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Author Topic: RIC - Richmont Mines, Inc. - AMEX  (Read 5360 times)
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« Reply #15 on: August 02, 2013, 10:23:32 AM »


Richmont Mines Announces Second Quarter 2013 Results

August 02, 2013

Richmont Mines Inc. announces financial and operational results for its second quarter ended June 30, 2013. Financial results are based on International Financial Reporting Standards ("IFRS") and dollars are reported in Canadian currency, unless otherwise noted.

Highlights:
•Q2 2013 net loss of $1.1 million, or $0.03 per share, versus Q2 2012 net loss from continuing operations of $2.9 million, or $0.09 per share;
•Gold sales of 12,826 ounces at an average selling price of $1,389 (US$1,367) per ounce in Q2 2013, versus gold sales of 14,611 ounces at an average selling price of $1,617 (US$1,618) per ounce in the prior year;
•Significant improvement at Beaufor; gold sales of 6,352 ounces at cash costs of $777 (US$765) per ounce;
•13,797 metres of exploration drilling completed at Island Gold Deep project in Q2 2013, bringing year-to-date exploration to 25,389 metres. Additional drilling has largely been comprised of step-out holes from the previously established estimated Inferred resources of 508,000 ozs, with preliminary analysis indicating that the C Zone continues to expand and remains open in all directions. Updated resource for project expected in Q3 2013;
•Successful bulk samples completed at W Zone and Monique Gold projects; both projects to proceed to commercial production;
•Letter of Offer received for a Senior Secured Credit Facility for up to US$50 million from Macquarie Bank Limited to fund the long-term development of the Island Gold Deep project;
•Cash and cash equivalents of $26.5 million, or $0.67 per share, as of June 30, 2013, and long-term debt remains minimal at $1.3 million.

Commenting on Richmont's second quarter operational performance, Mr. Paul Carmel, President and CEO of Richmont Mines noted: "We are very pleased with the notable improvements at our Beaufor Mine this quarter, and the 53% year-over-year decrease in cash cost per ounce at the mine to $777 (US$765) is testament to the selective mining approach that we have implemented over the past quarter and to the work ethic of our employees who have embraced and adopted our newly-implemented measures. Also of note in the second quarter were the successful bulk samples taken from our W Zone and Monique projects, which are now proceeding to commercial production. With the additional material from these operations, our Camflo Mill is now operating at full capacity and we expect it to deliver lower unit costs. At Island Gold, our Island Gold Deep project continues to progress on schedule, but our operational performance at the mine was below expectations for the quarter. Reasons include mechanical issues at the mill, which have since been resolved, and haulage equipment shortages that we have addressed by acquiring four new 30 tonne capacity Caterpillar trucks under capital lease programs. While the new equipment will translate into improvements in the latter half of this year and thereafter, our year-to-date production levels at Island Gold are below budgeted levels. That being said, we expect the improved performance at Beaufor to largely mitigate lower production from Island Gold."

Second Quarter Results
Revenues for the second quarter of 2013 were $17.8 million, down 25% from revenues of $23.7 million in the second quarter of 2012, reflecting a 12% decrease in the number of gold ounces sold, and a 14% decrease in the average gold price obtained in Canadian dollars. A total of 12,826 ounces of gold were sold at an average price of $1,389 (US$1,367) per ounce in the current quarter, versus gold sales of 14,611 ounces and an average realized sales price of $1,617 (US$1,618) per ounce in the comparable period last year. The lower number of ounces sold during the quarter was driven by lower production at the Island Gold Mine, which saw decreases of 26% in tonnage and 18% in head grade year-over-year. These effects were partially offset by the notable 60% head grade increase and corresponding improved production at the Beaufor Mine.

Cost of sales, which includes operating costs, royalties and certain related depreciation and depletion expenses, totaled $15.2 million in the second quarter of 2013, down 18% from $18.5 million in the comparable period last year, reflecting lower tonnage at Island Gold, and lower costs per tonne at Beaufor that were mainly attributable to lower levels of development and definition drilling. The average cash cost per ounce of gold sold decreased to $1,015 (US$999) in the second quarter, from $1,097 (US$1,097) in the comparable period of 2012, and from $1,305 (US$1,285) in the first quarter of 2013. This improvement was attributable to notably lower cash costs at the Beaufor Mine that were driven by an improved head grade of 7.15 g/t in the current quarter, versus 4.48 g/t last year. Somewhat mitigating this, however, was a higher milling cost per tonne at Island Gold that resulted from the lower tonnage and mechanical issues at the mill that necessitated a short-term rental of equipment from an outside supplier, and which have now been resolved.

Exploration and project evaluation costs totaled $2.3 million in the current quarter, versus $5.3 million in the comparable period of 2012. The year-over-year decrease stems from the Corporation's decision to discontinue exploration drilling at the Wasamac Gold Property, and the capitalization of exploration drilling costs at Island Gold Deep, in line with the Corporation's accounting policies. On a segmented basis, exploration expenses excluding depreciation and exploration tax credits of $0.2 million, were approximately $1.2 million at the Island Gold Mine and $0.6 million at the Beaufor Mine, while exploration and project evaluation costs at other properties amounted to $0.7 million during the current quarter.

The Corporation incurred a net loss of $1.1 million, or $0.03 per share, in the second quarter of 2013, versus a net loss from continuing operations of $2.9 million, or $0.09 per share in the second quarter of 2012, which excluded a $33.2 million ($27.9 million after-tax) write-down on assets for the Francoeur Mine.

http://www.marketwire.com/press-release/richmont-mines-announces-second-quarter-2013-results-nyse-amex-ric-1817236.htm



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« Reply #16 on: August 23, 2013, 09:41:32 AM »


Richmont Mines Closes Previously Announced Senior Credit

August 23, 2013

Richmont Mines Inc.,cis pleased to announce that it has closed the Senior Secured Credit Facility (the "Facility") for up to CAN$50 million with Macquarie Bank Limited ("MBL" or "Macquarie") previously announced on June 17, 2013. The Corporation plans to use the Facility to fund the long-term development of the Island Gold Deep project and for working capital commitments at the Island Gold Mine in Dubreuilville, Ontario. The Facility is being provided in Canadian dollars, is subject to an interest rate of CDOR plus 700 basis points, and may be prepaid, in whole or in part, at any time without penalty, subject to standard break costs. The Corporation may request that the interest rate be fixed for the term of the Facility. All figures are in Canadian dollars, unless otherwise noted.

Paul Carmel, President and CEO of Richmont commented: "We are delighted to have closed this financing with Macquarie. It is testimony to the quality of our Island Gold Deep project, an asset with significant future potential for the Corporation and its shareholders. The loan provides Richmont with additional flexibility and financial strength to unlock Island Gold Deep's potential and allow the Corporation to enter its next phase of growth."

http://finance.yahoo.com/news/richmont-mines-closes-previously-announced-132057401.html
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« Reply #17 on: November 07, 2013, 09:52:06 AM »


Richmont Mines Announces Third Quarter 2013 Results

November 7, 2013

Richmont Mines Inc. announces financial and operational results for its third quarter ended September 30, 2013. Financial results are based on International Financial Reporting Standards ("IFRS") and dollars are reported in Canadian currency, unless otherwise noted.

Highlights:
•Q3 2013 net loss from continuing operations of $1.1 million, or $0.03 per share, versus Q3 2012 net earnings from continuing operations of $0.5 million, or $0.01 per share;
•Q3 2013 operating cash flows of $5.0 million, or $0.13 per share, versus Q3 2012 operating cash flows of $5.2 million, or $0.15 per share;
•Gold sales of 15,438 ounces at an average selling price of $1,367 (US$1,336) per ounce in Q3 2013, versus gold sales of 14,890 ounces at an average selling price of $1,676 (US$1,677) per ounce in the prior year;
•Continued improvement at Beaufor; gold sales of 7,424 ounces at cash costs of $790 (US$772) per ounce;
•Updated inferred mineral resource estimate of 2.3 million tonnes grading 10.53 g/t Au for 771,000 ounces for the Island Gold Deep Project established;
•Commercial production declared October 1, 2013 at the W Zone Mine and Monique Mine in Quebec;
•Cash and cash equivalents of $21.2 million, or $0.53 per share, as of September 30, 2013, and long-term debt remains minimal at $5.3 million;
•Island Gold Deep development contract with an outside contractor terminated November 12th due to the weak and volatile gold market environment, lower than expected operational results at the Island Gold Mine, and the Corporation's focus on cash preservation and sound capital deployment;
•Island Gold Deep ramp extension and development work will continue with Richmont's own personnel and equipment in accordance with internally-established schedules and budgets, with no impact on 2014 production expectations;
•The drawdown deadline for the first CAN$12.5 million tranche (Tranche A) of the Senior Secured Macquarie Bank Limited Credit Facility has been extended until December 31, 2013. All other terms and conditions of the Facility remain unchanged. Please see Note 16 of the notes to the Third Quarter Financial Statements for details. The Corporation has not yet entered into any hedging contracts contemplated in the Credit Facility.

Third Quarter Results

Revenues for the third quarter of 2013 were $21.2 million, down 15% from revenues of $25.0 million in the third quarter of 2012, as a 4% increase in the number of gold ounces sold were offset by an 18% decrease in the average gold price obtained in Canadian dollars. A total of 15,438 ounces of gold were sold at an average price of $1,367 (US$1,336) per ounce in the current quarter, versus gold sales of 14,890 ounces and an average realized sales price of $1,676 (US$1,677) per ounce in the comparable period last year. The 4% increase in number of ounces sold during the quarter was driven by improved production at the Beaufor Mine, which saw increases of 5% in tonnage and 35% in head grade year-over-year. These effects were partially offset by lower gold production at the Island Gold Mine, where a 25% decrease in head grade offset the 11% tonnage increase during the quarter.

Cost of sales, which includes operating costs, royalties and related depreciation and depletion expenses, totaled $18.7 million in the third quarter of 2013, up 6% from $17.6 million in the comparable period last year, reflecting higher tonnage at both operating mines, despite lower cash costs per tonne at Beaufor that were mainly attributable to the Corporation's strategy to increase tonnage from higher grade room and pillar mining areas and reduce levels of lower grade development ore. The average cash cost per ounce of gold sold increased marginally to $1,022 (US$999) in the third quarter, from $1,007 (US$1,007) in the comparable period of 2012. This increase was attributable to higher cash costs at the Island Gold Mine, which were driven by lower head grades and higher cash cost per tonne in the current quarter. This was partially mitigated by notably lower cash costs at the Beaufor Mine, which were driven by an improved head grade of 6.90 g/t in the current quarter, compared to 5.10 g/t last year, and a 17% reduction in cash cost per tonne.

Exploration and project evaluation costs totaled $2.0 million in the current quarter, versus $4.5 million in the comparable period of 2012. The year-over-year decrease stems from the Corporation's decision to discontinue exploration drilling at the Wasamac Gold Property, and the capitalization of exploration drilling costs at Island Gold Deep, in line with the Corporation's accounting policies. On a segmented basis, exploration expenses excluding depreciation and exploration tax credits of $0.2 million, were approximately $1.4 million at the Island Gold Mine and $0.4 million at the Beaufor Mine, while exploration and project evaluation costs at other properties amounted to $0.4 million during the current quarter.

The Corporation incurred a net loss from continuing operations of $1.1 million, or $0.03 per share, in the third quarter of 2013, which excluded a $0.7 million loss related to the discontinued Francoeur Mine operations. This compared to net earnings from continuing operations of $0.5 million, or $0.01 per share in the third quarter of 2012, which excluded a $0.2 million loss associated with the Francoeur Mine.

http://finance.yahoo.com/news/richmont-mines-announces-third-quarter-123000328.html
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« Reply #18 on: January 28, 2014, 09:54:05 AM »


Richmont Mines Inc.: Island Gold Deep Resources Increased to 169,000 Ounces of Indicated & 955,000 Ounces of Inferred

January 28, 2014

Richmont Mines Inc., is pleased to announce a significant increase in indicated and inferred gold resources at its Island Gold Deep Deposit located at its Island Gold Mine near Wawa, Ontario. Previously reported Inferred resources containing 771,000 ounces of gold were upgraded to Indicated resources of 456,000 tonnes at an average grade of 11.52 g/t for 169,000 ounces of gold, and Inferred resources were increased to 3,200,000 tonnes at an average grade of 9.29 g/t for 955,000 ounces of gold. This increase continues to indicate that Island Gold Deep has the potential to be developed into an important high grade and long life contributor to Richmont's Island Gold Mine.

Highlights of the new estimated resource:
•Indicated mineral resource of 456,000 tonnes grading 11.52 g/t for 169,000 ounces of gold established in the Deep C Zone;
•Inferred mineral resource of 3,200,000 tonnes grading 9.29 g/t for 955,000 ounces of gold in established in the Deep C Zone as well as in an additional six previously identified sub-parallel zones;
•Notable new drill results (all cut grades over true widths) incorporated in the Indicated resource and updated Inferred resource include: 12.50 g/t Au over 6.34 metres, 18.32 g/t Au over 6.70 metres, 11.97 g/t Au over 6.56 metres, and 15.53 g/t Au over 4.43 metres in the C Zone, and 33.89 g/t Au over 8.79 metres in the B Zone. Please see Table 2 for details;
•Deep C Zone and all additional zones remain open laterally and at depth.

Paul Carmel, President and CEO, commented: "With this latest round of drilling, we have exceeded the million-ounce milestone that we had been hoping for at Island Gold Deep. The zones remain open both along strike and to depth where the potential for adding additional high-grade gold resources is believed to be high. I am pleased that the high grade nature of Island Gold Deep continues to be confirmed and that we have been able to add resources from six sub-parallel gold zones. Richmont will continue to focus on maximizing the Island Gold Mine performance and on advancing the development of the Island Gold Deep deposit in the near term."

http://www.marketwired.com/press-release/richmont-mines-inc-island-gold-deep-resources-increased-169000-ounces-indicated-955000-tsx-ric-1872992.htm
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« Reply #19 on: February 11, 2016, 10:11:32 AM »


Richmont Announces 2016 Operational Outlook

February 11, 2016

Richmont Mines Inc. announces 2016 estimates that include a potential increase in production of up to 22% from the cornerstone Island Gold mine that is expected to drive a decrease in All-in Sustaining Costs ("AISC"). (All amounts are in Canadian dollars unless otherwise indicated).

2016 Consolidated Operational Estimates

In 2016, company-wide production includes another year of production growth from the cornerstone Island Gold Mine and another solid year of consistent production from the Beaufor Mine. Consolidated annual production is expected to be consistent with 2015 as increased production from Island Gold is expected to fully offset the production decrease related to the 2015 closure of the Monique Mine. Company-wide cash costs and AISC are expected to be largely in-line with the prior year's guidance estimates.

http://www.juniorminingnetwork.com/junior-miner-news/press-releases/1047-tsx/ric/16428-richmont-announces-2016-operational-outlook.html#.VrykC172bAU
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« Reply #20 on: April 29, 2016, 01:51:57 PM »


Richmont Mines Hits New 52 Week High

The stock of Richmont Mines Inc. hit a new 52-week high and has $14.50 target or 49.00% above today’s $9.73 share price. The 9 months bullish chart indicates low risk for the $604.75 million company. The 1-year high was reported on Apr, 29 by Barchart.com. If the $14.50 price target is reached, the company will be worth $296.33M more. The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock is up 5.53% or $0.51 after the news, hitting $9.73 per share. About 327,981 shares traded hands or 0.68% up from the average. Richmont Mines Inc. has risen 128.78% since September 23, 2015 and is uptrending. It has outperformed by 121.72% the S&P500.

http://www.franklinindependent.com/could-richmont-mines-inc-change-direction-after-reaching-52-week-high/
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