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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)
Richmont Mines veröffentlicht Quartalszahlen für Q2/17:
Second Quarter Highlights
Company-wide production was 31,249 ounces of gold (35,040 ounces sold) for the quarter, primarily driven by solid production from the Island Gold Mine of 26,110 ounces of gold (29,534 ounces sold).
Company-wide cash costs1 for the quarter were $725 (US$539) per ounce, positively impacted by record low cash costs from the Island Gold Mine of $580 (US$431) per ounce.
Company-wide All-In-Sustaining Costs1 ("AISC") of $957 (US$711) per ounce, positively impacted by record low AISC of $677 (US$503) per ounce from the Island Gold Mine.
The Island Gold Mine remains on-track to meet, or beat, annual production and cost guidance.
Second quarter revenues of $59.3 (US$44.1) million.
Earnings of $10.5 (US$7.8) million, or $0.17 (US$0.12) per share.
Operating cash flow1 (before changes in non-cash working capital) was $24.9 (US$18.5) million, or $0.39 (US$0.29) per share.
Net free cash flow1 was $19.2 (US$14.3) million, or $0.30 (US$0.22) per share.
Cash balance at the end of the quarter increased to $95.9 (US$73.9) million, an increase of $20.7 (US$15.4) million over the first quarter; working capital increased to $81.4 (US$62.7) million.
The results of the Expansion Case Preliminary Economic Assessment ("PEA") were released during the second quarter, supporting strong production growth of 22% at low industry cash costs and a robust cash flow stream over an initial eight-year Phase 1 period. The ramp-up is currently advancing and the mill is anticipated to achieve the target run rate of 1,100 tonnes per day in the latter part of 2018 once the expansion is completed.
On July 27, 2017 the Corporation provided an update from its strategic exploration drilling program currently underway at the Island Gold Mine. Recent exploration drilling has intersected high-grade, wide mineralization in the down plunge extension of the main Island Gold deposit with Hole MH8-4 intersecting 19.85 g/t gold over 8.4 metres (true width and assays capped at 70 g/t gold)
THIRD QUARTER AND NINE-MONTH HIGHLIGHTS - CONTINUING OPERATIONS(1)
Revenues of $36.5 (US$29.2) million for the quarter and $123.4 (US$94.3) million for the nine-month period.
Net earnings of $4.8 (US$3.8) million, or $0.08 (US$0.06) per share for the quarter and $21.7 (US$16.6) million, or $0.34 (US$0.26) per share for the nine-month period.
Record production of 26,659 ounces of gold (22,666 ounces sold) for the quarter and 76,541 ounces of gold (74,849 ounces sold) for the nine-month period, positioning the Island Gold Mine to exceed the high end of annual production guidance of between 87,000 and 93,000 ounces.
Cash costs(2) of $666 (US$532) per ounce for the quarter and $637 (US$487) per ounce for the nine-month period. The Island Gold Mine remains on track to beat the lower end of annual cash cost guidance of between $715 and $765 (US$550 to US$590) per ounce.
All-In-Sustaining Costs(2) ("AISC") for the Island Gold Mine were $886 (US$708) per ounce for the quarter and $796 (US$609) per ounce for the nine-month period. The Island Gold Mine remains on track to beat the lower end of annual AISC guidance of between $945 and $995 (US$725 and US$765) per ounce.
AISC for continuing operations, including all corporate overhead, was $1,038 (US$829) per ounce for the quarter and $921 (US$704) per ounce for the nine-month period.
Operating cash flow from the Island Gold Mine was $14.5 (US$11.6) million for the quarter and $62.2 (US$47.5) million for the nine-mine period. Operating cash flow(2) (before changes in non-cash working capital), including all corporate overhead, was $11.5 (US$9.2) million for the quarter, or $0.18 (US$0.14) per share, and $50.6 (US$38.7) million for the nine-month period, or $0.80 (US$0.61) per share.
The Island Gold Mine generated strong free cash flow of $4.4 (US$3.5) million for the quarter and $31.8 (US$24.3) million for the nine-month period. Net free cash flow(2), including all corporate overhead, was $1.8 (US$1.4) million for the quarter, or $0.03 (US$0.02) per share, and $21.0 (US$16.0) million for the nine-month period, or $0.33 (US$0.25) per share.
Cash balance at the end of the quarter was approximately $90.0 (US$72.1) million. As a result of timing, the finished goods inventory at the end of the quarter consisted of approximately 2,000 gold ounces. These ounces were sold in the fourth quarter.
Year to date, Island Gold has continued to outperform the 2017 Expansion Case Preliminary Economic Assessment ("PEA") on all key metrics, which demonstrates the significant upside potential of this asset.
The mill expansion to 1,100 tonnes per day advanced during the quarter and the operation is anticipated to achieve the target run rate in the latter part of 2018.
On September 11, 2017, Richmont announced that it had entered into a definitive agreement with Alamos Gold ("Alamos") whereby Alamos will acquire all of the issued and outstanding shares of Richmont pursuant to a plan of arrangement. The transaction is expected to close on, or about, November 23, 2017.
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