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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (62034)	10/29/2008 6:22:08 PM
From: marcos	Respond to of 78409

cfo.v - yes, just caught your posts on CD's thread ... looked it all over again, can't see anything wrong, selling must be part of, or knock-on effect of, the forced liquidation ... think i'll work out some way to get more, regardless of where it goes from here try.to - thanks for that, didn't want to end up with an aussie-only listing ... truly impressive company history, however new management now, time will tell how they do ... they're on my list, which is getting real long now -g- ... today i like Clifton more, seems to have the soonest chances of happy news in what may be a born-again market, and cheaper than i ever thought it would get

To: Claude Cormier who wrote (62034)	10/30/2008 9:50:01 AM
From: loantech	Read Replies (1) \| Respond to of 78409

Pretty good report on RIC: Richmont Mines Reports Results for the Third Quarter of 2008 2008-10-30 08:30 ET - News Release MONTREAL, QUEBEC -- (MARKET WIRE) -- 10/30/08 Richmont Mines Inc. (TSX: RIC)(NYSE-A: RIC), a gold exploration, development and production company with operations in North America, today announced financial and operational results for its third quarter ended September 30, 2008. Financial results are based on Canadian GAAP and dollars are reported in Canadian currency, unless otherwise noted. Third Quarter Review of Operations Revenue for the third quarter of 2008 was $16.5 million, a 245% increase compared with $4.8 million in the third quarter of 2007, when the Company's Beaufor Mine was shut down for a five-week period during replacement of its headframe structure. Total precious metals revenue was up $10.9 million, or 245%, to $15.3 million in the third quarter of 2008 compared with $4.4 million in the third quarter of 2007, as a result of significantly more ounces of gold sold at a 28% higher selling prices per ounce, in Canadian dollars. In the 2008 quarter, 16,723 ounces of gold were sold at an average price of US$901 (CAN$918) per ounce, compared with 6,201 ounces of gold sold in the same period last year at an average price of US$666 (CAN$716) per ounce. Also, during the quarter sales from the Island Gold Mine, which commenced production during the fourth quarter of 2007, more than offset the loss of gold sales from the East Amphi Mine, which was sold in mid-2007. Lower Costs on Growing Volume and Efficiencies Operating costs, including royalties, for the third quarter of 2008 were $10.3 million, up from $3.9 million in the same period the prior year, but below $10.9 million in the trailing second quarter of 2008. Higher costs in the 2008 quarter reflect the operation of the Island Gold Mine and the shut-down of the Beaufor Mine for a portion of last year's third quarter. The average cash cost of production was lower at US$604 (CAN$615) per ounce of gold sold in the third quarter of 2008 compared with US$626 (CAN$638) in the trailing second quarter, and US$590 (CAN$634) in last year's quarter, prior to the start of commercial production at Island Gold. The average cash cost per ounce in US dollars during the current quarter benefited from improved grade, higher volumes and was impacted by the stronger Canadian dollar when compared with the prior year's period. Costs at the Beaufor Mine decreased to US$477 (CAN$485) from US$489 (CAN$498) in the trailing second quarter, also on improved grade and were significantly below the cash cost per ounce of US$597 (CAN$642) in last year's third quarter, when the mine was shut down for part of the quarter. At the Island Gold Mine, cash production costs per ounce were US$720 (CAN$734) compared with US$768 (CAN$782) in this year's trailing second quarter as the Company continues to ramp up production. Included in the gold sales for the third quarter of 2007 were 2,440 ounces from the East Amphi Mine produced at a cash cost of US$578 (CAN$621) per ounce. Measurably higher exploration and project evaluation costs of $3.4 million in the third quarter of 2008 (see accompanying exploration cost summary table) reflect the Company's efforts to grow its reserves and resources. Approximately $0.8 million in exploration costs were incurred at the Beaufor Mine, $0.7 million at the Island Gold Mine and $1.8 million at the Golden Wonder project in the current quarter. During last year's third quarter, approximately $0.5 million in exploration costs were incurred at the Beaufor Mine and $0.8 million at the Valentine Lake project. Richmont recorded a net loss for the third quarter of 2008 of $0.9 million, or $0.04 per share, compared with a net loss of $1.5 million, or $0.06 per share, in the third quarter of 2007. Significantly higher revenue in this year's third quarter more than offset increased exploration costs and resulted in the improvement in the net loss compared with last year's quarter. Balance Sheet Review At September 30, 2008, cash and cash equivalents were $29.6 million, a $2.3 million increase from $27.3 million at December 31, 2007 and $1.1 million less than $30.7 million at June 30, 2008. Richmont Mines has no long-term debt obligations and has working capital of $35.4 million. The cash equivalents included $22.1 million of bankers acceptance and bank discount notes with high level credit ratings. stockwatch.com