GOLD: Island Gold lifts Richmont to another record quarter

ONTARIO – The Island Gold mine 85 km northeast of Wawa boosted Toronto’s Richmont Mines to another record quarter with 26,589 oz produced. That is a 147% increase over Q1 2015 and an 87% increase over the fourth quarter of last year. Better yet, cash costs at Island Gold were down 52% for Q1 2016 to C$674 per oz (US$491/oz). Company-wide cash costs were C$806 (US$587/oz), a 25% jump over the same quarter a year ago and up 45% over the prior quarter. Richmont also enjoyed production from the Beaufor and Monique gold mines in Quebec. Together its three mine produced 32,369 oz of gold in Q1 2016, a 25% interest over the first quarter a year ago. Having sold 32,239 oz of gold in Q1, Richmont’s quarterly revenues were a record C$52.6 million with an average realized gold price of C$1,629 per oz (US1,186/oz). Operating highlights for each of Richmont’s mines are available at www.Richmont-Mines.com in the news release dated April 12, 2016.