Richmont Mines Inc./ RIC (TOR, NYSE)

Last Update: 8:12 AM ET May 11, 2007

May 11, 2007 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
Richmont Mines Inc. (RIC) has signed a binding letter of intent with Osisko Exploration Ltd. (OSK.V) giving Osisko the exclusive right to acquire a 100% interest in the East Amphi property, consisting of 87 claims and one mining concession.
The Montreal mining company said the property is immediately north and west of Osisko's Canadian Malartic property.
It said it will receive C$2.45 million plus Osisko shares valued at C$5 million. As well, it will retain a 2% net smelter return on the property.

Richmont Mines Announces Second Quarter Gold Sales Increased 28% While Cash Costs Declined $147 per Ounce
- Net earnings of $8.8 million, or $0.36 per share.

MONTREAL, QUEBEC, Aug 02, 2007 (MARKET WIRE via COMTEX) -- Richmont Mines Inc. (CA:RIC: news, chart, profile) (RIC: richmont mines inc com) reports financial and operational results for its second quarter which ended June 30, 2007. Financial results are based on Canadian GAAP and dollars are reported in Canadian currency, unless otherwise noted.
Net earnings of $8,811,511, or $0.36 per share, for the three-month period driven primarily by the $7.5 million pre-tax gain realized on the sale of East Amphi, a strategic asset sale for the Company. These results compare with net earnings of $473,951, or $0.02 per share for the same period in 2006. Mining operations before depreciation, depletion and taxes yielded earnings of $5.0 million during the second quarter of 2007, up over 400% compared with $1.2 million during the same period in 2006. The increase was driven by higher production, a 28% drop in the average cash cost per ounce relative to 2006, and a 6% increase in the average selling price per ounce.
Total revenue rose by $10.6 million during the three-month period ended June 30, 2007, relative to the same period in 2006 to reach $20.1 million, of which $7.5 million was related to the East Amphi property sale. Precious metals revenue was $12.2 million, up 35% driven by increased gold sales at a higher average price per ounce.
Additional Highlights
- Beaufor Mine realized an average recovered grade of 9.83 g/t from 39,874 tonnes of processed ore. The higher grade lowered cash cost per ounce to US$363. Sales at Beaufor were 12,597 ounces of gold at an average price of US$642 per ounce.
- Island Gold is expected to commence commercial production in September. First long hole stopes are anticipated to be ready by mid-August.
- Beaufor Mine operations on hold for half of July and August for headframe replacement.
- High-definition helicopter-borne spectrometric and magnetic VLF survey of Valentine Lake resulted in several high quality targets.
Island Gold Property
During the second quarter of 2007, 44,261 tonnes of mineralized material were processed at the Island Gold mill, and a total of 7,927 ounces of gold were sold during the same period at an average price of US$644 per ounce. The $5.8 million in proceeds from these gold sales were applied against the development charges on the property, in accordance with applicable accounting standards. During the second quarter of 2006 exploration and development investments of $6.2 million were made at the project.
As previously reported, on April 30, 2007, the Company received from the Ministry of Northern Development and Mines of Ontario a notice of acceptance of the closure plan that will allow for mining production at the Island Gold project. Long-hole drilling crew mobilized on site at the end of the quarter, and the first long hole stopes are expected to be ready for production in mid-August. The processing of mineralized material continues, and the Company anticipates achieving commercial production status by early September 2007.
As previously reported, the results of the calculation of reserves was completed by the independent firm Genivar and a technical report prepared according to the requirements of Regulation 43-101 was filed on SEDAR on May 25, 2007. Genivar assessed the proven and probable reserves at 1,013,854 tonnes of ore at an average diluted grade of 8.55 g/t, for a total of 278,711 ounces of gold at the Island Gold project, representing more than four years of production. In addition to the reserves, a total of 454,705 tonnes at an average grade of 10.26 g/t, or 149,972 ounces of gold were categorized as measured and indicated resources, while inferred resources were evaluated at 610,728 tonnes at a grade of 9.96 g/t, or 195,549 ounces of gold.
Beaufor Mine
During the second quarter of 2007, 39,874 tonnes of ore from the Beaufor were processed at an average recovered grade of 9.83 g/t, and 12,597 ounces of gold were sold at an average price of US$642 per ounce. For the second quarter of 2006, 40,057 tonnes of ore at an average recovered grade of 5.36 g/t were processed, and 6,903 ounces of gold were sold at an average price of US$617 per ounce. The improvement in the average grade is primarily responsible for the reduction in the cash cost of production per ounce, which fell from US$566 during the second quarter of 2006 to US$363 for the same quarter of 2007.
Improvements in productivity, refocused operations and improved mining plans made during the fourth quarter of 2006 are driving improved results at Beaufor. The sectors mined since the beginning of 2007 are the Company's best-known sectors located near the Beaufor fault and are demonstrating very encouraging results for continued production.
Richmont has continued its $1.5 million exploration program at Beaufor. It is probing structures to the south and north of the mine to uncover potential new faults that may contain gold-bearing zones. In addition, there was drilling efforts to define the magnitude of the extensions of the two main zones of the deposit. Of the 20,000 metres of drilling planned for 2007 under the exploration program, 6,648 metres were completed during the second quarter of 2007, for a total of 12,190 metres since the beginning of the year. The Company invested an amount $848,555 under the program on drilling work during the first half of 2007.
As to mining operations, following an examination of the headframe structure of the Beaufor Mine, the Company initiated in June 2007 a project to replace the existing wooden structure, which dates back to the early 1980s. As a result, operations were shut down on July 13, 2007 and are expected to restart in mid-August. The capital project is estimated to be approximately $850 thousand. As a result of the shut down, third quarter production and sales results from this mine will be lower than the second quarter.
East Amphi Mine
During the second quarter, 37,878 tonnes at an average recovered grade of 3.32 g/t from the East Amphi Mine were processed, and 4,043 ounces of gold were sold at an average price of US$664 per ounce. For the same period in 2006, 56,876 tonnes of ore at an average recovered grade of 3.34 g/t were processed and yielded 6,100 ounces of gold, which were sold at an average price of US$607 per ounce. The cash cost of production was US$431 per ounce in 2007, compared with US$483 per ounce in 2006. Lower costs were the result of a reduction in development and preparation of stopes as reserves were depleted at the mine. As planned, production at East Amphi was ceased in June 2007. The remaining tonnes of ore were processed in July, and the gold produced will be sold during the third quarter of 2007.
On June 29, 2007, the Company concluded the sale of the East Amphi property and some surface buildings to Osisko Exploration Ltd. as previously announced.
Other properties
During the second quarter of 2007, Richmont Mines completed the drilling programs at the Francoeur and Wasamac properties which cost approximately $134,313 in the first half of 2007. The work completed on the Francoeur property consisted of three drill holes totalling 745 metres, while the work completed at the Wasamac property was 435 metres from two drill holes. The resulting data is currently being analysed, therefore no results are currently available.
During the first half of 2007, the Company launched a large exploration program at Valentine Lake in Newfoundland in order to define new resources and to acquire a 70% interest in the property through a final commitment of approximately $1,000,000 in exploration that must be made before October 31, 2007. During the six-month period ended June 30, 2007, expenses of $238,396 were incurred. A high-definition helicopter-borne spectrometric and magnetic VLF survey was performed during the month of June 2007 which defined numerous targets with high mining potential. Diamond drilling is set to start in the first week of August 2007.
During the second quarter of 2007, drilling of three holes totalling 1,366 metres was completed at the Camflo Northwest property. Results are currently being analysed. This work enables Richmont Mines to acquire an additional 30% interest in the Camflo Northwest property for a total interest of 80%.
Six-Month Review
For the six-month period ended June 30, 2007, the Company achieved net earnings of $9,137,514, compared with net earnings of $1,154,398 for the same period in 2006. The sale of the East Amphi property at the end of the second quarter of 2007 contributed to the increase in net earnings. Mining operations before depreciation, depletion and taxes yielded earnings of $7,436,783 during the first six months of 2007, compared with $1,193,046 during the same period in 2006, as a result of higher gold sales, a 12% increase in the average selling price per ounce and a 21% drop in the average cash cost per ounce relative to 2006.
Total revenue rose by $12,858,457 to reach $30,448,437 during the six-month period ended June 30, 2007, relative to the same period in 2006, due to the sale of the East Amphi property, to an increase in gold sales at a higher average price per ounce and a lower production cash cost.
Island Gold development: During the six-month period ended June 30, 2007, some 79,184 tonnes of mineralized material were processed, and a total of 15,829 ounces of gold were sold during the same period at an average price of US$653 per ounce, for proceeds of $11,681,215 which were applied against development charges on the property in accordance with applicable accounting standards. During this period, 6,992 metres of drilling were completed and 2,346 metres of underground development was completed.
For the six-month period ended June 30, 2007, the project had $1.2 million net of gold sales invested for development exploration. An investment of $10.5 million was made in the same period in 2006.
Beaufor Mine production: During the six-month period ended June 30, 2007, 69,574 tonnes at an average recovered grade of 8.41 g/t were processed, and 18,808 ounces of gold were sold at an average price of US$658 per ounce. For the corresponding period in 2006, 85,440 tonnes of ore at an average recovered grade of 5.56 g/t were processed, and 15,265 ounces of gold were sold at an average price of US$593 per ounce. The cash cost of production per ounce declined from US$584 during the first half of 2006 to US$427 during the first half of 2007 as a result of the rise in the average grade.
East Amphi production: During the six-month period ended June 30, 2007, 99,162 tonnes of ore at an average recovered grade of 3.21 g/t were processed, and 10,235 ounces of gold were sold at an average price of US$671 per ounce. For the period from February to June 2006, 89,939 tonnes at an average recovered grade of 3.41 g/t were processed, yielding 9,846 ounces of gold, which were sold at an average price of US$590 per ounce. The cash cost of production for this period was US$450 compared with US$496 for the same period last year.
Outlook
Mr Rivard concluded, "Considering the significant improvement at the Beaufor Mine, the planned advancement to commercial production of Island Gold in the next month, and the Company's strong financial position with working capital of over $35 million, we believe Richmont Mines should have strong results in 2007 and beyond. We are actively exploring our properties to build our reserve base in order to expand our production potential. In addition, we are actively pursuing advanced projects that we can participate in that will benefit from our extensive underground mining experience."
Martin Rivard
President and Chief Executive Officer
About Richmont Mines Inc.
Richmont Mines is a gold exploration, development and mining company. Since it started production in 1991, the Company has produced closed to 1,000,000 ounces of gold from its holdings in Ontario, Quebec and Newfoundland. Richmont Mines' strategy is to cost effectively develop its mining assets, exploit mineralized reserves on properties owned and acquired, or develop partnerships to expand its reserve base.
More information on Richmont Mines can be found on its website at: http://www.richmont-mines.com.

MONTREAL, QUEBEC, Aug 16, 2007 (MARKET WIRE via COMTEX) -- Richmont Mines Inc. (CA:RIC) (RIC: richmont mines inc com) and Mountain Lake Resources Inc. (CA:MOA) announced today that diamond drilling began on August 6, 2007, on their Valentine Lake property, located in Central Newfoundland. Eleven (11) initial drill targets were identified based on previous geological and geochemical data as well as geophysical data collected through high-definition helicopter-borne spectrometric and magnetic VLF surveys completed in June 2007. Based on previous exploration work, the Valentine Lake property has total estimated mineral resources of 359,000 ounces of gold, as outlined in the National Instrument 43-101 compliant technical report dated January 2005. In the fall of 2006, InnovExplo Inc., an independent mining and exploration consulting firm, concluded that the main occurrences represent significant gold potential as well as illustrate targets for new discoveries.

MONTREAL, Aug 16, 2007 (MARKET WIRE via COMTEX) -- Mountain Lake Resources Inc. (CA:MOA) and Richmont Mines Inc. (RIC: richmont mines inc com) (CA:RIC) announced today that diamond drilling began on August 6, 2007, on their Valentine Lake property, located in Central Newfoundland. Eleven (11) initial drill targets were identified based on previous geological and geochemical data as well as geophysical data collected through high-definition helicopter-borne spectrometric and magnetic VLF surveys completed in June 2007. Based on previous exploration work, the Valentine Lake property has total estimated mineral resources of 359,000 ounces of gold, as outlined in the National Instrument 43-101 compliant technical report dated January 2005. In the fall of 2006, InnovExplo Inc., an independent mining and exploration consulting firm, concluded that the main occurrences represent significant gold potential as well as illustrate targets for new discoveries....

Richmont Mines Updates Beaufor Mine and Valentine Lake Progress

- Beaufor Mine headframe replaced; production resumed August 21st

MONTREAL, CANADA, Sep 13, 2007 (MARKET WIRE via COMTEX) -- Richmont Mines Inc. (CA:RIC) (RIC: RIC) announces that the replacement of the wooden headframe structure at the Beaufor Mine was completed on August 18, 2007. The mine shaft was put back into service and production resumed on August 21st while milling at the Camflo Mill resumed on September 6, 2007. The original headframe structure dated back to the early 1980s, and, as previously announced, efforts to replace the structure began in June 2007, with a complete mine shut down beginning on July 13, 2007.
As a result of the shut down, third quarter production and sales are expected to be lower than the second quarter, although full year production from Beaufor is expected to exceed 2006 production. Prior to the shut down, results for the first half of 2007 showed a significant improvement in the average grade and a resulting decrease in the cash cost of production per ounce. In the first half of 2007, 18,808 ounces of gold were sold with a cash cost of US$427 per ounce compared with 15,265 ounces of gold sold in the first half of 2006 with a cash cost of US$584 per ounce. The average recovered grade improved to 8.41 grams/tonne (g/t) in the first half of 2007 compared with 5.56 g/t in the same period the prior year.
The sectors currently being mined are located near the Beaufor fault and continue to demonstrate encouraging results. Additional exploration drilling is also underway to uncover new zones. The drill plan for 2007 has been increased to 25,000 meters, up from 20,000 meters of drilling originally planned.
Valentine Lake Drilling Update
Expenditures for the drilling program currently underway at Valentine Lake will complete the $1 million investment required for the Company to acquire a 70% interest in the property. However, due to severe weather conditions and limited helicopter availability due to mechanical failures, the number of meters drilled will fall short of the 2,700 meters originally planned. The objective of this exploration plan is to evaluate the overall potential of the remainder of the large Valentine Lake property, which has unexplored, strong gold soil anomalies over 22 kilometres.
Based on previous exploration work, the Valentine Lake property has total estimated mineral resources of 359,000 ounces of gold, as outlined in the National Instrument 43-101 compliant technical report dated January 2005. In the fall of 2006, InnovExplo Inc., an independent mining and exploration consulting firm, concluded that the main occurrences represent significant gold potential as well as illustrate targets for new discoveries.
Cash Investments
The Company confirms that it has no exposure to asset-backed commercial paper in its investment portfolio. The Company's cash and cash equivalents are primarily held in Canadian chartered bank accounts and bankers acceptance notes from major Canadian and international financial institutions. As of June 30, 2007, Richmont Mines had cash and cash equivalents of $24.2 M.
Martin Rivard, President and Chief Executive Officer.
About Richmont Mines Inc.
Richmont Mines produces gold from its operations in Canada and has extensive experience in gold exploration, development and mining. Since it began production in 1991, the Company has produced approximately one million ounces of gold from its holdings in Quebec, Ontario and Newfoundland. Richmont Mines' strategy is to cost effectively develop its mining assets, exploit mineralized reserves on properties owned and acquired, or develop partnerships to expand its reserve base.
More information on Richmont Mines can be found on its website at: http://www.richmont-mines.com.

Von Richmont hört man wenig - der extreme Kursverfall erscheint übertrieben - ergo ein paar Stücke ins Depot gelegt...

Und heute gleich nochmal ein paar ins Depot gelegt - was für ein Schnäppchen - 66 Mio in Cash - Unternehmenswert (incl den neuen Aktien 140 Mio)

Produktion grob 100.000 Uz/Jahr wenn ich das richtig sehe - gleichzeitig vernünftige Reserven und gute Liegenschaften/Infrastruktur und v.a. ordentliches Management

der Kurs - ein Rätsel für mich.....

Ich hatte die auch bis vor kurzem. Ist wirklich billig bewertet, doch von wegen gutem management würde ich nicht unterschreiben. Kann sein, dass ich sie wieder ins Depot legen werde, doch die Kapitalbeschaffungsaktion vom September brachte mich dazu zu verkaufen: Rückzahlung eines Darlehens von wegen gute Kapitalbasis und so... um dann 2 Tage später mit einer Neufinanzierung richtig zuzulangen, zu mässigen Konditionen, wie im Business üblich.

Ich habe RIC auf der Watchlist, aber das Management kannst mit der Pfeife rauchen....

Richmont wird es heute zerschreddern

http://finance.yahoo.com/news/…te-closure-210859537.html

Die hatte ich die letzte Monate 3 oder 4 Mal im Depot, aber die wurden mir immer mehr suspekt (siehe auch Posting vom 8.11.)

Wenn die Powerpointpräsentationen schlicht nichts mehr gemeinsam haben mit dem Aktienkurs gibt es 2 Möglichkeiten. Alle Anleger sind blind oder das Unternehmen stinkt. Meistens ist es das zweite.....

habe meine Position glücklicherweise schon letzte Woche abgegeben und CGR gekauft. Halte Kanada für sehr interessant - von RIC bin ich entsetzt - eine Horrormeldung nach der anderen - das habe ich so nicht erwartet

Starke Bohrergebnisse gab es gestern bei Richmont Mines (Link).
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Alamos Gold Announces Friendly Acquisition of Richmont Mines

saludos Anmelden oder registrieren