Richmont Mines Files Updated Technical Report for Island Gold Mine Property
April 01 2014 - 08:30AM
Marketwired
Richmont Mines Files Updated Technical Report for Island Gold Mine
Property
MONTREAL, QUEBEC--(Marketwired - Apr 1, 2014) - Richmont Mines
Inc. (TSX:RIC)(NYSEMKT:RIC), ("Richmont" or the "Corporation"),
announces that an updated National Instrument 43-101 technical
report has been filed for the Corporation's Island Gold Mine
Property, which encompasses the producing Island Gold Mine and the
Island Gold Deep resource located directly below. The Island Gold
Mine Property contained estimated Proven and Probable Reserves of
143,506 gold ounces (733,347 tonnes grading 6.09 g/t Au), Measured
and Indicated resources of 233,330 ounces of gold (739,700 tonnes
grading 9.81 g/t Au) and Inferred resources of 1,037,327 ounces of
gold (3.6 million tonnes grading 9.07 g/t Au) as of December 31,
2013.
ISLAND GOLD PROPERTY RESERVE AND RESOURCE ESTIMATES(1),
(2) |
|
Tonnes |
Grade |
Ounces |
|
(metric) |
(g/t Au) |
contained |
|
|
|
|
Proven Reserves(4) |
251,572 |
5.95 |
48,086 |
Probable Reserves(4) |
481,775 |
6.16 |
95,419 |
Total Proven & Probable |
733,347 |
6.09 |
143,506 |
|
|
|
|
Measured Resources |
28,087 |
5.57 |
5,031 |
Indicated Resources |
255,600 |
7.23 |
59,402 |
Indicated Resources - Deep(5) |
456,013 |
11.52 |
168,897 |
Total Measured & Indicated Resources |
739,700 |
9.81 |
233,330 |
|
|
|
|
Inferred Resources |
362,858 |
7.09 |
82,744 |
Inferred Resources - Deep(3), (5) |
3,196,114 |
9.29 |
954,583 |
Total Inferred Resources |
3,558,972 |
9.07 |
1,037,327 |
|
|
|
|
(1) |
Resources presented are exclusive of reserves. |
|
|
(2) |
Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability. |
|
|
(3) |
Represents 100% of resources at Island Gold Deep. The Corporation
estimates that approximately 90% of the Indicated resource and 56%
of the Inferred resource (61% on a consolidated basis) of Island
Gold Deep lie within three claims, for which Richmont owns 69%, and
a third party owns 31%. |
|
|
(4) |
Based
on a gold price of US$1,225/oz and an exchange rate of CAN$1.06 =
US$1.00. |
|
|
(5) |
Island Gold Deep updated resources established as of January 21,
2014. |
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 Mine, Monique Mine
and the W Zone Mine in Quebec. The Corporation is also advancing
the Island Gold Deep project 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 Mineral reserve and resource estimations as of December 31,
2013 were performed by qualified persons as defined by Regulation
43-101 and were supervised by Mr. Daniel Adam, Geo., Ph.D.,
Vice-President, Exploration, an employee of Richmont Mines Inc.
Please refer to the SEDAR website (www.sedar.com) for full reports
and additional corporate documentation.
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Investor Relations:Jennifer AitkenRichmont Mines Inc.514
397-1410 ext.
101jaitken@richmont-mines.comwww.richmont-mines.com
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