RIC-T
Richmont Mines Reports Updated Corporate Mineral Reserve and Resource Estimates and W Zone Mine Non-Cash Write-Down
Richmont Mines Inc. (TSX:RIC)(NYSE MKT:RIC), ("Richmont" or the "Corporation"), is pleased to announce updated corporate mineral reserve and resource estimates as of December 31, 2013, along with forecasted 2014 production, capital expenditures and exploration budget. The Corporation also announces that, as a result of a downward adjustment to the W Zone Mine reserve base, it will incur a $13.5 million non-cash write-down on the W Zone Mine in the fourth quarter of 2013.
Highlights:
Total Proven & Probable Reserve ounces increased 3% year-over-year using US$1,225/oz gold price, versus gold price of US$1,450/oz last year;
Total Measured & Indicated Resource ounces increased 5% year-over-year, including Indicated Resources of 168,897 gold ounces, grading 11.52 g/t, established at Island Gold Deep;
Total Inferred Resource ounces increased 20% year-over-year, including an expanded Inferred Resource of 954,583 gold ounces, grading 9.29 g/t, at Island Gold Deep;
W Zone Mine reserve base reduced following 2013 production and a re-interpretation of the geology following exposure from mining;
Richmont will incur a $13.5 million, or $0.34 per share, non-cash write-down on the asset base in the fourth quarter of 2013;
2014 capital expenditures budget of $18.1 million, of which $16.3 million will be earmarked for the continued development of the Island Gold Mine and Island Gold Deep;
2014 exploration budget of $3.8 million, primarily at the Beaufor and Island Gold mines;
2014 production forecast of 70,000 to 80,000 ounces of gold.
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