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Richmont has started the ramp at East Amphi in Quebec at a cost between $6-$7 million. The ramp should be finished by early fall and thus development work could begin. East Amphi will provide 250,000 ounces to Richmont's book. In Newfoundland, the company has begun drilling at Valentine and a 2,000 foot program will look for additional reserves to be processed at Richmont's facility. Richmont's shares have corrected and with only 16 million shares outstanding, the company is well levered to the gold price. Richmont should produce between 65,000 and 70,000 ounces this year and in 2006, a doubling of output is expected. With a working capital position of $30 million, no debt nor hedges, the stock is undervalued with earnings expected to be $0.32 this year. We like this junior producer here.
Richmont Mines Inc.: Update on Exploration at the Valentine Lake Property Monday September 27, 8:01 am ET
MONTREAL--(BUSINESS WIRE)--Sept. 27, 2004--Richmont Mines Inc. (AMEX:RIC - News; TSX:RIC - News) and Mountain Lake Resources Inc. (TSX Venture:MOA - News) are pleased to announce the results of the second drilling program carried out on the Valentine Lake property, located 55 kilometres south of the town of Buchans in central Newfoundland. Richmont Mines has the option to acquire a 70% interest in the Valentine Lake property by carrying out $2.5 million worth of exploration work on the site by October 31, 2007. During this second program, Richmont Mines drilled 11 holes for a total of 3,048 metres.
These drill holes made it possible to better define the geometry of the main gold zone, which has a lateral extension continuity of 200 metres. The thickness of the gold zone ranges from 3 to 12 metres, and the extension at depth remains open and currently exceeds 250 metres. Drill holes VL-04-97 and VL-04-98 confirm the presence of a second zone located approximately 200 metres northeast of the main zone. Furthermore, holes VL-04-93 and VL-04-94 intercepted two other gold zones located in the hanging wall of the main zone. Visible gold was encountered in 8 of the 11 holes drilled.
The gold zones are hosted in a felsic intrusion controlled by sheared mafic dykes. The mineralization is mainly encountered in quartz-tourmaline veins with free gold and pyrite. The thickness of the veins, which are oriented at various angles with respect to the core axis, ranges from 1 centimetre to 1 metre.
Denver Gold Forum 2004
Richmont Mines will be presenting at the Denver Gold Forum 2004 today at 12:45 PM, Eastern time. Investors can view this presentation at the following address: xwww.denvergold.org/denverforum.htm
Patricia Mining Corp. and Richmont Mines Inc. are Pleased to Announce the Start of an Interim Exploration Program at the Island Gold Project Near Wawa, Ontario Tuesday October 19, 10:00 am ET
TORONTO, ONTARIO--(CCNMatthews - Oct. 19, 2004) - Patricia Mining Corp. (Patricia) and Richmont Mines Inc. (Richmont) are pleased to announce that an interim drilling program will be carried out from October 2004 to January 2005. The program will include 6000 meters of underground drilling with the objective of increasing the size of the Island Zone at depths of 330 meters to 430 meters over a strike length of 200 meters. This zone is open at depth and along strike in both the east and west directions.
Patricia and Richmont are encouraged by the results and want to advance further the project during the 90-day evaluation period that will allow Richmont to exercise its option to bring the Island Gold deposit into production.
In addition, a heating plant for the ventilation system of the Lochalsh ramp will be installed in preparation for the winter season.
The interim program will not be part of the 43-101 report that will be delivered to Richmont at the end of October, but will supplement the Island Gold resource report.
Both Patricia and Richmont will finance the proposed program, estimated at $900,000. Patricia will finance $650,000 while Richmont will finance $250,000. These expenditures are considered outside the joint venture as it occurs prior to Richmont's election and, therefore, would be reimbursed first prior to distribution of cash flows to the joint venture parties.
Patricia currently has 24,036,067 shares outstanding and has over $1.9 million in cash as of October 18th, 2004.
Patricia Mining Corp. Announces Project Updates At The Island Gold Project, North Western ON
TORONTO, ONTARIO--(CCNMatthews - Aug. 2, 2005) - Patricia Mining Corp. (TSX:PAT)(Patricia Mining) is pleased to update progress at the Company's Island Gold Project. During the second quarter of 2005, Richmont Mines Inc. (Richmont Mines) continued to fund a major exploration program, estimated at $8 million for 2005. The amount of $2,452,681 was spent by Richmont Mines in the second quarter of 2005 for a total of $4,247,626 in 2005.
In the mine a total of 559 metres of development were completed in the second quarter as follows:
- 15 metres of development along the mineralized zone were completed. The mineralized development on the 190 metre level was sampled and matched expectations from previous underground drilling completed in 2004. Mineralized development will be continued in the third quarter of 2005.
- The ramp was extended by an additional 238 metres and has now reached a vertical depth of 202 metres. The ultimate near term depth is planned at 300 metres, which will give access to most of the Island deposit.
- The ventilation drift was extended by 192 meters and the ventilation raise was advanced 44 metres. The ventilation raise is expected to be completed in August, 2005 and will also serve as an emergency exit.
- The190 metre crosscut was advanced by 114 meters. This crosscut gives access to the ore zones on the 190 metre level.
On surface work has progressed as follows:
- Electrical power to the 650 tonnes/day mill was restored. The mill equipment will be inspected and a plan for refurbishment will be developed in the third quarter of 2005.
- A new Compressor building was erected and commissioned.
- The Lochalsh ramp portal was enclosed to protect the access ramp from adverse weather.
Richmont Mines may acquire from Patricia Mining Corp. a 55% interest in the Island Gold project by advancing the project into production or by funding up to $10 million in advancing the Island Gold Project towards a producing mine. Assuming positive results are obtained from the advanced exploration program, the mill could be restarted by mid 2006.
Richmont Mines plans to continue its advance exploration program and it is expected that the $5 million worth of expenses will be funded by August, 2005. Richmont will have earned-in therefore 25% of Patricia Mining's interest in the Island Gold Project.
With the completion of the ventilation raise in August, Richmont Mines plans on starting a 10,000 metre exploration in fill drilling program in the Island zone in September to verify the extension of gold zones and increase resources.
Address: 8 King Street East, Suite 1300, Toronto, Ontario, Canada, M5C 1B5
Shares of Richmont Mines (NYSE: RIC) are seeing increased weaknes during Tuesday's trading session after the company changed its reserve estimates for the Francoeur Mine.
The company revised Reserve and Resource estimates for the Francoeur Mine, located near Rouyn-Noranda, Quebec using a $1,400 gold price and a 3.75 g/t Au cut-off grade, versus $800 and 5.15 g/t Au cut-off grade previously.
Paul Carmel, Richmont Mines' President and CEO commented: "As we have previously announced, information obtained from definition drilling completed over 2011 and early 2012 indicated that the mineralized zones were more discontinuous in the upper portion of Francoeur's West Zone than in the initial geological model."
This, coupled with average realized grades that were below the 2009 reserve levels, have led to the downward revision of reserves and production and, hence, to the write-down on assets. While we are undeniably disappointed with the lower life-of-mine production estimate, the West Zone remains open at depth and we remain optimistic about our planned exploration drilling at Francoeur," Carmel stated.
Currently, shares of Richmont Mines are trading down about 14 percent at $4.10 per share.
Tara Hassan, Analystin von National Bank Financial, stuft die Aktie von Richmont Mines (RICHMONT MINES INC Aktie) unverändert mit "underperform" ein. Das Kursziel werde von 7,30 auf 4,50 Kanadische Dollar gekürzt. (Analyse vom 04.07.12)
Montreal (www.aktiencheck.de) - Brian Christie, Analyst von Desjardins Securities, stuft die Aktie von Richmont Mines (RICHMONT MINES INC Aktie) unverändert mit "hold" ein. Das Kursziel werde von 10,50 auf 7,00 Kanadische Dollar gesenkt. (Analyse vom 04.07.12)