Richmont Mines Reports Earnings of $3.3 Million in Q3 2015

Spotlight Companies  |

Richmont Mines Inc. (RIC) (RIC:CA) has released their third quarter operational and financial results. The results show that Richmont earned $3.3 million, which has been credited to the solid and consistent performance of the company’s Island Gold Operation.

"We are pleased to report another strong quarter from our cornerstone Island Gold Mine as the operation continues to deliver record production,” said Renaud Adams, CEO of Richmont Mines. “During the quarter, we remained focused on both operational and strategic initiatives that could unlock the significant potential we see at Island Gold. Supporting that view are the results from the recent PEA on Island Gold, which identifies an opportunity to accelerate production and lower costs. We also see significant exploration potential at Island Gold and have launched two strategic drilling programs designed to test the potential of the main orebody both laterally and at depth, as well as elsewhere on our highly prospective land package."

The third quarter, ending on Sept. 30, 2015, displays a number of highlights for Richmont, including:

●     Gold production quarterly revenues of $26.1 million.

●     Island Gold reported another consecutive quarter of production growth with production of 15,076 ounces (14,233 ounces sold) at cash costs of $680 per ounce and AISC of $968 per ounce.

●     A Preliminary Economic Assessment (PEA) for Richmont’s Island Gold Mine highlights the potential to accelerate production and lower AISC.

●     Richmont was added to the S&P/TSX SmallCap Index.

●     Anne Day was appointed to the Richmont executive team as Vice-President, Investor Relations, to lead the strategic execution of the Corporation's global investor relations program.

On September 10, Richmont announced a 23,000 metre deep directional drilling program for the highly prospective Island Gold property to test the down plunge extension of the deposit. The company announced an update on the 20,000 metre surface exploration drilling campaign on the Island Gold Mine property on September 16.

Along with the Island Gold Mine, Richmont also operates two Quebec-based mines: the Beaufor Mine and the Monique Mine. The Beaufor Mine production for the quarter was 5,714 ounces (5,919 ounces sold) and 20,759 ounces (21,638 ounces sold). For the nine-month period AISC increased by 11% to $908 per ounce. Development of the Q Zone advanced during the quarter with a target of reaching the mineralized structure by early 2016. The Monique Mine saw AISC for the quarter increased by 29% to $745 per ounce over the prior year period. For the nine-month period AISC decreased by 30% to $605 per ounce.

Overall, Richmont’s Q3 2015 has yielded solid results. With a number of positive milestones achieved in a brief amount of time, Richmond continues to demonstrate their continued growth and further establish themselves as a premier gold mining company. "Richmont remains uniquely positioned with a quality asset base, growing production, decreasing costs, as well as significant exploration potential yet to be realized,” said Adams. “Our favorable Canadian dollar exchange rate exposure, growing cash flow streams and our solid balance sheet will continue to support our strategic growth plans going forward." had the opportunity to interview Renaud Adams, CEO of Richmont Mines. The interview can be read here. For more information about Richmont Mines, visit

Disclosure: In the purview of Section 17(B) of the Securities Act of 1933 and in the interest of full disclosure, we call the reader's attention the fact that, Inc. may be compensated by the companies profiled in the Spotlight Companies section. The purpose of these profiles is to provide awareness of these companies to investors in the micro, small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. is not a registered broker, broker dealer, investment advisor, analyst, investment banker or underwriter. All profiles are based on information that is available to the public. The information contained herein should not be considered to be all-inclusive and is not guaranteed by to be free from misstatement or errors. Readers are reminded to do their own due diligence when researching any companies mentioned on this website.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:



Symbol Last Price Change % Change










What Is Petrolithium?

MGX Minerals explains the advantages of petrolithium and how they are helping to solve future problems today.

Emerging Growth

Investview Inc

Investview Inc is an investor technology and education company. It provides products that allow the individual investor to find, analyze, track, and manage their portfolio.