Richmont Mines Inc.: Island Gold Deep Resources Increased to
169,000 Ounces of Indicated & 955,000 Ounces of Inferred From
Inferred Resources of 771,000 Ounces Previously
MONTREAL, QUEBEC--(Marketwired - Jan 28, 2014) - Richmont Mines
Inc. (TSX:RIC)(NYSEMKT:RIC), ("Richmont" or the "Corporation"), 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."
In conclusion, Mr. Carmel noted: "Over our 20 year operating
history, it has always been Richmont's goal to own a long-life,
high grade gold mine in a stable jurisdiction where the Corporation
has an operating history. With the inclusion of the Island Gold
Deep discovery, the Island Gold Mine site is indeed turning into
that cornerstone asset, where we have the added benefit of being
fully-permitted, with a stable 200 person workforce, a 7-year
operating history and an on-site processing facility."
Chart 1: Composite Longitudinal Section - Island Gold
Deep
Chart 2: Island Gold Deep Cross-Section
TABLE 1 ISLAND GOLD DEEP MINERAL RESOURCE
ESTIMATE(1)(2)(3) |
|
Jan. 21, 2014(4) |
Oct. 1, 2013(5) |
Jan. 25, 2013(6) |
INDICATED RESOURCES - C ZONE |
|
|
|
Tonnes |
456,000 |
- |
- |
Grade (g/t Au) |
11.52 |
- |
- |
Ounces contained |
169,000 |
- |
- |
|
|
|
|
INFERRED RESOURCES - C ZONE |
|
|
|
Tonnes |
2,320,000 |
2,278,000 |
1,500,000 |
Grade (g/t Au) |
9.86 |
10.53 |
10.73 |
Ounces contained |
735,000 |
771,000 |
508,000 |
|
|
|
|
INFERRED RESOURCES - E1E, D, D1,B, G, G1 ZONES |
|
|
|
Tonnes |
880,000 |
- |
- |
Grade (g/t Au) |
7.79 |
- |
- |
Ounces contained |
220,000 |
- |
- |
|
|
|
|
TOTAL INFERRED RESOURCES |
|
|
|
Tonnes |
3,200,000 |
2,278,000 |
1,500,000 |
Grade (g/t Au) |
9.29 |
10.53 |
10.73 |
Ounces contained |
955,000 |
771,000 |
508,000 |
(1) |
Please see the Reg. 43-101 section at the
end of this release and the 43-101 report filed on SEDAR on April
11, 2013 for full details. |
(2) |
Inferred resources are exclusive of
Indicated resources. |
(3) |
For ownership details, please see "Claim
Ownership Information" below. |
(4) |
Established on January 21, 2014, based on a
gold price of US$1,225/oz and an exchange rate of CAN$1.06 =
US$1.00. Established using a minimum true width of 2.0 metres, bulk
density of 2.80 t/m3, cut-off grade of 3.75 g/t Au, and a capping
of 95 g/t Au for the C and B zones and a capping of 40 g/t for all
other zones. |
(5) |
Established on October 1, 2013, established
using a gold price of US$1,350/oz, a CAN$1.00 = US$1.00 exchange
rate, a minimum true width of 2.0 metres, bulk density of 2.80
t/m3, cut-off grade of 3.75 g/t Au, and a capping of 95 g/t
Au. |
(6) |
Established on January 25, 2013, established
using a gold price of US$1,450/oz, a CAN$1.00 = US$1.00 exchange
rate, a minimum true width of 2.0 metres, bulk density of 2.80
t/m3, cut-off grade of 3 g/t Au, and a capping of 75 g/t Au. |
The mineral resource estimate was prepared by Mr. Daniel Adam,
Geo., Ph.D., Vice-President, Exploration, Qualified Person as
defined by Regulation 43-101 and employee of Richmont Mines
Inc.
Drilling completed in 2013 has enabled the Corporation to expand
the C Zone Inferred resource base toward the West and between the
two dykes. A portion of Indicated resources is now defined within
the C Zone. Several mineralized zones that are parallel to the C
Zone have been recognized and interpreted, and a resource
estimation has also been completed on these zones, and they are now
included in the Island Gold Deep Project mineral resource.
Claim Ownership Information
In a press release issued on October 7, 2013, the Corporation
noted that out of a total of 78 claims and 111 mining patents and
leases comprising the Island Gold Mine property, all were 100% held
by Richmont except for four patented claims on the Goudreau
property, for which Richmont owns 69% with the remaining 31% being
held by a third party. Of the updated resource estimate detailed in
this press release, approximately 90% of the Indicated resource and
56% of the Inferred resource (61% on a consolidated basis, versus
68% previously) lie within three of these four claims. Work is
continuing on the Island Gold Deep Project and proceeding according
to previously established plans and budgets, with each party to be
held responsible for its proportion of the expenditures under the
Ontario Mining Act.
Parameters used for Mineral Resource Estimation
The C Zone, as well as the other parallel zones that are being
defined at depth, are typical of the Island Gold Mine
mineralization with decimeter-sized grey quartz veins, which often
contain visible gold, inside plurimetric altered zones with
disseminated pyrite.
The current mineral resource estimation of the Island Gold Deep
zones was completed for an area which extends over 1,000 metres
laterally, between a depth of 450 metres and 1,100 metres, and
which is below the area of the Island Gold Mine currently being
mined. A total of 273 surface and underground drill holes were used
to model the mineralized zones with 3D wireframes using a minimum
true thickness of 2 metres.
Mineral resources were estimated by 3D block modeling (with
block dimension of 10 metres x 10 metres x 4 metres) with Gems
software and using 2 metre composites.
For the C and the B zones, grade estimation was done by Ordinary
Kriging using parameters that have been defined with a variographic
study done on the C Zone. The first pass of Kriging used a minimum
of 2 and a maximum of 20 composites within an ellipsoidal search
ellipse of 25 metres x 10 metres x 6 metres. A minimum of 2 and a
maximum of 20 composites within an ellipsoidal search ellipse of
110 metres x 60 metres x 40 metres were used for the second pass of
interpolation. A high grade assay capping value of 95 g/t Au was
used, which is the capping that was defined after a statistical
analysis of the C and B zone assay results (a capping of 75 g/t is
presently used at the Island Gold Mine).
For all the other zones, grade estimation was done using an
inverse squared distance weighted interpolation. A minimum of 2
composites and a maximum of 20 composites (within an ellipsoidal
search ellipse of 60 metres x 60 metres x 40 metres) were used for
the interpolation. A high grade assay capping value of 40 g/t Au
was used, which is the average capping that was determined for
these zones.
A density of 2.80 t/m3 was used for the tonnage calculation of
all the zones, which is based on one URSTM laboratory measurement
completed on a composite sample of four C Zone core intercepts (a
density of 2.82 t/m3 is presently used at the Island Gold
Mine).
Mineral resources were estimated using a minimum average grade
of 3.75 g/t Au inside the modeled mineralized zone. This cut-off is
based on a gold price of US$1,225 per ounce, and an exchange rate
of CAN$1.06 = US $1.00. The mineral resource area was cut into the
C Zone wireframe using an extrapolation of approximately 30 metres
from drill hole intercepts, an extrapolation of about 20 metres has
been used for the other zones. All the blocks inside the clipped
wireframes are accounted for in the mineral resource. Inside the
mineral resource area, the drill spacing average is approximately
50 metres although there are areas with a larger spacing as well as
areas with tighter spacing.
Considering the present drill spacing, about 20% of the gold
ounces of the C Zone resources have been categorized as indicated.
The Indicated resource blocks that have been defined are located
within areas that have been interpolated with the first pass of
Kriging. The other portions of the C Zone resources, as well as the
totality of the resource blocks in the other zones, have been
categorized as inferred.
TABLE 2 NEW ISLAND GOLD DEEP DRILL RESULTS(1)INCLUDED
IN JANUARY 2014 UPDATED MINERAL RESOURCE ESTIMATE |
Hole Number |
Hole Length (metres) |
From (metres) |
To (metres) |
True Width (metres) |
Uncut Grade (g/t Au) |
|
Cut Grade(2) (g/t Au) |
|
Zone(3) |
Vertical depth of Inter- section (metres) |
400-514-46 |
573 |
378.00 |
384.00 |
3.59 |
5.14 |
|
5.14 |
|
D1 |
654 |
|
|
455.37 |
465.77 |
6.34 |
12.99 |
|
12.50 |
|
C |
706 |
|
inc. |
456.60 |
457.68 |
0.66 |
95.58 |
|
90.89 |
|
|
400-514-48 |
600 |
512.25 |
517.38 |
3.14 |
8.74 |
|
8.74 |
|
C |
737 |
|
inc. |
516.00 |
516.68 |
0.42 |
45.10 |
|
45.10 |
|
|
|
|
|
525.00 |
528.76 |
2.32 |
4.07 |
|
4.07 |
|
G |
745 |
400-514-50 |
779 |
541.01 |
555.43 |
6.70 |
18.32 |
|
18.32 |
|
C |
830 |
|
inc. |
541.88 |
543.36 |
0.69 |
62.14 |
|
62.14 |
|
|
|
|
inc. |
552.62 |
555.43 |
1.31 |
55.98 |
|
55.98 |
|
|
|
400-514-52 |
771 |
584.00 |
588.32 |
1.84 |
4.66 |
|
4.66 |
|
X |
874 |
|
inc. |
584.62 |
585.00 |
0.16 |
34.50 |
|
34.50 |
|
|
|
|
|
691.43 |
706.10 |
6.56 |
13.20 |
|
11.97 |
|
C |
964 |
|
inc. |
693.67 |
694.24 |
0.25 |
57.80 |
|
57.80 |
|
|
|
|
inc. |
695.20 |
696.16 |
0.43 |
59.24 |
|
59.24 |
|
|
|
|
inc. |
705.00 |
705.32 |
0.14 |
151.50 |
|
95.00 |
|
|
|
400-514-55A |
561 |
445.10 |
449.30 |
2.08 |
59.11 |
|
5.42 |
|
D |
756 |
|
inc. |
446.10 |
446.60 |
0.25 |
491.00 |
|
40.00 |
|
|
|
|
|
552.47 |
561.00 |
4.34 |
17.32 |
|
15.53 |
|
C |
841 |
|
inc. |
557.10 |
558.00 |
0.46 |
47.40 |
|
47.40 |
|
|
|
|
inc. |
558.65 |
559.00 |
0.18 |
88.70 |
|
88.70 |
|
|
|
|
inc. |
560.70 |
561.00 |
0.15 |
146.00 |
|
95.00 |
|
|
|
400-514-55AW1 |
786 |
477.00 |
481.25 |
2.02 |
10.95 |
|
6.21 |
|
D1 |
780 |
|
inc. |
477.48 |
477.91 |
0.20 |
86.90 |
|
40.00 |
|
|
|
|
|
557.00 |
567.85 |
5.26 |
4.40 |
|
4.40 |
|
C |
847 |
|
inc. |
563.40 |
564.00 |
0.29 |
41.10 |
|
41.10 |
|
|
|
400-527-04 |
141 |
133.50 |
136.50 |
2.67 |
12.18 |
|
12.18 |
|
C |
463 |
425-487-27 |
833 |
571.20 |
578.00 |
1.99 |
4.52 |
|
4.52 |
|
C |
946 |
|
|
727.35 |
735.00 |
2.23 |
85.98 |
|
16.51 |
|
G |
1,087 |
|
inc. |
731.25 |
732.90 |
0.48 |
362.05 |
|
40.00 |
|
|
|
425-487-28 |
810 |
540.35 |
552.80 |
4.49 |
18.64 |
|
18.64 |
|
C |
918 |
|
inc. |
541.15 |
541.85 |
0.25 |
39.60 |
|
39.60 |
|
|
|
|
inc. |
547.50 |
549.50 |
0.72 |
51.60 |
|
51.60 |
|
|
|
|
|
592.50 |
599.80 |
2.67 |
4.63 |
|
4.63 |
|
B |
961 |
|
inc. |
593.80 |
594.30 |
0.18 |
46.70 |
|
46.70 |
|
|
|
425-487-29A |
927 |
614.40 |
620.28 |
1.99 |
5.74 |
|
5.20 |
|
C |
977 |
|
|
614.86 |
615.14 |
0.09 |
106.50 |
|
95.00 |
|
|
|
425-490-06 |
183 |
126.37 |
129.15 |
2.28 |
10.02 |
|
5.56 |
|
D1 |
472 |
|
|
126.67 |
126.97 |
0.25 |
81.40 |
|
40.00 |
|
|
|
425-505-04 |
102 |
74.90 |
77.32 |
2.02 |
6.82 |
|
6.82 |
|
C |
467 |
450-467-02 |
705 |
393.00 |
399.98 |
2.68 |
31.40 |
|
15.13 |
|
C |
805 |
|
inc. |
394.24 |
394.56 |
0.12 |
94.70 |
|
94.70 |
|
|
|
|
inc. |
394.87 |
395.17 |
0.12 |
46.40 |
|
46.40 |
|
|
|
|
inc. |
396.00 |
396.50 |
0.19 |
322.00 |
|
95.00 |
|
|
|
|
|
407.48 |
412.96 |
2.12 |
6.10 |
|
6.10 |
|
X |
817 |
450-467-05 |
852 |
473.29 |
481.48 |
2.70 |
49.23 |
|
10.54 |
|
C |
891 |
|
inc. |
474.29 |
474.91 |
0.20 |
61.80 |
|
61.80 |
|
|
|
|
inc. |
476.69 |
477.07 |
0.13 |
929.00 |
|
95.00 |
|
|
|
450-467-06 |
525 |
245.10 |
249.10 |
2.47 |
4.93 |
|
4.93 |
|
D |
611 |
450-467-09 |
492 |
279.00 |
284.50 |
3.44 |
9.73 |
|
9.73 |
|
C |
652 |
|
inc. |
279.36 |
279.83 |
0.29 |
63.15 |
|
63.15 |
|
|
|
|
|
372.98 |
377.89 |
3.11 |
9.03 |
|
7.77 |
|
G1 |
713 |
|
inc. |
375.79 |
376.40 |
0.39 |
50.10 |
|
40.00 |
|
|
|
450-467-12 |
531 |
196.50 |
199.00 |
1.87 |
4.09 |
|
4.09 |
|
D |
575 |
|
inc. |
198.00 |
198.30 |
0.22 |
33.10 |
|
33.10 |
|
|
|
|
|
219.00 |
225.50 |
4.88 |
4.39 |
|
4.39 |
|
C |
588 |
|
inc. |
223.00 |
223.50 |
0.38 |
45.10 |
|
45.10 |
|
|
|
|
|
277.00 |
280.00 |
2.26 |
18.81 |
|
16.67 |
|
B |
618 |
|
inc. |
279.60 |
280.00 |
0.30 |
111.00 |
|
95.00 |
|
|
|
450-467-15 |
200 |
111.70 |
114.00 |
2.07 |
11.50 |
|
9.03 |
|
E1E |
473 |
|
inc. |
112.25 |
112.75 |
0.45 |
51.40 |
|
40.00 |
|
|
|
450-467-23 |
220 |
208.95 |
211.00 |
1.96 |
5.39 |
|
5.39 |
|
B |
502 |
|
inc. |
210.35 |
210.65 |
0.29 |
31.40 |
|
31.40 |
|
|
|
450-467-24 |
220 |
186.00 |
196.18 |
9.97 |
9.85 |
|
9.85 |
|
X |
477 |
|
inc. |
186.00 |
187.00 |
0.98 |
69.40 |
|
69.40 |
|
|
|
460-455-01 |
246 |
175.10 |
178.00 |
2.80 |
37.47 |
|
9.35 |
|
D |
499 |
|
inc. |
177.05 |
177.40 |
0.34 |
273.00 |
|
40.00 |
|
|
|
460-456-02 |
844 |
486.00 |
493.75 |
2.20 |
11.00 |
|
8.26 |
|
E1E |
919 |
|
inc. |
490.90 |
491.70 |
0.23 |
66.60 |
|
40.00 |
|
|
|
460-456-05 |
834 |
565.00 |
570.30 |
2.02 |
4.53 |
|
4.53 |
|
B |
956 |
460-456-06 |
618 |
451.60 |
456.00 |
2.10 |
9.31 |
|
9.31 |
|
B |
826 |
|
|
605.80 |
613.60 |
3.72 |
9.35 |
|
9.35 |
|
X |
949 |
|
inc. |
606.90 |
607.90 |
0.48 |
40.50 |
|
40.50 |
|
|
|
|
inc. |
608.50 |
609.05 |
0.26 |
38.20 |
|
38.20 |
|
|
|
460-456-07 |
548 |
438.11 |
442.90 |
2.98 |
16.57 |
|
3.81 |
|
G |
783 |
|
inc. |
442.00 |
442.44 |
0.27 |
179.00 |
|
40.00 |
|
|
|
460-456-09 |
570 |
451.50 |
457.20 |
2.57 |
15.43 |
|
15.43 |
|
C |
844 |
|
inc. |
454.20 |
456.20 |
0.90 |
42.10 |
|
42.10 |
|
|
|
460-456-10 |
507 |
202.05 |
206.54 |
3.85 |
4.36 |
|
4.36 |
|
D |
555 |
460-456-11 |
552 |
330.00 |
333.50 |
2.25 |
7.35 |
|
7.35 |
|
C |
705 |
|
inc. |
332.45 |
333.00 |
0.35 |
42.35 |
|
42.35 |
|
|
|
460-456-12 |
750 |
421.00 |
426.35 |
2.02 |
39.32 |
|
4.82 |
|
E1E |
843 |
|
inc. |
422.15 |
422.50 |
0.13 |
567.26 |
|
40.00 |
|
|
|
|
|
515.85 |
522.85 |
2.68 |
4.25 |
|
4.25 |
|
D1 |
926 |
|
|
574.00 |
583.50 |
3.68 |
6.50 |
|
6.50 |
|
C |
977 |
|
inc. |
582.40 |
583.50 |
0.43 |
39.65 |
|
39.65 |
|
|
|
460-456-14 |
708 |
654.27 |
664.00 |
6.85 |
6.51 |
|
6.51 |
|
X |
888 |
|
inc. |
655.27 |
656.27 |
0.70 |
38.60 |
|
38.60 |
|
|
|
460-456-16 |
555 |
321.87 |
326.25 |
2.47 |
4.33 |
|
4.33 |
|
D |
703 |
460-456-17 |
675 |
559.35 |
567.00 |
3.19 |
7.44 |
|
7.44 |
|
B |
951 |
|
inc. |
561.55 |
562.00 |
0.19 |
90.50 |
|
90.50 |
|
|
|
460-456-18A |
675 |
497.60 |
508.08 |
4.13 |
3.83 |
|
3.83 |
|
D |
902 |
460-456-21 |
800 |
352.25 |
356.75 |
2.70 |
34.36 |
|
16.50 |
|
C |
712 |
|
inc. |
352.89 |
354.00 |
0.67 |
136.13 |
|
63.73 |
|
|
|
460-456-22 |
798 |
360.00 |
364.14 |
2.05 |
32.49 |
|
7.04 |
|
D |
749 |
|
inc. |
362.30 |
363.00 |
0.35 |
190.50 |
|
40.00 |
|
|
|
510-480-09 |
201 |
169.05 |
175.25 |
4.18 |
6.51 |
|
6.51 |
|
C |
579 |
|
inc. |
169.05 |
169.60 |
0.37 |
50.80 |
|
50.80 |
|
|
|
510-480-10 |
702 |
249.40 |
255.90 |
2.59 |
13.17 |
|
9.04 |
|
D |
730 |
|
inc. |
254.70 |
255.00 |
0.12 |
129.50 |
|
40.00 |
|
|
|
|
|
482.50 |
487.50 |
2.08 |
4.69 |
|
4.69 |
|
G1 |
926 |
510-480-11B |
603 |
410.76 |
416.20 |
2.02 |
15.72 |
|
15.72 |
|
B |
875 |
|
inc. |
411.50 |
412.30 |
0.30 |
69.50 |
|
69.50 |
|
|
|
510-480-12 |
696 |
381.34 |
391.43 |
2.46 |
11.73 |
|
6.61 |
|
D |
871 |
|
inc. |
390.15 |
390.57 |
0.10 |
163.00 |
|
40.00 |
|
|
|
|
|
528.00 |
536.50 |
2.02 |
6.60 |
|
6.60 |
|
X |
1,006 |
|
inc. |
528.90 |
529.20 |
0.07 |
58.50 |
|
40.00 |
|
|
|
|
inc. |
530.36 |
531.00 |
0.15 |
34.90 |
|
34.90 |
|
|
|
|
|
560.00 |
598.11 |
8.79 |
120.03 |
|
33.89 |
|
B |
1,049 |
|
inc. |
560.76 |
566.28 |
1.27 |
59.30 |
|
44.35 |
|
|
|
|
inc. |
570.32 |
581.70 |
2.62 |
87.00 |
|
52.09 |
|
|
|
|
inc. |
585.00 |
587.37 |
0.55 |
397.16 |
|
89.32 |
|
|
|
|
inc. |
587.78 |
588.23 |
0.10 |
1,770.00 |
|
95.00 |
|
|
|
|
inc. |
591.47 |
591.96 |
0.11 |
51.70 |
|
51.70 |
|
|
|
|
inc. |
591.96 |
592.41 |
0.10 |
2,880.00 |
|
95.00 |
|
|
|
|
inc. |
592.41 |
592.90 |
0.11 |
230.50 |
|
95.00 |
|
|
|
510-480-14A |
798 |
384.00 |
391.85 |
1.99 |
25.88 |
|
7.68 |
|
D |
872 |
|
inc. |
389.90 |
390.35 |
0.11 |
357.50 |
|
40.00 |
|
|
|
510-480-17 |
250 |
141.86 |
145.02 |
2.53 |
4.18 |
|
4.18 |
|
C |
587 |
510-480-19 |
220 |
156.30 |
162.34 |
4.22 |
7.72 |
|
7.72 |
|
C |
560 |
|
inc. |
157.06 |
157.55 |
0.34 |
38.16 |
|
38.16 |
|
|
|
535-497-07 |
171 |
118.71 |
123.80 |
4.06 |
6.07 |
|
6.07 |
|
C |
561 |
|
inc. |
119.43 |
119.73 |
0.24 |
68.04 |
|
68.04 |
|
|
|
535-497-09 |
210 |
140.60 |
153.00 |
9.32 |
4.04 |
|
4.04 |
|
C |
617 |
535-497-10 |
190 |
117.35 |
121.45 |
3.35 |
6.26 |
|
6.26 |
|
C |
596 |
535-497-11 |
180 |
121.33 |
124.43 |
2.49 |
7.08 |
|
7.08 |
|
C |
584 |
Total metres: |
24,712 |
|
|
|
|
|
|
|
|
|
(1) |
Please see the Regulation 43-101 at the end
of this release for full analysis details. |
(2) |
A high grade assay capping value of 95 g/t
Au was used for the C and B zones (a capping of 75 g/t is presently
used at the Island Gold Mine). For all other zones, a high grade
assay capping value of 40 g/t Au was used. |
(3) |
E1E, D and D1 Zones are found in the
footwall of the C Zone. "B", "G" and "G1" correspond to three zones
found in the hanging wall of the C Zone. "X" corresponds to
presently undefined zones, and are not included in the
resource. |
Details about the Island Gold Mine Property
The 59.0 km2 (5,900 hectares) Island Gold property is located 83
km northeast of Wawa, Ontario. Ore from the Island Gold Mine is
processed at Richmont's on-site mill, an 850 tonne per day rated
CIP facility. Since Island Gold began commercial production in
October 2007, Richmont has produced more than 256,000 ounces of
gold. Underground operations are accessed via a ramp, and mining
activities currently reach a vertical depth of approximately 400
metres.
About Richmont Mines Inc.
Richmont Mines has produced over 1,400,000 ounces of gold from
its operations in Quebec, Ontario and Newfoundland since beginning
production in 1991. The Corporation currently produces gold from
the Island Gold Mine in Ontario and the Beaufor, Monique and W Zone
mines in Quebec. The Corporation is also advancing the Island Gold
Deep project located directly beneath the Island Gold Mine in
Ontario. With over 20 years of experience in gold production,
exploration and development, and prudent financial management, the
Corporation is well-positioned to cost-effectively build its
Canadian reserve base and to successfully enter its next phase of
growth. Richmont routinely posts news and other important
information on its website (www.richmont-mines.com).
Forward-Looking Statements
This news release contains forward-looking statements that
include risks and uncertainties. When used in this news release,
the words "estimate", "project", "anticipate", "expect", "intend",
"believe", "hope", "may" and similar expressions, as well as
"will", "shall" and other indications of future tense, are intended
to identify forward-looking statements. The forward-looking
statements are based on current expectations and apply only as of
the date on which they were made.
The factors that could cause actual results to differ materially
from those indicated in such forward-looking statements include
changes in the prevailing price of gold, the Canadian-United States
exchange rate, grade of ore mined and unforeseen difficulties in
mining operations that could affect revenue and production costs.
Other factors such as uncertainties regarding government
regulations could also affect the results. Other risks may be set
out in Richmont Mines' Annual Information Form, Annual Reports and
periodic reports.
Cautionary note to US investors concerning resource
estimates
Information in this press release is intended to comply with the
requirements of the Toronto Stock Exchange and applicable Canadian
securities legislation, which differ in certain respects with the
rules and regulations promulgated under the United States
Securities Exchange Act of 1934, as amended ("Exchange Act"), as
promulgated by the SEC. The reserve and resource estimates in this
press release were prepared in accordance with Regulation 43-101
adopted by the Canadian Securities Administrators. The requirements
of Regulation 43-101 differ significantly from the requirements of
the United States Securities and Exchange Commission (the
"SEC").
U.S. Investors are urged to consider the disclosure in our
annual report on Form 20-F, File No. 001-14598, as filed with the
SEC under the Exchange Act, which may be obtained from us (without
cost) or from the SEC's web site: http://sec.gov/edgar.shtml.
Regulation 43-101
The exploration program was conducted by qualified persons as
defined by Regulation 43-101. Specifically, the program was
overseen by Mr. Daniel Adam, Geo., Ph.D., Vice-President,
Exploration, who is a Qualified Person as defined by Regulation
43-101, and an employee of Richmont Mines Inc. Mr. Adam verified
and approved the information in this press release. The analyses
were conducted at Activation Laboratories Ltd. in Geraldton,
Ontario, Swastika Laboratories Ltd. in Swastika, Ontario, Lab
Expert laboratory in Rouyn-Noranda, Quebec, and at the AGAT
Laboratories Ltd. in Mississauga, Ontario, by means of fire assay
fusion with atomic absorption (AA) and gravimetric finish. Samples
from some holes were assayed at the Wesdome Laboratory in Wawa in
order to expedite results; these samples will be re-assayed in a
commercial laboratory.
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Investor Relations:Jennifer AitkenRICHMONT MINES INC.514
397-1410 ext. 101jaitken@richmont-mines.comWeb Site:
www.richmont-mines.com
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