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Richmont Mines – Gold Production, Development and Exploration in Quebec and Ontario

Richmont Mines


Richmont Mines (TSX:RIC,NYSE Aarket:RIC) is a Quebec, Canada based mining company with several small to mid-scale gold mines in operation, and a twenty-year track record of gold exploration, mine development and the operation of underground gold mines. The Corporation has produced over 1,400,000 ounces of gold from its Canadian operations since beginning production in 1991, and currently produces gold from the Island Gold Mine in Ontario, and the Beaufor Mine, Monique Mine and the W Zone Mine in Quebec. Richmont is also advancing the Island Gold Deep project beneath the Island Gold Mine in Ontario. With over 20 years of experience in gold production, exploration and development, and prudent financial management, Richmont is well-positioned to cost-effectively build its Canadian reserve base and to successfully enter its next phase of growth.

Their portfolio of Canadian assets includes producing mineral properties, as well as early stage exploration and development projects and two 100% owned mills.

Investment highlights

  • Twenty + year track record of gold mine development and operation
  • Over 1.4 million ounces of gold produced since 1991
  • Sound balance sheet, and only 39.6 million shares outstanding
  • Dual listed on TSX and NYSE Market, with a strong U.S. institutional following
  • 60,741 ounces of gold sold in 2012, with forecasted gold production of 63,000 ounces in 2013
  • Four producing gold mines in Canada

Key Properties

Island Gold Mine

The Island Gold Mine is located 50 km northeast of Wawa, Ontario, in the Sault Ste. Marie mining district. The closest community to the operation is the town of Dubreuilville, Ontario, which is located approximately 10 km to the northwest of the mine. Ore from the mine is processed at the on-site Kremzar Mill, an 850 tonne per day rated CIP mill.

Beaufor Mine

The Beaufor Mine property, located approximately 25 kilometres from Val-d’Or, Quebec, has seen intermittent exploration work and gold production conducted on it since the early 1930’s.


Since 1996, the Beaufor Mine has produced over 500,000 ounces of gold. As of December 31, 2012 the Beaufor Mine had a proven and probable reserve estimate of 39,114 ounces of gold, an additional 160,263 ounces of measured and indicated resources, with a further 187,274 gold ounces in the inferred resource category. Ore form the mine is processed at the Corporation’s 100%-owned Camflo Mill, located 50 km away in Malartic, Quebec

W Zone Mine

The W Zone Gold Mine is a near-surface satellite deposit on the Beaufor Mine property. As of December 31, 2012 the W Zone Mine had a probable reserve estimate of 30,680 ounces of gold, an additional 23,377 ounces of indicated resources, with a further 1,429 gold ounces in the inferred resource category.

The Corporation successfully completed the three month pre-production phase at this operation at the end of the September 2013, and commercial production was declared on October 1, 2013. The mine is expected to produce an estimated 3,000 ounces of commercial gold production for the Corporation during the fourth quarter of 2013, and a projected 12,000 ounces of commercial gold production in 2014. Ore form the mine is processed at the Corporation’s 100%-owned Camflo Mill, located 50 km away in Malartic, Quebec.

Monique Mine

The Monique Mine is a 100%-owned an open-pit operation located 25 km east of Val-d’Or, Quebec, in the heart of the Abitibi gold mining district. Covering an area of 5.39 km2 (539 hectares), the Property is located approximately 10 km east of the Corporation’s Beaufor Mine.


The Corporation successfully completed the three-month pre-production phase at this operation at the end of September 2013, and commercial production was declared on October 1, 2013. The Corporation expects Monique to produce approximately 3,500 ounces of commercial gold production during the fourth quarter of 2013. The Monique Mine has an estimated life of mine commercial gold production of 30,000 ounces, over 19 months, at an average cash cost per ounce of CAN$904. Ore from the operation is processed at the Corporation’s 100%-owned Camflo Mill, located approximately 50 km away from the property.


Richmont Mines is a Canadian exploration and mining company with four small to mid-scale producing gold mining operations, and two wholly-owned processing mills. Using the profits from the operating mines allows Richmont to develop additional exploration properties without the need to over dilute the stock: a self-financing junior mining company of this sort is a rarity.

Richmont is also in a sound financial position with a cash position of over 20 million dollars as of the end of Q3 2013, and a low share count at just 39.6 million. Its dual listing on the TSX and NYSE Market exchanges also provides a stable institutional investor base.


Elaine Ellingham – Interim President and CEO
She has held senior positions at a number of mining companies as well as at the Toronto Stock Exchange.

Rosaire Émond, Eng. – Vice President and Chief Operating Officer 
Mr. Emond holds a Mining Engineering degree from the University of Laval in Quebec, and has close to 30 years of project management and mine-building experience with various companies including Placer Dome Canada and Agnico-Eagle Mines Limited. Mr. Emond joined Richmont in September 2011, and was appointed as Project Manager for Richmont’s Island Gold Deep project in February 2013.

Pierre Rougeau – Executive Vice President and Chief Financial Officer
Mr. Rougeau was Executive Vice-President, Operations and Sales for AbitibiBowater Inc. from 2009 through 2011, Chief Financial Officer for Abitibi Consolidated Inc. from 2001 to 2007, Head of Forest Products Investment Banking at UBS Warburg – Canada from 1998 to 2001, and worked at McLeod Young Weir/Scotia Capital from 1986 to 1998, where he held various positions in Investment Banking, including Managing Director.

Mr. Rougeau holds a Bachelor of Science, in Business Administration (Accounting) from St-Louis University in Missouri, and a Master’s of Science in Finance, from the University of Sherbrooke in Quebec. He was named Executive Vice-President and CFO of Richmont in November 2012.

Dr. James W. Gill – Director
Dr. Gill has been involved in the mining business for over 40 years and brings expertise in the exploration, mine development and operation business as well in public company management and finance. Dr. Gill founded Aur Resources Inc. and over its 26 year history helped build the company into a significant mining enterprise with operations in Canada and Chile. He received his B.Sc. and M.Sc. degrees from McGill University in Montreal, and a PhD degree in economic geology from Carleton University in Ottawa in 1976.

Daniel Adam, Geo. PhD – Vice-President, Exploration
Mr. Adam obtained a Ph.D in Geology from the University of Nancy in France. He has more than 20 years of experience in production and geological exploration, which include numerous positions of varying responsibility at Selbaie Mines. Mr. Adam joined Richmont Mines in March 2008 as a Senior Exploration Geologist, and now holds the position of Exploration General Manager.

Jean Bastien – Mine Manager (Island Gold Mine)
Mr. Bastien holds a degree in mining engineering from the University of Laval, and an MBA from the University of Quebec in Abitibi-Temiscamingue. Mr. Bastien has more than 30 years of engineering, operations and managerial experience in the mining industry. He previously worked for Cambior (now IAMGOLD), Agnico-Eagle and Aurizon Mines. Mr. Bastien joined Richmont Mines in July 2010, and was promoted to the position of General Manager of Operations in August 2012.

Raynald Vincent – Chief Geologist (Island Gold Mine)
Mr. Raynald Vincent holds a degree in Geological Engineering from Laval University, and a Master’s degree in Project Management from the University of Quebec in Abitibi-Temiscamingue. Prior to joining Richmont, Mr. Vincent worked for several mining companies, including Inmet Mining, Cambior, Flaconbridge Copper and Noranda. He joined Richmont in January 2009, and was appointed to the position of Chief Exploration Projects in June 2011.

Jennifer Aitken, MBA – Manager of Investor Relations
Ms. Aitken holds a Bachelor’s degree in Industrial Relations from McGill University, and an MBA from Concordia University’s John Molson School of Business. Ms. Aitken has more than five years of communication, sales and marketing experience in addition to six years as a sell-side associate research analyst with a leading Canadian Investment Bank.