Supports Preliminary Economic Assessment
Currently Under Review
TORONTO, Dec. 19, 2016 /CNW Telbec/ - Richmont Mines
Inc. (TSX: RIC) (NYSE MKT: RIC) ("Richmont" or the "Corporation")
announces receipt of Amendments of both Air and Wastewater
Environmental Compliance Approvals (ECAs) from the Ontario Ministry
of Environment and Climate Change for its Island Gold Mine located
in northern Ontario. These
Amendments support a potential ore mining and processing rate
increase to an average of 1,100 tonnes per day as contemplated in
the Preliminary Economic Assessment ("PEA") that is currently under
review (refer to November 1, 2016
press release).
The Amended ECAs allow processing of up to 401,500 tonnes of ore
per year (1,100 tonnes per day), with flexibility for up to a
maximum of 38,480 tonnes per month. The operation was previously
permitted for up to 27,000 tonnes per month, or an average of 900
tonnes per day.
"The receipt of these permits is a key milestone for Island Gold
as it will allow mining and milling productivity to progressively
increase to an average of 1,100 tonnes per day, as envisaged in the
upcoming PEA. The engineering and analysis related to the
productivity increase continues to advance, which is now fully
supported by the receipt of all required permits." stated
Renaud Adams, CEO. "The mine and
mill are now averaging above 900 tonnes per day and the operation
is well positioned to support a productivity increase to an average
of 1,100 tonnes per day with minimal capital investment."
About Richmont Mines Inc.
Richmont Mines currently
produces gold from the Island Gold Mine in Ontario, and the Beaufor Mine in Quebec. The Corporation is also advancing
development of the significant high-grade resource extension at
depth of the Island Gold Mine in Ontario. With 35 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.
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",
"objective" 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. Except as may be required by law or
regulation, the Corporation undertakes no obligation and disclaims
any responsibility to publicly update or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise.
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. The forward-looking information contained herein
is made as of the date of this news release.
SOURCE Richmont Mines