Richmont Mines

Richmont Mines Reports Fourth Quarter and Annual Financial Results; Island Gold Delivers Another Record Year

Toronto (ots/PRNewswire) - TSX - NYSE MKT: RIC

Richmont Mines Inc. (TSX: RIC) (NYSE: RIC) ("Richmont" or the "Corporation") is reporting operating and financial results for the fourth quarter and year-ended December 31, 2015, driven by record results from the cornerstone Island Gold Mine. The Corporation will host a conference call and webcast on Monday, February 22, 2016, beginning at 8:30 a.m. Eastern Time (details below). (All amounts are in Canadian dollars, unless otherwise indicated.)

FOURTH QUARTER AND ANNUAL HIGHLIGHTS

- Fourth quarter production of 22,380 ounces of gold (21,576 ounces 
  sold) at an average realized gold price of $1,474 per ounce 
  (US$1,104), for quarterly revenues of $31.9 million (US$23.9 
  million). Annual production was 98,031 gold ounces (96,895 ounces 
  sold), at an average realized gold price of $1,480 per ounce 
  (US$1,157), for annual revenues of $143.7 million (US$112.4 
  million). Production for 2015 exceeded the high end of revised 
  guidance levels.
- Cash costs for the fourth quarter were $1,034 per ounce (US$774 per
  ounce) and All-In-Sustaining Costs (AISC) of $1,666 per ounce 
  (US$1,274 per ounce). For 2015, Cash costs were $977 per ounce 
  (US$764 per ounce) and AISC of $1,373 per ounce (US$1,074 per 
  ounce). Cash costs and AISC for 2015 were in-line with revised 
  guidance levels.
- Fourth quarter loss was $4.1 million (US$3.0 million), or $(0.07) 
  per share (US$0.05 per share). For 2015, earnings were $6.8 million
  (US$5.3 million), or $0.12 per share (US$0.09 per share).
- For the fourth quarter, operating cash flow was $6.8 million (US$ 
  5.1 million), or $0.12 per share (US$0.09 per share). For 2015, 
  operating cash flow was $42.4 million (US$33.2 million), or $0.74 
  per share (US$0.58 per share).
- Richmont ended the quarter with a strong cash balance of 
  approximately $61.0 million that will support the Corporation's 
  growth strategy.
- On February 9, 2016, Richmont announced a 187% increase in 
  reserves, including a 206% increase in reserves at the cornerstone 
  Island Gold Mine and a 95% increase in reserves at the Beaufor 
  Mine. 

Financial Highlights

Quarter ended Quarter ended 
Year-end      Year-end      (in thousands, except per     share 
amounts)                 Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2015 
Dec. 31, 2014     Revenue from mining operations        31,864       
29,562       143,733       132,196     Net earnings (loss) per share,
basic                                 (0.07)          0.02       
0.12          0.18     Operating cash flow, per share          0.12
0.07          0.74          0.60     Adjusted operating cash
flow,     per share[1]                            0.04          0.10 
0.60          0.76     Free cash flow, per share[2]          
(0.27)        (0.07)        (0.17)          0.09     [1]After changes
in non-cash working capital.     [2]Refer to the Non-GAAP performance
measures contained in the Annual Management's     Discussion & 
Analysis.  

Operational Highlights

Quarter ended Quarter ended 
Year-end      Year-end                                     Dec. 
31, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014     Gold produced 
(oz)                    22,380        22,931        98,031        
95,740     Gold sold (oz)                        21,576        21,666
96,895        94,503     Cash costs per ounce (CAN$)[1]       
1,034           981           977           956     AISC (CAN$)[1]  
1,666         1,420         1,373         1,219
Realized gold price (CAN$)             1,474         1,361       
1,480         1,396     Cash costs per ounce (US$)[1]            774
864           764           866     AISC (US$)[1]          
1,247         1,251         1,074         1,104     
Realized gold price (US$)              1,104         1,198         
1,157         1,264     [1]Refer to the Non-GAAP performance measures
contained in the Annual Management's     Discussion and Analysis.  

"We successfully achieved our 2015 objectives of advancing the transformation of our cornerstone Island Gold Mine to best position this core asset for significant growth and cash flow generation beginning in 2017. In 2015, we executed a very disciplined capital allocation strategy to unlock the potential of this core asset. In 2016, we will focus on completing the accelerated development program as detailed in the Preliminary Economic Assessment ("PEA")," stated Renaud Adams, CEO. He continued, "Our confidence in the potential of Island Gold continues to grow, strongly supported by the results of our recent PEA, our significant 206% increase in reserves, together with the early results from our exploration program that indicate a potential to expand this deposit both laterally and at depth, below the 1,000 metre level. We begin 2016 with two quality, Canadian-based assets, a strong cash position and a dedicated and experienced management team. We look forward to completing our accelerated development program at Island Gold and another year of creating significant value for our shareholders."

Island Gold Mine Highlights

Quarter ended Quarter ended 
Year-end      Year-end      ISLAND GOLD MINE               Dec. 
31, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014     Gold produced 
(oz)                    14,203         8,974        55,040        
42,206     Gold sold (oz)                        13,504         9,052
52,363        42,078     Cash costs per ounce (CAN$)[1]       
1,026         1,307         1,034           982     AISC (CAN$)[1]  
1,587         2,062         1,460         1,317
Realized gold price (CAN$)             1,476         1,354       
1,481         1,398     Cash costs per ounce (US$)[1]            768
1,151           808           889     AISC (US$)[1]          
1,188         1,816         1,141         1,192     
Realized gold price (US$)              1,105         1,192         
1,158         1,266     Underground tpd                          657 
399           659           601     Mill tonnes             
60,352        46,651       242,137       230,828     
Mill tpd                                 656           507           
663           632     Head grade (g/t)                        7.62   
6.28          7.31          5.91     Recoveries (%)            
96.0          95.3          96.8          96.3     
Sustaining Costs ($000'S)              7,576         6,837        
22,330        14,110     Project Costs ($000's)                14,505
1,956        30,894        11,767     Non-sustaining 
exploration     costs ($000's)                         2,865         
443         4,600           771     [1]Refer to the Non-GAAP 
performance measures contained in the Annual Management's     
Discussion and Analysis.  
- At the end of 2015, the Island Gold Mine reported 5 years of 
  operations without lost-time injury.
- Production for the fourth quarter was 14,203 ounces (13,504 ounces 
  sold), in-line with the prior quarter, despite the 3-week planned 
  shutdown to complete an underground mine upgrade and 2-week mill 
  shutdown in the quarter. Production for the year was a record 
  55,040 ounces (52,363 ounces sold) for the year, 16% above annual 
  production guidance levels.
- Cash costs for the quarter were $1,026 (US$768) per ounce, a 
  significant 21% decrease over the prior year period. For 2015, cash
  costs increased by 5% to $1,034 (US$808) per ounce. Cash costs for 
  the year were in-line with guidance levels despite 50% of the 
  tonnes mined coming from development ore as compared a plan of 40%.
- AISC for the quarter decreased by 23% to $1,587 (US$1,188) per 
  ounce over the prior year period. For 2015, AISC increased by 11% 
  to $1,460 (US$1,141) per ounce as the operation continued to focus 
  on accelerated development as detailed in the PEA. AISC for 2015 
  were in-line with guidance estimates, in spite of higher than 
  planned sustaining capital expenditures during the year.
- During the fourth quarter, approximately $7.6 million (US$5.7 
  million) in sustaining costs were incurred at Island Gold and a 
  total of approximately $22.3 million (US$17.4 million) for 2015, 
  approximately $3.2 million (US$2.2 million) higher than guidance 
  levels. Additional sustaining costs for the year included 
  electrical and infrastructure upgrades of $1.7 (US$1.3 million) and
  the development of additional resources located in the Goudreau 
  Zone, which was not considered in 2015 guidance estimates. As a 
  result of certain sustaining capital costs being incurred in 2015, 
  2016 sustaining capital investment estimates have decreased to 
  $17.3 million (US$12.7 million).
- During the fourth quarter approximately $14.5 million (US$10.9 
  million) of project development costs were invested and $30.9 
  million (US$ 24.2 million) in 2015. Additional project capital 
  investments for 2015 included the expansion of the tailings dam 
  capacity for $6.8 million (US$ 5.3 million), electrical upgrades of
  $3.4 million (US$ 2.7 million) as well as other site infrastructure
  upgrades.
- In February 2016, the results of the expanded delineation drilling 
  program reported a 206% increase in Mineral Reserves to 561,700 
  gold ounces (net of depletion) at Island Gold with a corresponding 
  29% increase in reserve grades to 8.26 g/t. Almost 80% of the 
  resources from the Lower C Zone included in the PEA were converted 
  to reserves, significantly de-risking this core operation, which 
  now has a 7-year mine life based on reserve estimates.
- An initial update on the Island Gold 86,500 metre exploration 
  drilling program was released in December 2015. Drilling continued 
  to demonstrate the significant potential for resource growth, 
  production growth and mine life extension of this cornerstone asset
  both laterally above the 860 metre level, as well as below the 
  1,000 metre level. During 2015, approximately 38,020 metres of 
  drilling were completed with the remaining 48,480 metres to be 
  completed by the end of April, 2016. Exploration drilling costs of 
  $2.9 million were incurred in the fourth quarter and approximately 
  $4.6 million in 2015. Approximately $6.2 million (US$4.5 million) 
  in exploration drilling costs have been estimated for the first 
  half of 2016 to complete the 2015 program. 

Beaufor Mine Highlights

Quarter ended  Quarter ended   
Year-end       Year-end      BEAUFOR MINE                Dec. 31, 
2015  Dec. 31, 2014  Dec. 31, 2015  Dec. 31, 2014     Gold produced 
(oz)                  5,652          6,633         26,411         
24,959     Gold sold (oz)                      5,237          5,840  
26,875         24,006     Cash costs per ounce     (CAN$)[1]   
1,084            935            995           
946     AISC (CAN$)[1]                      1,515            988     
1,216          1,024     Realized gold price (CAN$)          
1,467          1,367          1,474          1,399     Cash costs per
ounce     (US$)[1]                              812            823   
778            856     AISC (US$)[1]                       
1,135            870            951            927     Realized gold 
price (US$)           1,099          1,204          1,153          
1,267     Underground tpd                       306            327   
343            323     Mill tonnes                        
28,345         30,247        125,447        115,573     Head grade 
(g/t)                     6.30           6.96           6.64         
6.86     Recoveries (%)                       98.4           98.1   
98.6           97.9     Sustaining Costs ($000'S)           
2,259            313          5,942          1,880     Project and 
non-sustaining     capital ($000's)                      132         
607            340          1,733     [1]Refer to the Non-GAAP 
performance measured contained in the Annual Management's     
Discussion and Analysis.     [2]Sustaining capital includes 
delineation and exploration drilling.  
- At the end of 2015, the Beaufor Mine reported 2 years of operations
  without lost-time injury.
- Production for the quarter was 5,652 ounces (5,237 ounces sold) and
  26,411 ounces (26,875 ounces sold) in 2015.
- Cash costs for the quarter were $1,084 (US$812) per ounce, and $995
  (US$778) per ounce for 2015. AISC for the quarter were $1,515 
  (US$1,135) per ounce and $1,216 (US$951) per ounce for 2015.
- As of December 31, 2015, all of the planned $5.9 million in 
  sustaining costs had been incurred.
- On February 8, 2016 the Corporation reported a 95% increase in 
  Mineral Reserves to 63,850 gold ounces (net of depletion) at the 
  Beaufor Mine at a reserve grade of 6.57 g/t, increasing mine life 
  to over 2-years. 

Monique Mine Highlights

Quarter ended Quarter ended 
Year-end      Year-end      MONIQUE MINE                   Dec. 
31, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014     Gold produced 
(oz)                     2,525         7,324        16,580        
23,675     Gold sold (oz)                         2,835         6,774
17,657        23,490     Cash costs per ounce (CAN$)[1]       
977           586           782           910     AISC (CAN$)[1]  
982           647           798           958
Realized gold price (CAN$)             1,478         1,366       
1,486         1,387     Cash costs per ounce (US$)[1]            731
516           612           824     AISC (US$)[1]          
735           570           625           867     
Realized gold price (US$)              1,107         1,203         
1,162         1,256     Mill tonnes                           45,922 
85,447       224,673       283,009     Head grade (g/t)        
1.77          2.80          2.37          2.71     
Recoveries (%)                          96.4          95.3          
96.7          96.0     [1]Refer to the Non-GAAP performance measured 
contained in the Annual Management's     Discussion and Analysis.  
- Production from the Monique Mine ceased in January 2015 as the open
  pit mine was depleted. Over the remainder of the year 212,000 
  tonnes of the 228,000 tonne stockpile was processed.
- Production for the quarter was 2,525 ounces (2,835 ounces sold), as
  the operation processed the lower-grade stockpile ore during the 
  quarter. Production for 2015 was 16,580 ounces (17,657 ounces 
  sold). The processing of the lower grade stockpile was essentially 
  completed at the end of 2015 with a remaining 16,000 tonnes at 2.16
  g/t gold was processed in January 2016.
- Cash costs for the quarter were $977 (US$731) per ounce, and $782 
  (US$612) per ounce for 2015.
- AISC for the quarter were $982 (US$735) per ounce and $798 (US$625)
  per ounce for 2015. 

Quebec Division

- For the fourth quarter, the Quebec division, which is comprised of 
  the Beaufor and Monique mines and the Camflo mill, produced 8,177 
  ounces of gold (8,072 ounces sold) and 42,991 ounces (44,532 sold) 
  for 2015, in-line with guidance estimates.
- Cash costs for the quarter were $1,046 per ounce (US$783 per ounce)
  and AISC of $1,291 per ounce (US$ 967 per ounce), in-line with 
  guidance estimates. 

Fourth Quarter and Recent Corporate Highlights

- On February 11, 2016, the Corporation announced 2016 operational 
  estimates that includes a potential production increase of up to 
  22% from the Island Gold mine that is expected to drive a 
  corresponding decrease in All-in Sustaining Costs ("AISC").
- On February 9, 2016 Richmont announced updated Mineral Reserves and
  Resources as of December 31, 2015, that includes a 206% increase in
  Mineral Reserves at the cornerstone Island Gold Mine to 561,700 
  gold ounces (net of depletion) at a Mineral Reserve grade of 8.26 
  g/t. The Beaufor Mine reported a 95% increase in Mineral Reserves 
  to 63,850 gold ounces (net of depletion) at a Mineral Reserve grade
  of 6.57 g/t, which will extend mine life by more than two years. 
  The Corporation will file an update NI 43-101 technical report 
  within 45 days.
- On December 22, 2015, Richmont announced that Mr. René Marion was 
  appointed as non-executive Chairman of the Board effective January 
  1, 2016 following the resignation of Mr. Greg Chamandy as Executive
  Chairman, but remains as a director of the Corporation and a member
  of the Technical and Corporate Responsibility Committee.
- On December 21, 2015, Richmont provided an initial update on the 
  Island Gold exploration drilling program which continues to 
  demonstrate the significant potential of this cornerstone asset, 
  particularly the potential to extend the deposit laterally above 
  the 860 metre level and at depth below the 1,000 metre level.
- On December 7, 2015, Richmont announced the appointment of Mr. 
  Christian Bourcier as Vice-President, Operations effective January 
  11, 2016. Mr. Bourcier is a mining engineer with over 21 years of 
  mining experience, primarily in the prolific Abitibi region of 
  northwestern Quebec and will be responsible for all operational 
  programs for Richmont.
- On October 28, 2015, Richmont announced the completion of a PEA for
  the expansion of the cornerstone Island Gold Mine, highlighting the
  potential for increased production and lower all-in-sustaining 
  costs. The PEA considers a phased approach with Phase 1 evaluating 
  a Base Case scenario of 800 tonnes per day, as well as a potential 
  1,150 tonne per day Expanded Case from 2017. A National Instrument 
  43-101 Technical Report containing the PEA was filed on December 
  11, 2015. 

Upcoming News & Events

- Exploration update (late-February and late April)
- Q1 2016 preliminary production preview (mid-April)
- Annual General Meeting of Shareholders (May 12) 

Financial Statements and Management's Discussion and Analysis

The financial statements and related Management's Discussion and Analysis can be found on the Corporation's website at http://www.richmont-mines.com or under the Company's profile on http://www.sedar.com and with the Securities and Exchange Commission athttp://www.sec.gov/edgar.shtml.

Webcast and Conference Call

A webcast and conference call will be held on Monday, February 22, 2016 starting at 8:30 a.m. Eastern Time. Senior management will be on the call to discuss the results.

Conference Call Access

International & Toronto: 1-416-764-8688     Canada & U.S. 
Toll Free: 1-888-390-0546  

Please ask to be placed into the Richmont Mines 2015 Fourth Quarter and Annual Results Conference Call.

Conference Call Live Webcast

The conference call will be broadcast live on the Internet via webcast. To access the webcast, please follow this link:

http://event.on24.com/r.htm?e=1129773&s=1&k=2F28C56467968F94254C8DD04B6CD2D1

Archive Call Access

If you are unable to attend the conference call, a replay will be available until 11:59 p.m. Eastern Time, February 29, 2016 by dialing the appropriate number below:

International & Toronto: 1-416-764-8677 Passcode: 628767#  
Canada & U.S. Toll Free: 1-888-390-0541 Passcode: 628767#  

Archive Webcast

The webcast will be archived for 90 days. To access the archived webcast, visit the Corporation's website at http://www.richmont-mines.com or follow this link:

http://event.on24.com/r.htm?e=1129773&s=1&k=2F28C56467968F94254C8DD04B6CD2D1

About Richmont Mines Inc.

Richmont Mines has produced over 1.6 million ounces of gold from its operations in Quebec, Ontario and Newfoundland since beginning production. The Corporation 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 25 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 (http://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. Except as may be required by law, 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.

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 geological data in this news release has been reviewed by Mr. Daniel Adam, Geo., Ph.D., Vice-President, Exploration, an employee of Richmont Mines Inc., and a qualified person as defined by Regulation 43-101.

Renaud Adams, President and CEO, Phone: 416 368-0291 ext. 101; Anne Day, Vice-President, Investor Relations, Phone: +1-416-368-0291 ext. 105; Richmont Mines Inc., Ticker symbol: RIC, Listings: TSX - NYSE MKT, Web Site: http://www.richmont-mines.com, Visit our Facebook page



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