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

Richmont Mines

Overview

Richmont Mines (TSX:RIC,NYSEMarket: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 and Monique Mine in Quebec. Richmont is also advancing development of the 1.1 million ounce inferred resource grading 9.6 g/t Au below its 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
  • Advancing development of the high-grade inferred gold resource of 1.1 million Au ounces at 9.3 g/t Au directly below its producing Island Gold Mine in Ontario
  • Sound balance sheet and under 50 million shares outstanding
  • Dual listed on TSX and NYSE Market, with a strong U.S. institutional following
  • Forecasted gold production of 85,000 – 90,000 ounces in 2014
  • Asset portfolio and operations are in Canada – a safe political environment

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.

Richmont-Mines-Island-Gold

Richmont is currently advancing the development of a 1.1 million inferred gold resource grading 9.3 g/t Au that is located directly below the Island Gold Mine.

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.

richmont-beaufor-mine

Since 1996, the Beaufor Mine has produced over 500,000 ounces of gold. As of December 31, 2013 the Beaufor Mine had a proven and probable reserve estimate of 31,133 ounces of gold, an additional 155,439 ounces of measured and indicated resources, with a further 188,679 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.

richmont-monique-mine

The Monique open-pit is mined by an outside contractor. Higher grade material is transported to Richmont’s Camflo Mill for immediate processing, while lower-grade ore is stockpiled on the Monique mine site from where it will be transported to the mill and batch processed through the first half of 2015.

Summary

Richmont Mines is a Canadian exploration and mining company with several small to mid-scale producing gold mining operations, two wholly-owned processing mills, and a transformational 1.1 million inferred resource project grading 9.3 g/t Au that it is currently developing below its mine in Ontario. 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 30 million dollars as of the end of Q3 2014, and a low share count at just 47.9 million. Its dual listing on the TSX and NYSE Market exchanges also provides a stable institutional investor base.

Management

Mr. Renaud Adams – President and Chief Executive Officer
Mr. Adams has 20 years of mining experience, and most recently served as President and Chief Operating Officer at Primero Mining Corp. Prior to this, Mr. Adams served as Senior Vice-President, Americas Operations, at IAMGOLD Corporation, and held various senior positions with Cambior Inc. and Breakwater Resources Ltd. Mr. Adams holds a Bachelor of Engineering degree in Mining and Mineral Processing from Laval University. Mr. Adams joined Richmont in November 2014.

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.

Nicole Veilleux, CPA, CA – Vice President Finance
Ms. Veilleux holds a Bachelor’s degree in Accounting Sciences and has been a Chartered Accountant since 1987. She has over 20 years of experience in finance, including as an Auditor for KPMG LLP, and as a Financial Analyst for Norbord Industries Inc. and Le Fonds régional de solidarité Abitibi-Témiscamingue. Ms. Veilleux joined Richmont Mines in 1998, initially as Controller, and was promoted to Financial Director in March 2006, and Vice-President Finance in September 2014.

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.

Marc-André Lavergne, Eng. (Beaufor Mine and Monique Mine)
Mr. Lavergne holds a Bachelor degree in Mining Engineering from the Polytechnique School of Montreal. He has over 14 years of experience in mine engineering with various companies, including Cambior, Agnico-Eagle Mines Limited and North American Palladium. In November 2011, Mr. Lavergne joined Richmont Mines as General Superintendent at the Francoeur Mine, and has held various management positions within the Corporation, including at the Francoeur and the Beaufor divisions. Mr. Lavergne was named Manager, Beaufor and Monique Divisions in December 2013

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.