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Share Name | Share Symbol | Market | Type |
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Richmont Mines, Inc. | NYSE:RIC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 9.60 | 0 | 01:00:00 |
TORONTO, September 12, 2016 /PRNewswire/ --
Potential Production Increase at Island Gold of up to 45% over 2015
Richmont Mines Inc. (TSX: RIC) (NYSE MKT: RIC) ("Richmont" or the "Corporation") announces a positive revision to its 2016 operational guidance estimates driven by significantly better than expected performance from the Island Gold Mine. (All amounts are in Canadian dollars, unless otherwise indicated).
During the balance of the year, the Corporation will continue to leverage the higher gold price and weak Canadian dollar and has strategically increased and reallocated capital investment initiatives, which will best position the Island Gold Mine, this core asset for long-term success.
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[ 1] Cash cost and AISC are Non-IFRS measures. Refer to the Non-IFRS performance measures section in the second quarter MD&A.
"These positive revisions to our annual guidance estimates are supported by the strong performance from our cornerstone Island Gold Mine to date, demonstrating the potential of this quality, low-cost asset. We have also successfully completed the electrical upgrade at Island Gold, which was a key initiative for Richmont as it will support ongoing productivity improvements as well as expansion opportunities." stated Renaud Adams, CEO of Richmont Mines. He continued, "At the Beaufor Mine, we are seeing improved production following the launch of stope mining in the higher grade Q Zone in August and we expect to report increased production and reduced costs over the balance of the year."
2016 Company-Wide Operational Estimates
Revised 2016 Original Revised Operational 2016 2016 Estimates Guidance Guidance Gold Ounces Produced(1) 87,000 - 97,000 98,000 - 106,000 Cash Costs per Ounce (CAD$)(2) $930 - $1,000 $885 - $945 Sustaining Capital per Ounce (CAD$) $250 - $280 $250 - $280 Corporate G&A per Ounce (CAD$) $95 - $110 $95 - $110 All-in Sustaining Costs per Ounce (CAD$)(2) $1,275 - $1,390 $1,230 - $1,335 Cash Costs per Ounce (US$)(2)(3) $680 - $730 $675 - $720 Sustaining Capital per Ounce (US$)(3) $185 - $205 $185 - $205 Corporate G&A per Ounce (US$)(3) $70 - $80 $75 - $90 All-in Sustaining Costs per Ounce (US$)(2)(3) $935 - $1,015 $935 - $1,015 Revised 2016 Capital Original Revised and Exploration ($M) 2016 2016 Guidance Guidance Sustaining Capital (CAD$) $24.1 $25.9 Project Capital (CAD$) $43.4 $46.1 Company-wide Exploration (CAD$) $15.5 $17.1 Sustaining Capital (US$)(3) $17.7 $19.7 Project Capital (US$)(3) $31.8 $35.2 Company-wide Exploration (US$)(3) $11.4 $13.1 (1) Revised guidance estimates include 1,165 ounces produced from the Monique Mine in Q1 2016, which were not included in original guidance. (2) Cash cost and AISC are Non-IFRS measures. Refer to the Non-IFRS performance measures section in the second quarter MD&A. (3) An exchange rate of 1.36 Canadian dollars to 1.00 US dollar was used for the original 2016 guidance issued on Feb. 11, 2016. The revised guidance assumes an exchange rate of 1.33 for January to June and 1.30 for July to December.
Island Gold Mine: 2016 Guidance Update
Based on the strong performance during the first six months of the year from the Island Gold Mine and following the completion of a 25-day shutdown for an electrical upgrade in August 2016, operational guidance estimates have been positively revised.
Annual project capital guidance estimates for 2016 have increased to $46.1 million (US$35.2 million), from $43.4 million (US$31.8 million), which includes a new surface maintenance and warehouse facility ($2.9 million) and ventilation optimization ($1.5 million), partially offset by the $1.3 million in development of the east ramp, which has been reallocated to sustaining capital.
Island Gold Revised 2016 Guidance Estimates Revised 2016 Original Revised Operational 2016 2016 Estimates Guidance Guidance Gold Ounces Produced 62,000 - 67,000 75,000 - 80,000 Cash Costs per Ounce (CAD$)(1) $900 - $960 $800 - $840 Sustaining Capital per Ounce (CAD$) $260 - $290 $240 - $270 All-in Sustaining Costs per Ounce (CAD$)(1) $1,160 - $1,250 $1,040 - $1,110 Cash Costs per Ounce (US$)(1)(2) $660 - $705 $610 - $640 Sustaining Capital per Ounce (US$)(2) $190 - $215 $185 - $205 All-in Sustaining Costs per Ounce (US$)(1)(2) $850 - $920 $795 - $845 Revised 2016 Capital Original Revised and Exploration ($M) 2016 2016 Guidance Guidance Sustaining Capital (CAD$) $17.3 $18.9 Project Capital (CAD$) $43.4 $46.1 Exploration (CAD$) $14.4 $16.0 Sustaining Capital (US$)(2) $12.7 $14.4 Project Capital (US$)(2) $31.8 $35.2 Exploration (US$)(2) $10.6 $12.2 (1) Cash cost and AISC are Non-IFRS measures. Refer to the Non-IFRS performance measures section in the second quarter MD&A. (2) An exchange rate of 1.36 Canadian dollars to 1.00 US dollar was used for the original 2016 guidance issued on Feb. 11, 2016. The revised guidance assumes an exchange rate of 1.33 for January to June and 1.30 for July to December.
Beaufor Mine and Quebec Division: 2016 Guidance Update
Gold production in the first six months of the year was impacted by lower grades mined in the upper zones and a delay in mining from the higher grade Q Zone, however production is expected to increase over the balance of the year as stope mining in the Q Zone began in early August.
Quebec Division Revised 2016 Guidance Estimates Revised 2016 Original Revised Operational 2016 2016 Estimates Guidance Guidance Gold Ounces Produced(1) 25,000 - 30,000 23,000 - 26,000 Cash Costs per Ounce (CAD$)(2) $1,000 - $1,060 $1,150 - $1,300 Sustaining Capital per Ounce (CAD$) $230 - $270 $270 - $310 All-in Sustaining Costs per Ounce (CAD$)(2) $1,230 - $1,330 $1,420 - $1,610 Cash Costs per Ounce (US$)(2)(3) $735 - $780 $875 - $1,000 Sustaining Capital per Ounce (US$)(3) $170 - $195 $205 - $235 All-in Sustaining Costs per Ounce (US$)(2)(3) $905 - $975 $1,080 - $1,235 Revised 2016 Capital and Exploration ($M) Original Revised 2016 2016 Guidance Guidance Sustaining Capital (CAD$) $6.8 $7.0 Project Capital (CAD$) - - Exploration (CAD$) $1.1 $1.1 Sustaining Capital (US$)(3) $5.0 $5.3 Project Capital (US$)(3) - - Exploration (US$)(3) $0.8 $0.8 (1) Revised guidance estimates include 1,165 ounces produced from the Monique Mine in Q1 2016, which were not included in original guidance. (2)Cash cost and AISC are Non-IFRS measures. Refer to the Non-IFRS performance measures section in the second quarter MD&A. (3)An exchange rate of 1.36 Canadian dollars to 1.00 US dollar was used for the original 2016 guidance issued on Feb. 11, 2016. The revised guidance assumes an exchange rate of 1.33 for January to June and 1.30 for July to December.
About Richmont Mines Inc.
Richmont Mines has produced over 1.6 million ounces of gold from its operations in Quebec, Ontario and Newfoundland since beginning production. The Corporation currently produces gold from the Island Gold Mine in Ontario, and the Beaufor Mine in Quebec. The Corporation is also advancing development of the significant high-grade resource extension at depth of the Island Gold Mine in Ontario. With 35 years of experience in gold production, exploration and development, and prudent financial management, the Corporation is well-positioned to cost-effectively build its Canadian reserve base and to successfully enter its next phase of growth.
Forward-Looking Statements
This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made. Except as may be required by law or regulation, the Corporation undertakes no obligation and disclaims any responsibility to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenue and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Richmont Mines' Annual Information Form, Annual Reports and periodic reports. The forward-looking information contained herein is made as of the date of this news release.
Cautionary note to US investors concerning resource estimates
Information in this press release is intended to comply with the requirements of the Toronto Stock Exchange and applicable Canadian securities legislation, which differ in certain respects with the rules and regulations promulgated under the United States Securities Exchange Act of 1934, as amended ("Exchange Act"), as promulgated by the SEC. The Reserve and Resource estimates in this press release were prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101) adopted by the Canadian Securities Administrators. The requirements of NI 43-101 differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC").
U.S. Investors are urged to consider the disclosure in our annual report on Form 20-F, File No. 001-14598, as filed with the SEC under the Exchange Act, which may be obtained from us (without cost) or from the SEC's web site: http://sec.gov/edgar.shtml.
Renaud Adams, President and CEO, Phone: +1-416-368-0291 ext. 101; Anne Day, Vice-President, Investor Relations, Phone: +1-416-368-0291 ext. 105
Copyright 2016 PR Newswire
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