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November 29, 2012
16:22 EDTRICRichmont Mines provides information on Francoeur Mine closing
Richmont will take a pre-tax write-off of approximately C$11M-C$13M related to the closure of the Francoeur Mine, the majority of which will be accounted for in Q4. The write-off will consist of C$4M-C$5M in cash, related to employee severance, with the remaining amount being non-cash. Richmont anticipates that a sizable portion of the costs related to the closure will be recouped in several ways, including the redeployment of equipment to the Island Gold and Beaufor mines, where equipment purchases had been budgeted for 2013. Cost offsets related to surface infrastructure and remnant ore in certain stopes are also expected.
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September 15, 2014
08:33 EDTRICRichmont Mines commences additional deep exploration drilling at Island Gold
Richmont Mines announced that it is commencing an additional exploration drilling program from surface to test part of the down plunge projection of the Island Gold deposit. This is in addition to the remaining budgeted 2014 exploration and definition drill programs currently underway from underground. The new program will consist of four diamond drill holes for approximately 4,800 metres at an estimated cost of $0.5M. The Island Gold Mine, near Wawa Ontario, has produced over 300,000 ounces of gold from above the 400 metre level, and is expected to produce over 40,000 ounces this year. The corporation commenced more intensive drilling at depth below the mine in 2011 with favourable results driving an expanded drilling program through 2012. In February 2013, the first estimate was announced for a new 508,000 ounce inferred resource grading 10.73 g/t Au directly below the existing Island Gold Mine. Additional drilling in 2013 resulted in a doubling of this resource estimate one year later in January to 1.1M ounces grading 9.3 g/t Au. The deposit remains open along strike and at depth, which presents good potential for expanding the resource through additional exploration. As this new deposit is immediately beneath the operating mine, Richmont has extended the mine ramp to its current depth of 625 metres, which is in the upper 125 metres of the new zone.
September 10, 2014
07:27 EDTRICPrecious Metals Summit Conferences
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