GREAT EARNINGS FOR RIC:
Attached please find a press release issued by Richmont Mines (TSX – NYSE Amex: RIC) this morning, entitled “Richmont Mines announces a significant increase in earnings and cash flow for the second quarter; 2011 production guidance reaffirmed”.
In brief:
· Q2 2011 net earnings of $5.0 million, or $0.16 per share, versus Q2 2010 net earnings of $0.3 million, or $0.01 per share;
· Q2 2011 operating cash flow of $7.8 million, or $0.25 per share, versus Q2 2010 operating cash flow of $1.6 million, or $0.06 per share;
· Gold sales of 20,085 ounces at an average selling price of US$1,495 (CAN$1,460) in Q2 2011, versus gold sales of 15,607 ounces at an average selling price of US$1,222 (CAN$1,259) in the prior year;
· 35,000 metre drill program on Wasamac in 2011continues to yield positive results; 22,000 metres of drilling completed as of the end of June; five drills active;
· Surface drilling program completed on Monique; favourable results reaffirm Richmont’s objective to evaluate potential for a small open-pit operation; more exploration drilling planned this fall;
· Strong financial position: $48.3 million in cash and cash equivalents and no long-term debt at June 30, 2011. |
