are in Canadian dollars unless otherwise indicated.)\n\nTHIRD QUARTER HIGHLIGHTS – ISLAND GOLD MINE\n\n\nThe Island Gold Mine reported record production of 26,659 ounces of gold (22,666 ounces sold) for the quarter and 76,541 ounces of gold (74,849 ounces sold) for the nine-month period. Production in the quarter was positively impacted by higher than planned grade of 10.04 grams per tonne. The Island Gold Mine is now well positioned to exceed the high-end of annual production guidance of 87,000-93,000 ounces.\nCash costs for the quarter were $666 (US$532) per ounce and $637 (US$487) per ounce for the nine-month period. The Island Gold Mine remains on-track to beat the low end of annual cash cost guidance of $715-$765 (US$550-$590) per ounce.\nCash balance at the end of the quarter was $90.1 (US$72.2) million, a slight decrease of $5.8 (US$4.6) million over the second quarter. As a result of timing, the finished goods inventory at the end of the quarter consisted of approximately 2,000 gold ounces. These ounces were sold in the fourth quarter.\nOn September 11, 2017, Richmont announced that it had entered into a definitive agreement with Alamos Gold (\"Alamos\") whereby Alamos will acquire all of the issued and outstanding shares of Richmont pursuant to a plan of arrangement. The transaction is expected to close o...