Richmont Mines Filed Updated Technical Report for Island Gold Mine Property
Island Gold Mine Property Located 83 km east of Wawa, Ontario
Richmont Mines Inc. of Montreal, Québec today announced that an updated National Instrument 43-101 technical report has been filed for the Corporation's Island Gold Mine Property, near Debreuilville, 83 km northeast of Wawa, Ontario.
The property encompasses the producing Island Gold Mine and the Island Gold Deep resource located directly below it.
Modest Gains on Toronto Stock Exchange
The announcement resulted in a modest gain of $0.05 per share on the Toronto Stock Exchange and closed at $1.46 per share. This price is still well below the 52 week high for the company at $2.72 per share. The value of Richmont Mines has climbed steadily since it achieved its 52 week low of $0.92 per share. For more information on Richmont Mines financial performance click on this link. http://www.marketwatch.com/investing/stock/ric
The Island Gold Mine Property contained estimated proven and probable reserves of 43,506 gold ounces (733,347 tonnes grading 6.09 g/t Au); measured and indicated resources of 233,330 ounces of gold (739,700 tonnes grading 9.81 g/t Au); and Inferred resources of 1,037,327 ounces of gold (3.6 million tonnes grading 9.07 g/t Au) as of December 31, 2013.
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ISLAND GOLD PROPERTY RESERVE AND RESOURCE ESTIMATES(1), (2) |
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Tonnes |
Grade |
Ounces |
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(metric) |
(g/t Au) |
contained |
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Proven Reserves(4) |
251,572 |
5.95 |
48,086 |
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Probable Reserves(4) |
481,775 |
6.16 |
95,419 |
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Total Proven & Probable |
733,347 |
6.09 |
143,506 |
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Measured Resources |
28,087 |
5.57 |
5,031 |
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Indicated Resources |
255,600 |
7.23 |
59,402 |
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Indicated Resources - Deep(5) |
456,013 |
11.52 |
168,897 |
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Total Measured & Indicated Resources |
739,700 |
9.81 |
233,330 |
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Inferred Resources |
362,858 |
7.09 |
82,744 |
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Inferred Resources - Deep(3), (5) |
3,196,114 |
9.29 |
954,583 |
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Total Inferred Resources |
3,558,972 |
9.07 |
1,037,327 |
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(1) |
Resources presented are exclusive of reserves. |
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(2) |
Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. |
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(3) |
Represents 100% of resources at Island Gold Deep. The Corporation estimates that approximately 90% of the Indicated resource and 56% of the Inferred resource (61% on a consolidated basis) of Island Gold Deep lie within three claims, for which Richmont owns 69%, and a third party owns 31%. |
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(4) |
Based on a gold price of US$1,225/oz. and an exchange rate of CAN$1.06 = US$1.00. |
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(5) |
Island Gold Deep updated resources established as of January 21, 2014. |
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About Richmont Mines Inc.
Richmont Mines has produced over 1,400,000 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, Monique Mine and the W Zone Mine in Quebec.
The Corporation is also advancing the Island Gold Deep project beneath the Island Gold Mine in Ontario. With over 20 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. Richmont routinely posts news and other important information on its website (www.richmont-mines.com).
Resource Estimates Calculated in Accordance of Regulation 43-101
The Mineral reserve and resource estimations as of December 31, 2013 were performed by qualified persons as defined by Regulation 43-101 and were supervised by Mr. Daniel Adam, Geo., Ph.D., Vice-President, Exploration, an employee of Richmont Mines Inc. Please refer to the SEDAR website (www.sedar.com) for full reports and additional corporate documentation.
Forward-Looking Statements
This news story is based on forward-looking statements provided by Richmont Mines that include risks and uncertainties. The reserve and resource estimates in this story were contained in news release issued by Richmont Mines and 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.
Contact Information
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Investor Relations:
Jennifer Aitken
Richmont Mines Inc.
514 397-1410 ext. 101
jaitken@richmont-mines.com
www.richmont-mines.com
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