GOLD: Island Gold mine receives permits for 1,100 t/d

ONTARIO – Richmont Mines of Toronto says it has received all the approvals to its amended air and wastewater certificates allowing the Island gold mine to increase production to 1,100 t/d as outlined by the preliminary economic assessment completed in October 2016. The amended certificates allow the processing of up to 401,500 tonnes of ore per year with flexibility for up to a maximum of 38,480 t/m. The mine and mill are currently operating at 900 t/d. Exploration by Richmont has outlined a “significant” high grade resource extension at depth, and it is currently being developed. A year ago the  mine had proven and probable reserves above 400 metres of 340,000 tonnes grading 6.91 g/t Au, measured and indicated resources of 243,000 tonnes grading 6.92 g/t, and inferred resources of 412,500 tonnes grading 7.44 g/t. Below the 400-metre horizon, proven and probable reserves are 1.77 million tonnes at 8.52 g/t Au, measured and indicated resources are 105,500 tonnes at 5.20 g/t, and inferred resources are 2.4 million tonnes at 8.67 g/t. Reserves and resources in the lower part of the mine are estimated to contain more than  1.1 million oz of gold. Learn more at www.Richmont-Mines.com.