Nov 9, 2017 @ 10:07
Richmont Mines has announced their operating and financial results for the three and nine months ended September 30, 2017. With record production of gold 26,659 ounces of gold (22,666 ounces sold) for the quarter they are postioned to see the mine exceed the high end of annual production guidance of between 87,000 and 93,000 ounces. The mill expansion to 1,100 tonnes per day has helped with the record production.
Alamos Gold is expected to close their purchase of Richmont on, or about, November 23, 2017.
“The positive results we have reported were supported by another consecutive quarter of solid performance from the Island Gold Mine. This high-quality operation delivered record production at peer leading cash costs, which positions Island Gold to beat annual guidance for the third consecutive year. Year to date, the Island Gold Mine has generated a strong free cash flow stream of $31.8 million, which will increase significantly once the level of capital investment decreases to sustaining levels post 2018,” commented Renaud Adams, President and CEO. He continued, “During the quarter, we announced a transaction with Alamos that is consistent with our commitment to create significant shareholder value. As part of this strategic transaction, our shareholders will maintain exposure to the ongoing potential of the Island Gold Mine and benefit from having meaningful ownership in a diversified intermediate producer with a proven and experienced management team.”