Gold News

Richmont Mines announces gold boost

Richmont Mines has announced an increase of 28 per cent in second quarter gold sales.

Sales grew to 16,640 ounces at an average price of $647 per ounce, with net earnings totaling $8.8 million, or $0.36 per share.

Total revenue was up by $10.6 million to $20.1 million, with precious metals revenue up by 35 per cent.

Other highlights included an average recovered grade of 9.83 grams per tonne from 39,874 tonnes of processed ore at the Beaufor mine in Quebec. Sales at Beaufor totalled 12,597 ounces of gold at an average of $642 per ounce.

As well as this, the Island Gold property in Canada is expected to begin commercial production in September. In the second quarter, a total of 7,927 ounces of gold were sold from this property.

Looking ahead, Richmont president and chief executive Martin Rivard said: "Considering the significant improvement at the Beaufor Mine, the planned advancement to commercial production of Island Gold in the next month, and the company's strong financial position with working capital of over $35 million, we believe Richmont Mines should have strong results in 2007 and beyond."


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