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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Richmont Mines, Inc. | NYSE:RIC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.60 | 0 | 01:00:00 |
TORONTO, May 12, 2016 /PRNewswire/ --
Richmont Mines Inc. (TSX: RIC) (NYSE MKT: RIC) ("Richmont" or the "Corporation") announces operating and financial results for the first quarter ended March 31, 2016, driven by record results from the Island Gold Mine. The Corporation will host a conference call and webcast on Thursday, May 12, 2016, beginning at 8:30 a.m. Eastern Time (details below). (All amounts are in Canadian dollars, unless otherwise indicated.)
First Quarter Highlights
"Richmont has reported another consecutive quarter of improved operational performance and solid financial results primarily driven by another record quarter from the Island Gold Mine, where higher than planned grades and improved mining and milling productivity supported production results that exceeded expectations. The success of the first quarter has allowed Richmont to preserve its cash balance, which is expected to fully fund our capital development program at Island Gold and position this core asset for continued production growth and significant free cash flow generation beginning in 2017." stated Renaud Adams, President and CEO. He continued, "During the second quarter we will continue to monitor the grade profile and productivity improvements from the Island Gold Mine in order to determine whether a revision to our 2016 guidance estimates is warranted."
2016 Guidance
Supported by another record production quarter from the Island Gold Mine primarily related to positive grades reconciliation and improved mine and milling productivities, Richmont remains on track to achieve the high end of 2016 production guidance and the low end of cash costs and AISC guidance. Throughout the second quarter, the Corporation will continue to monitor grade reconciliation at Island Gold and will make a determination on whether any future adjustments to guidance estimates are appropriate. It is expected that any updates would likely be issued as part of the second quarter disclosure.
Financial Highlights
Quarter ended Quarter ended (in thousands of $, except per share amounts) March 31, 2016 March 31, 2015 Revenue from mining operations 52,634 37,210 Net earnings per share, basic 0.15 0.09 Operating cash flow, per share 0.30 0.17 Adjusted operating cash flow, per share(1), (2) 0.36 0.18 Net free cash flow, per share(2) 0.02 0.00 (1) Before changes in non-cash working capital. (2) Refer to the Non-IFRS performance measures contained in the First Quarter Management's Discussion & Analysis.
Operational Highlights
Quarter ended Quarter ended March 31, 2016 March 31, 2015 Gold produced (oz) 32,369 25,859 Gold sold (oz) 32,239 24,791 Cash costs per ounce ($)(1) 806 979 AISC per ounce ($)(1) 1,100 1,255 Realized gold price per ounce ($) 1,629 1,496 Cash costs per ounce (US$)(1) 587 789 AISC per ounce (US$)(1) 801 1,011 Realized gold price per ounce (US$) 1,186 1,205 (1) Refer to the Non-IFRS performance measures contained in the First Quarter Management's Discussion and Analysis.
Island Gold Mine Highlights
Quarter ended Quarter ended ISLAND GOLD MINE March 31, 2016 March 31, 2015 Gold produced (oz) 26,589 10,764 Gold sold (oz) 26,031 8,923 Cash costs per ounce ($)(1) 674 1,414 AISC per ounce ($)(1) 855 1,843 Realized gold price per ounce ($) 1,628 1,503 Cash costs per ounce (US$)(1) 491 1,139 AISC per ounce (US$)(1) 623 1,485 Realized gold price per ounce (US$) 1,186 1,211 Underground tpd 853 552 Mill tonnes 75,906 43,785 Mill tpd 834 487 Head grade (g/t gold) 11.31 7.87 Recoveries (%) 96.3 97.2 Sustaining Costs ($000's) 4,713 3,828 Project Costs ($000's) 6,987 4,307 Non-sustaining exploration costs ($000's) 3,770 435 (1) Refer to the Non-IFRS performance measures contained in the First Quarter Management's Discussion and Analysis.
Beaufor Mine Highlights
Quarter ended Quarter ended BEAUFOR MINE March 31, 2016 March 31, 2015 Gold produced (oz) 4,615 7,963(1) Gold sold (oz) 5,037 8,831(1) Cash costs per ounce ($)(2) 1,398 905 AISC per ounce($)(2) 1,730 1,000 Realized gold price per ounce ($) 1,648 1,489 Cash costs per ounce (US$)(2) 1,018 730 AISC per ounce(US$)(2) 1,260 807 Realized gold price per ounce (US$) 1,200 1,200 Underground tpd 323 367 Mill tonnes 29,318 29,751 Head grade (g/t gold) 4.96 8.44(1) Recoveries (%) 98.7 98.6 Sustaining Costs ($000's)(3) 1,674 840 (1) Production and sale includes 1,624 ounces from the milling of slag accumulated at the Camflo Mill. (2) Refer to the Non-IFRS performance measured contained in the First Quarter Management's Discussion and Analysis. (3) Sustaining costs includes capitalized underground mine development and expensed exploration drilling.
Monique Mine Highlights
First Quarter and Recent Corporate Highlights
Upcoming News & Events
Financial Statements and Management's Discussion and Analysis
The financial statements and related Management's Discussion and Analysis can be found on the Corporation's website at http://www.richmont-mines.com or under the Company's profile on http://www.sedar.com and with the Securities and Exchange Commission at http://www.sec.gov/edgar.shtml.
Webcast and Conference Call
A webcast and conference call will be held on Thursday, May 12, 2016 starting at 8:30 a.m. Eastern Time. Senior management will be on the call to discuss the results.
Conference Call Access
- International & Toronto: 1-416-764-8688 - Canada & U.S. Toll Free: 1-888-390-0546
Please ask to be placed into the Richmont Mines 2016 First Quarter Results Conference Call.
Conference Call Live Webcast
The conference call will be broadcast live on the Internet via webcast. To access the webcast, please follow this link:
http://event.on24.com/r.htm?e=1159345&s=1&k=091F297ECBCF0B3FCDA94611973F11E8.
Archive Call Access
If you are unable to attend the conference call, a replay will be available until 11:59 p.m. Eastern Time, Thursday, May 19, 2016 by dialing the appropriate number below:
- International & Toronto: 1-416-764-8677 Passcode: 669767# - Canada & U.S. Toll Free: 1-888-390-0541 Passcode: 669767#
Archive Webcast
The webcast will be archived for 90 days. To access the archived webcast, visit the Corporation's website at http://www.richmont-mines.com or follow this link:
http://event.on24.com/r.htm?e=1159345&s=1&k=091F297ECBCF0B3FCDA94611973F11E8.
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 in 1991. The Corporation currently produces gold from the Island Gold Mine in Ontario and the Beaufor Mine in Quebec. Founded in 1981 and with more than 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 asset base and to successfully advance its next phase of growth. Richmont routinely posts news and other important information on its website (http://www.richmont-mines.com).
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, 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 Regulation 43-101 adopted by the Canadian Securities Administrators. The requirements of Regulation 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.
Regulation 43-101
The geological data in this news release has been reviewed by Mr. Daniel Adam, Geo., Ph.D., Vice-President, Exploration, an employee of Richmont Mines Inc., and a qualified person as defined by Regulation 43-101.
Richmont Mines Inc.
Ticker symbol: RIC
Listings: TSX - NYSE MKT
Web Site: http://www.richmont-mines.com
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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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