Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Andrew~ who wrote (4715)	2/11/2014 12:15:52 PM
From: Andrew~	Read Replies (1) \| Respond to of 202784

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. http://stockboard.com/news/view.php/richmont-mines-reports-updated-corporate-mineral-reserve-and-resource-estimates-and-w-zone-mine-non-cash-write-down