Profile: Richmont Mines Inc (RIC.W)
12 Mar 2014
Richmont Mines Inc. (Richmont Mines), incorporated on February 12, 1981, is engaged in activities related to the acquisition, exploration, development and operation of mineral properties. As of December 31, 2011, the Company operates two gold mines, two of its three material properties, (the Beaufor Mine in Quebec and the Island Gold Mine in Ontario) and is developing a third mine (the Francoeur Mine in Quebec) with the objective of beginning production in 2012. The Beaufor Mine property, along with other adjacent properties such as Pascalis, Perron, Colombiere, Courvan and Perron Blocks two, three and four, are located approximately 20 kilometers to the northeast of the town of Val-d’Or, in the Abitibi-East County, in the Province of Quebec. The Island Gold Mine is located approximately 50 kilometers northeast of Wawa, Ontario, in the Sault Ste. Marie Mining Division. Dubreuilville, Ontario, is approximately 10 kilometers northwest of the Island Gold Mine. On January 24, 2011, Richmont Mines sold its 70% Interest in the Valentine Lake Property. In 2011, 74% of precious metals have been sold through United States brokers. During the year ended December 31, 2011, a total of 100,888 tons of ore were processed from the Beaufor Mine at an average recovered grade of 8.31 grams per ton, and 26,947 ounces of gold were sold.
The Beaufor Mine property, which includes the Mineral Reserves of the Beaufor Mine, consists of a series of adjacent mining rights subdivided into four projects: Perron, Beaufor, Pascalis and Colombiere. The projects consist of two mining leases, one mining concession and 23 claims over a total area of 591.5 hectares. The Courvan project and Perron blocks 2, 3 and 4 form another group of mining titles. This Company consists of two mining concessions and 66 claims, over a total area of 1,298 hectares.
The Francoeur property is located 25 kilometers west of Rouyn-Noranda, Abitibi, Beauchastel Township. The Francoeur Mine consists of 12 mining claims, three mining concessions and four mining leases totaling approximately 408 hectors.
Island Gold Mine
The Island Gold property is divided in four parts and consists of 141 patented, leased and staked claims totalling 4,730 hectors. The Ego property, which is a group of 3 claims covering an area of approximately 73 hectares, and is located west of the Island Gold property. These claims expire on June 5, 2012. A 75% interest in the Edwards property, a group of 43 claims covering an area of approximately 707 hectares. This property is located to the east of the Island Gold property (the other 25% interest is held in trust by the Corporation on behalf of Red Pine Exploration). As of December 31, 2011, the Mineral Reserves at Island Gold were 171,814 ounces of gold.
Exploration Projects and Other Properties
Richmont Mines owns or holds interests in mining properties at different stages of exploration. The Wasamac property is located approximately 15 kilometers southwest of Rouyn-Noranda, Quebec, within the heart of the Abitibi gold mining district. The Wasamac property consists of three mining concessions (CM 349, CM 364, and CM 370 for 757.65 hectors) and one claim CDC20098 for 1.71 hectors), which represents a total area of 759.36 hectares in the Beauchastel Township. Richmont Mines owns 100% of the mining concessions relating to the Wasamac property.
The Monique property is located 25 kilometers east of Val-d’Or, in the province of Quebec, Canada. The Monique property consists of 18 mining claims claim which represents a total area of 538.7 hectares. Richmont Mines grants a 0.38% net smelter return (NSR) royalty to SOQUEM in the event that the property reaches commercial production.
Richmont Mines Inc
161, avenue Principale
ROUYN-NORANDA QC J9X 4P6