The Gold Report
Notable Quotes
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Experts Commenting on This Company
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Richmont Mines Inc.TICKER: RIC:TSX; RIC:NYSE.MKTRichmont Mines Inc. is a Quebec-based gold company that has produced over 1.3 Moz gold since 1991 and has 30 years of experience in Canadian gold exploration and mine development. The company has a solid financial position with over $60M cash as of Q3/12, no long-term debt and only 39.5M shares outstanding. Its management team is focused on generating positive cash flow and profitable growth in order to provide a solid foundation on which to expand production rates, increase gold-ounce reserve levels and expand its roster of mineral properties. |
The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.
Expert Comments:
Adam Melnyk, Desjardins Securities (5/10/13) "We remain focused on Richmont Mines Inc.'s development of the deep zones at Island Gold, which, in our view, form the future of the company's production base. We are therefore maintaining our Speculative Buy rating. . .we anticipate initial production from the deep zone at Island in 2016."
Kevin Chiew, CIBC World Markets (5/10/13) "Richmont Mines Inc.'s gold sales totaled 14,261 oz in Q1/13. . .with an initial Inferred resource established of 508 Koz (average grade of 10.73 g/t), we continue to believe in the strong economic potential of the Island Gold Deep project."
Adam Melnyk, Desjardins Securities (4/12/13) "Richmont Mines Inc. announced deep drilling results before market open today from presently undefined zones at its 100%‐owned flagship Island Gold mine in Ontario. . .highlights of the X Zone include 20.64 g/t Au over 3.4m, 17.48 g/t Au over 3.3m, 17.53 g/t Au over 3.1m and 13.64 g/t Au over 9.6m. . .the company also announced that work to extend the ramp to the C Zone at Island Gold has commenced. . .we are encouraged by the high‐grade intercepts encountered at parallel zones."
The Gold Report Interview with Jocelyn August (2/27/13) "Richmont Mines Inc. is an interesting one also. We're interested in seeing what it does with the Island Gold Mine project, which is currently producing, and it is also looking at the deep drilling potential it has there. We're looking for a preliminary resource estimate at Island in Q1/13, but it will be for the deep drilling. Richmont is currently trading at only about $2.80/share, and it's down from a high of $12.50/share in the past year. In November, the company announced the closure of its Francoeur mine not too long after the start of production there because of high operating costs and it not being financially feasible to keep running the project. Because of the size of the Island project, it will be interesting to see what it is able to do." More >
Adam Melnyk, Desjardins Securities (2/26/13) "Richmont Mines Inc. has released an initial resource estimate for the C zone at its 100%-owned flagship Island Gold mine near Wawa; the resource is estimated at 1.5 Mt at 10.73 g/t for 508 Koz in the Inferred category. The C zone is located at depth at Island Gold and remains open in all directions. . .we are maintaining our Speculative Buy rating."
