Great News for RIC in the long haul.
Richmont Mines Begins Dewatering at its Francoeur Project
2009-04-27 10:32 ET - News Release
ROUYN-NORANDA, QUEBEC -- (MARKET WIRE) -- 04/27/09
Richmont Mines Inc. (TSX: RIC)(NYSE Amex: RIC)(NYSE Alternext US: RIC) ("Richmont"), a gold exploration, development and production company with operations in Canada, today announced it began dewatering activities of the underground openings at its Francoeur property, located 25 km west of Rouyn-Noranda. The dewatering of the mine, which reaches a depth of approximately 820 metres, will also include the commissioning of the existing hoist and the upgrade of the related infrastructure. This work is expected to be completed over an eight month period.
Richmont had produced more than 345,000 ounces of gold at the Francoeur Mine from 1991 to 2001. The ore from the Francoeur Mine was processed at Richmont's Camflo Mill from 1993 up to the mine's closure in 2001, when the prevailing gold price was under US$300 per ounce. The historical indicated resources, mainly located in the West Zone, were estimated at 885,000 tonnes at a grade of 7.99 g/t representing 227,500 ounces. These historical resources are not compliant with the National Instrument 43-101 and therefore cannot be relied upon.
A surface drilling program consisting of approximately 8,000 metres is also planned for this summer with the objective of increasing known resources. Richmont's 2009 budget for the dewatering and drilling program is approximately CAN$4.5 million.
In order to update the information on the West Zone of the Francoeur Project, Richmont is currently preparing a technical report in compliance with National Instrument 43-101, and this report should be available at the beginning of third quarter of 2009.
In the first quarter of 2010, underground development is planned, followed by a definition drilling program later in the year.
Martin Rivard
President and Chief Executive Officer
|
