Richmont Mines' Island Gold Produces 147% More Gold In Q1

Richmont Mines Inc. (USA) RIC disclosed that its Island Gold produced 26,589 ounces of gold in the first quarter representing an increase of 147 percent from the year-ago quarter. It also represented 87 percent growth from the preceding quarter, according to the company, which pointed out the increased production to the favorable impact of higher than estimated reconciled grades of 11.31 g/t milled throughput.

Richmont Mines said that the total consolidated production of gold was 32,369 ounces incurring cash costs of US$587 an ounce in the first quarter.

The company said its revenue were C$52.6 million for the first quarter with the average price realization of C$1,629 per ounce of gold. In the American currency, the company realized $1,186 an ounce.

Richmont Mines said its cash balance was about US$45 million at the close of the first quarter.

On Monday, shares of the company closed with a gain of 3 percent.

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