| | Publié le 26 février 2009 | Reports Record Sales for the Fourth Quarter and Full Year 2008 |
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RICHMONT
MINES REPORTS RECORD SALES FOR THE
FOURTH
QUARTER AND FULL YEAR 2008
� Fourth quarter
revenue more than doubled to $22.9 million
� Full year revenue
increased 85% to $70.6 million
�
Gold sales at 70,945
ounces were 54% above 2007
�
Acquisition of Patricia Mining completed in the
fourth quarter
MONTREAL,
Quebec, Canada, February
26, 2009 - Richmont Mines Inc. (TSX/NYSE-A:
RIC), a gold exploration,
development and production company with operations in Canada, today announced
financial and operational results for its fourth quarter and year ended December
31, 2008. Financial results are based on Canadian GAAP and dollars
in Canadian currency, unless otherwise noted.
Revenue
for the fourth quarter of 2008 was $22.9 million, a 122% increase compared with
$10.3 million in the fourth quarter of 2007. Net income for the fourth
quarter of 2008 was $2.1 million, or $0.09 per share, compared with a net loss
of $1 million, or $0.03 per share, in the fourth quarter of 2007, as the
significant revenue increase in the 2008 fourth quarter more than offset
increased operating and exploration costs. Total precious metals revenue was up
$12.6 million, or 148%, to $21.1 million in the fourth quarter of
2008 compared with $8.5 million in the fourth quarter of 2007 as a result
of a 102% increase in ounces of gold sold combined with 23% higher selling
prices per ounce in Canadian dollars. In the 2008 fourth quarter, 22,116
ounces of gold were sold at an average price of
US$897 (CAN$956) per ounce compared with 10,949
ounces of gold sold in the same period last year at an
average price of US$724 (CAN$778) per ounce.
Solid
Fourth Quarter Results
Operating
costs, including royalties, for the fourth quarter of 2008 were
$13.0 million compared with $6.5 million in the same period the prior
year. However, the average cash cost of production was lower at US$550
(CAN$586) per ounce of gold sold in the fourth quarter of 2008 compared with
US$556 (CAN$598) in last year�s fourth quarter. The average cash cost per ounce
during the reported quarter benefited from improved grades when compared with
the prior year�s period.
Exploration
and project evaluation costs were $2.4 million in the fourth quarter of
2008 (see accompanying exploration cost summary table), $1.1 million above
exploration and project evaluation costs of $1.3 million in the 2007 fourth
quarter reflecting the Company�s continued efforts to grow its reserves and
resources. Approximately $0.7 million in exploration costs were incurred
at the Beaufor Mine, $0.9 million at the Island Gold Mine and $0.5 million at
the Golden Wonder Project in the 2008 fourth quarter. During the 2007 fourth
quarter, approximately $0.5 million in exploration costs were incurred at the
Beaufor Mine, $0.2 million at Island Gold, and $0.5 million at Golden Wonder.
Richmont announced in October the termination of the Joint Venture option at
the Golden Wonder Project.
Strong
Cash Position and No Debt
At December
31, 2008, cash and cash equivalents were $26.0 million,
compared with $27.3 million at December 31,
2007 and $29.6 million at September
30, 2008. During the quarter, Richmont acquired all the outstanding
shares of Patricia Mining Corp. using a combination of cash and common shares
resulting in the lower cash balance compared with the end of the 2008 third
quarter. Richmont Mines has no long-term debt obligations and has working
capital of $26.8 million. The cash equivalents included $18.3 million
of Canadian bankers acceptance and bank discount notes with high level credit
ratings and $7.7 million in cash deposited in a major Canadian chartered bank.
Positive
Production Trend at the Island Gold Mine[1][1]
|
Three months ended
|
Fiscal year ended
|
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|
2008
|
2007
|
2008
|
2007
|
|
|
|
|
|
Tonnes
|
47,898
|
35,202
|
161,320
|
35,202
|
Head grade (g/t)
|
9.34
|
6.84
|
7.65
|
6.84
|
Gold recovery (%)
|
96.71
|
94.36
|
95.83
|
94.36
|
Recovered grade (g/t)
|
9.04
|
6.45
|
7.33
|
6.45
|
Ounces sold
|
13,915
|
7,302
|
38,037
|
7,302
|
Cash cost per
ounce (US$)
|
546
|
621
|
659
|
621
|
|
|
|
|
|
Investment in
property, plant and equipment
|
|
|
|
|
|
(thousands of
CAN$)
|
1,591
|
1,653
|
3,079
|
4,495
|
Exploration
expenses (thousands of CAN$)
|
868
|
239
|
2,293
|
505
|
|
|
|
|
|
Diamond drilling (metres)
|
|
|
|
|
|
Exploration and
definition
|
5,888
|
2,722
|
16,665
|
12,940
|
|
|
|
|
|
|
|
During
the 2008 fourth quarter, 47,898 tonnes of ore from the Island Gold Mine were
processed at an average recovered grade of 9.04 g/t, and 13,915
ounces of gold were sold at an average price of US$890
(CAN$949) per ounce. For the same period last year, 35,202 tonnes of ore were
processed at an average recovered grade of 6.45 g/t, and 7,302
ounces of gold were sold at an average price of US$726
(CAN$780) per ounce. Cash costs at Island Gold decreased to US$546 (CAN$582)
from US$621 (CAN$668) in last year�s fourth quarter. The fourth quarter of 2007
was the Island Gold Mine�s initial quarter of production.
For
the year ended December
31, 2008, 161,320 tonnes of ore were processed at an average
recovered grade of 7.33 g/t, and 38,037
ounces of gold were sold at an average price of US$867
(CAN$924) per ounce. During the first nine months of 2008, the mine produced at
approximately 65% of its design capacity. In the fourth quarter of 2008,
production was at around 80% of design capacity resulting in a notable improvement
in the cash cost of production.
Mr. Martin
Rivard, President and CEO
of Richmont Mines, commented, �Production at Island Gold continued to improve
in the fourth quarter and reached more than 500 tonnes per day, well ahead of
production from the previous quarter. Better availability of experienced
miners, an improved management team and access to higher grade mining areas
contributed to the improved results. We will maintain our efforts to improve
production and increase exploration and development work.�
Continued
Steady Performance at the Beaufor Mine
|
Three months ended
|
Fiscal year ended
|
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|
2008
|
2007
|
2008
|
2007
|
|
|
|
|
|
Tonnes
|
30,343
|
13,921
|
115,674
|
97,429
|
Head grade (g/t)
|
8.64
|
8.21
|
9.00
|
8.47
|
Gold recovery (%)
|
97.27
|
98.28
|
98.31
|
98.72
|
Recovered grade (g/t)
|
8.41
|
8.07
|
8.85
|
8.36
|
Ounces sold
|
8,201
|
3,613
|
32,908
|
26,182
|
Cash cost of
production per ounce (US$)
|
555
|
430
|
509
|
468
|
|
|
|
|
|
Investment in
property, plant and equipment
|
|
|
|
|
|
(thousands of CAN$)
|
15
|
217
|
127
|
1,060
|
Exploration
expenses (thousands of CAN$)
|
706
|
524
|
2,921
|
1,874
|
|
|
|
|
|
Diamond drilling (metres)
|
|
|
|
|
|
Definition
|
4,699
|
436
|
11,439
|
3,095
|
|
Exploration
|
9,298
|
6,309
|
33,765
|
25,157
|
|
|
|
|
|
|
|
During
the fourth quarter of 2008, 30,343 tonnes of ore from the Beaufor Mine were
processed at an average recovered grade of 8.41 g/t, and 8,201
ounces of gold were sold at an average price of US$908
(CAN$968) per ounce. In the same quarter of 2007, 13,921 tonnes of ore were
processed at an average recovered grade of 8.07 g/t, and 3,613
ounces of gold were sold at an average price of US$719
(CAN$773) per ounce. Cash costs at the Beaufor Mine increased to US$555
(CAN$592) from US$430 (CAN$462) in last year�s fourth quarter, largely due to
higher mining costs. During the current quarter, Richmont processed 32,643
tonnes of custom milling ore at the Camflo Mill, compared with 46,317 tonnes
during the 2007 fourth quarter.
During
the year ended December
31, 2008, 115,674 tonnes of ore were processed at an average
recovered grade of 8.85 g/t, and 32,908
ounces of gold were sold at an average price of US$886
(CAN$944) per ounce. In 2007, 97,429 tonnes of ore were processed at an average
recovered grade of 8.36 g/t, and
26,182 ounces
of gold were sold at an average price of US$693 (CAN$745) per ounce. The cash
cost per ounce was US$509 (CAN$543) during the current period compared with
US$468 (CAN$503) last year.
2008
Review of Operations
For
the year ended December 31, 2008,
revenue was $70.6 million or 85% above revenue of $38.1 million in 2007,
reflecting increased gold sales at higher prices. In 2008, 70,945
ounces of gold were sold at an average price of US$876
(CAN$934) per ounce compared with 46,193
ounces of gold sold in 2007 at an average price of US$699
(CAN$751) per ounce.
Operating
costs, including royalties, for the year ended December
31, 2008 were $44.6 million compared with $24.8 million last year,
primarily due to the costs associated with advancing the Island Gold Mine to
current production levels as well as higher operating costs at the Beaufor
Mine. Island Gold began production during last year�s fourth quarter.
Exploration
and project evaluation costs were $10.5 million for 2008 compared with
$3.3 million in 2007, as the Company focused its exploration efforts on the
Island Gold and Beaufor mines, which had 2008 exploration costs of $2.3 million
and $2.9 million, respectively. In addition, Richmont spent $4.2 million at the
Golden Wonder exploration project prior to its October 2008 decision to
terminate this project.
Net
income in 2008 was $1.6 million, or $0.07 per share, compared with net
earnings of $6.7 million, or $0.28 per share, in 2007, which included an
$8.1 million gain on the sale of mining assets.
Gold Production Up 62% in 2008
Gold
Production
|
|
2008
|
2007
|
Mine
|
Tonnes
(metric)
|
Mill
recovery
(%)
|
Recovered
grade
(g/t)
|
Ounces
|
Tonnes
(metric)
|
Mill
Recovery
(%)
|
Recovered
grade
(g/t)
|
Ounces
|
Island Gold
|
165,941
|
95.83
|
7.35
|
39,224
|
35,403
|
94.36
|
6.46
|
7,348
|
Beaufor
|
123,958
|
98.31
|
8.62
|
34,353
|
96,943
|
98.72
|
8.41
|
26,204
|
East Amphi
|
-
|
-
|
-
|
-
|
118,179
|
96.95
|
3.09
|
11,752
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
73,577
|
|
|
|
45,304
|
Island
Gold produced 165,941 tonnes of ore at an average
recovered grade of 7.35 g/t, for 39,224
ounces in 2008, compared with 35,403 tonnes at 6.46 g/t
and 7,348 ounces
in 2007. The Island Gold Mine commenced production on October
1, 2007. The Beaufor Mine produced 123,958 tonnes of ore at 8.62 g/t
for production of 34,353 ounces
in 2008, compared with production of 96,943 tonnes at 8.41 g/t for 26,204
ounces in 2007.
In 2007, the East Amphi Mine produced 118,179 tonnes of
ore at 3.09 g/t for 11,752 ounces,
prior to its sale in June of 2007. Richmont�s total gold production in 2008 was
73,577 ounces,
62% above 2007 production of 45,304
ounces.
Beaufor Mine Reserves
and Resources
|
December 31, 2008
|
December 31, 2007
|
Reserves
|
Tonnes
|
Grade
|
Ounces
|
Tonnes
|
Grade
|
Ounces
|
|
(metric)
|
(g/t Au)
|
|
(metric)
|
(g/t Au)
|
|
Proven
|
96,678
|
7.17
|
22,287
|
90,822
|
7.56
|
22,085
|
Probable
|
147,385
|
10.03
|
47,505
|
164,879
|
10.10
|
53,547
|
Total Proven and Probable
|
244,063
|
8.89
|
69,792
|
255,701
|
9.20
|
75,632
|
|
December 31, 2008
|
December 31, 2007
|
Resources
|
Tonnes
(metric)
|
Grade
(g/t Au)
|
Ounces
|
Tonnes
(metric)
|
Grade
(g/t Au)
|
Ounces
|
Measured
|
101,767
|
5.46
|
17,861
|
101,160
|
5.73
|
18,639
|
Indicated
|
635,839
|
6.37
|
130,139
|
591,534
|
6.45
|
122,628
|
Total Measured and Indicated
|
737,606
|
6.24
|
148,000
|
692,694
|
6.34
|
141,267
|
|
|
|
|
|
|
|
Inferred
|
655,804
|
7.35
|
154,927
|
133,962
|
7.03
|
30,278
|
Proven and probable reserves at the Beaufor Mine were
stable at 69,792 ounces
at the end of 2008 compared with 75,632
ounces at the end of 2007 as reserves identified in the
Company�s exploration program nearly offset production for the year. Measured
and indicated resources were estimated at
148,000 ounces
compared with 141,267 ounces
at the end of 2007. The 2008 exploration program resulted in a significant
increase in inferred resources which grew from 30,278
ounces in 2007 to 154,927
ounces at the end of 2008.
In
2009, Richmont plans to complete more than 45,000
meters of drilling to increase the Company�s level of
confidence of the potential for further development at depth.
Island Gold Reserves
and Resources
Island
and Lochalsh Zones
|
December 31, 2008
|
December 31, 2007
|
Reserves
|
Tonnes
|
Grade
|
Ounces
|
Tonnes
|
Grade
|
Ounces
|
|
(metric)
|
(g/t Au)
|
|
(metric)
|
(g/t Au)
|
|
Proven
|
308,205
|
9.08
|
89,925
|
369,325
|
8.91
|
105,773
|
Probable
|
722,982
|
8.57
|
199,144
|
689,555
|
8.11
|
179,763
|
Total Proven and Probable
|
1,031,187
|
8.72
|
289,069
|
1,058,880
|
8.39
|
285,536
|
Island,
Lochalsh and Goudreau Zones
|
December 31, 2008
|
December 31, 2007
|
Resources1
|
Tonnes
(metric)
|
Grade
(g/t Au)
|
Ounces
|
Tonnes
(metric)
|
Grade
(g/t Au)
|
Ounces
|
Measured
|
18,948
|
8.70
|
5,300
|
8,135
|
6.45
|
1,687
|
Indicated
|
403,249
|
10.87
|
140,954
|
582,032
|
10.19
|
190,735
|
Total Measured and Indicated
|
422,197
|
10.77
|
146,254
|
590,167
|
10.14
|
192,422
|
|
|
|
|
|
|
|
Inferred
|
676,608
|
9.65
|
209,985
|
613,635
|
9.80
|
193,350
|
At
the Island Gold Mine, proven and probable reserves were estimated at 289,069
ounces of gold at the end of 2008, compared with 285,536
ounces last year as the company�s exploration program
identified new reserves sufficient to replace 2008 production. Overall, more
than 26,000 meters
of definition and exploration drilling are planned for 2009 at Island Gold.
Outlook
Mr.
Rivard concluded: �The improvements we made at Island Gold combined with
continued strong production at Beaufor have established a solid operating
foundation for the Company. We enter 2009 with a strong balance sheet with no
long-term debt and we are positioned to take immediate advantage of rising gold
prices. Also, we will be actively looking for acquisitions or partnerships to
expand our pipeline of projects, further increase our reserve base, and
increase future production rates.�
Martin Rivard
President and Chief Executive
Officer
About
Richmont Mines Inc.
Richmont
produces gold from its operations in Canada
and is focused on building its reserves in North America,
and has extensive experience in gold exploration, development and mining. Since
it began production in 1991, Richmont has produced more than one million ounces
of gold from its holdings in Quebec, Ontario
and Newfoundland. Richmont�s
strategy is to cost-effectively develop and exploit its gold mining assets,
acquire properties, or develop partnerships to expand its reserve base.
Richmont routinely posts news and other important information on its website
at: www.richmont-mines.com.
Forward-Looking Statements
This news release contains forward-looking statements
that include risks and uncertainties. When used in this news release, the words
�project�, �expect�, �may� and similar expressions, as well as �will� and other
indications of future tense, are intended to identify forward-looking
statements. The forward-looking statements are based on current expectations
and apply only as of the date on which they were made. The factors that could
cause actual results to differ materially from those indicated in such forward-looking
statements include changes in the prevailing price of gold, the Canadian-United
States exchange rate, grade of ore mined and unforeseen difficulties in mining
operations that could affect revenues and production costs. Other factors such
as uncertainties regarding government regulations could also affect the
results. Other risks may be set out in Richmont�s Annual Information Form,
Annual Reports and periodic reports.
National Instrument 43-101 (NI 43-101)
The reserve and resource
calculation of the Island Gold and the Beaufor properties as of December
31, 2008 was performed by qualified persons as defined by
NI 43-101 and was supervised by Mr. Daniel Adam,
Geo., Ph.D., Exploration Director, an employee of Richmont Mines Inc. The
reserve and resources calculation of the Island Gold as of December
31, 2008 and December 31,
2007 was prepared by Ms. Nicole Rioux, Geo., of Genivar, a
qualified person under the terms of this instrument. The reserves and resources
calculation of the Beaufor Mine as of
December 31, 2008 was
prepared by Mr. Richard Dubuc, P.Geo., an
employee of Richmont Mines Inc., a qualified person under the terms of this
instrument. The reserve calculations were prepared using a gold price of US$785
(CAN$785) for 2008 and US$650 (CAN$650) for 2007.
Cautionary Note to U.S.
Investors Concerning Resource Estimates
The resource estimate in this
news release is prepared in accordance with Regulation 43-101 adopted by the
Canadian Securities Administrators. The requirements of R 43-101 differ
significantly from the requirements of the United States Securities and
Exchange Commission (the �SEC�). In this news release, we use the terms
�measured�, �indicated� and �inferred� resources. Although these terms are
recognized and required in Canada,
the SEC does not recognize them. The SEC permits U.S.
mining companies, in their filings with the SEC, to disclose only those mineral
deposits that constitute �reserves�. Under United
States standards, mineralization may not be
classified as a reserve unless the determination has been made that the
mineralization could be economically and legally extracted at the time the
determination is made. United States
investors should not assume that all or any portion of a measured or indicated
resource will ever be converted into �reserves�. Further, �inferred resources�
have a great amount of uncertainty as to their existence and whether they can
be mined economically or legally, and United
States investors should not assume that
�inferred resources� exist or can be legally or economically mined, or that
they will ever be upgraded to a higher category.
For
more information, please contact:
Investor
Relations������������������������������������������������������������� Listings:
TSX/NYSE Alternext US
E-mail: jculligan@keiadvisors.com
FINANCIAL
STATEMENTS FOLLOW.
FINANCIAL DATA
|
Three months ended
|
Fiscal year ended
|
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
CAN$
|
2008
|
2007
|
2008
|
2007
|
Results
(in thousands of $)
|
|
|
|
|
Revenue
|
22,908
|
10,321
|
70,591
|
38,071
|
Net earnings (loss)
|
2,086
|
(986)
|
1,635
|
6,671
|
Cash flow from
(used in) operations
|
7,428
|
(744)
|
12,117
|
5,999
|
|
|
|
|
|
Results
per share ($)
|
|
|
|
|
Net earnings (loss)
basic and diluted
|
0.09
|
(0.03)
|
0.07
|
0.28
|
|
|
|
|
|
Basic weighted average
number of common shares
|
|
|
|
|
|
outstanding
(thousands)
|
23,827
|
24,053
|
24,047
|
24,159
|
|
|
|
|
|
|
|
|
|
|
Average selling
price of gold per ounce
|
956
|
778
|
934
|
751
|
Average selling
price of gold per ounce (US$)
|
897
|
724
|
876
|
699
|
|
|
|
|
|
|
|
December
31, 2008
|
December
31, 2007
|
Financial
position (in thousands of $)
|
|
|
Total assets
|
82,881
|
85,976
|
Working capital
|
26,753
|
33,970
|
Long-term debt
|
-
|
-
|
sales and production data
|
Three-month period ended
December 31,
|
|
|
Ounces of gold
|
Cash cost
|
|
Year
|
Sales
|
Production
|
(per ounce sold)
|
|
US$
|
CAN$
|
Island Gold Mine
|
2008
|
13,915
|
12,850
|
546
|
582
|
|
2007
|
7,302
|
7,348
|
621
|
668
|
Beaufor
Mine
|
2008
|
8,201
|
7,628
|
555
|
592
|
|
2007
|
3,613
|
3,805
|
430
|
462
|
East
Amphi Mine
|
2008
|
-
|
-
|
-
|
-
|
|
2007
|
34
|
34
|
-
|
-
|
Total
|
2008
|
22,116
|
20,478
|
550
|
586
|
|
2007
|
10,949
|
11,187
|
556
|
598
|
|
Fiscal year ended
December 31,
|
|
|
Ounces of gold
|
Cash cost
|
|
Year
|
Sales
|
Production
|
(per ounce sold)
|
|
US$
|
CAN$
|
Island Gold Mine
|
2008
|
38,037
|
39,224
|
659
|
703
|
|
2007
|
7,302
|
7,348
|
621
|
668
|
Beaufor
Mine
|
2008
|
32,908
|
34,353
|
509
|
543
|
|
2007
|
26,182
|
26,204
|
468
|
503
|
East
Amphi Mine
|
2008
|
-
|
-
|
-
|
-
|
|
2007
|
12,709
|
11,752
|
492
|
529
|
Total
|
2008
|
70,945
|
73,577
|
590
|
629
|
|
2007
|
46,193
|
45,304
|
499
|
536
|
Average
exchange rate used for 2007: US$1 = CAN$1.0748
Average exchange rate used for 2008: US$1 =
CAN$1.0660
consolidated
statements of EARNINGS
|
(in thousands of
Canadian dollars)
|
(Unaudited)
|
Three months ended
|
Fiscal year ended
|
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|
2008
|
2007
|
2008
|
2007
|
|
$
|
$
|
$
|
$
|
|
|
|
|
|
REVENUE
|
|
|
|
|
|
Precious metals
|
21,142
|
8,513
|
|
34,691
|
|
Other
|
1,766
|
1,808
|
4,354
|
3,380
|
|
|
|
|
|
|
22,908
|
10,321
|
70,591
|
38,071
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
Operating costs
|
|
6,314
|
42,998
|
24,199
|
|
Royalties
|
|
227
|
1,591
|
565
|
|
Custom milling
|
|
1,023
|
1,785
|
1,023
|
|
Administration
|
|
992
|
3,665
|
3,315
|
|
Exploration and
project evaluation
|
|
1,266
|
10,547
|
3,288
|
|
Accretion expense
- asset retirement obligations
|
52
|
45
|
182
|
178
|
|
Depreciation and
depletion
|
1,541
|
1,077
|
5,687
|
5,628
|
|
Loss (gain) on
disposal of mining assets
|
8
|
(37)
|
29
|
(8,066)
|
|
|
|
|
|
|
18,969
|
10,907
|
66,484
|
30,130
|
|
|
|
|
|
EARNINGS (LOSS)
BEFORE OTHER ITEMS
|
|
(586)
|
4,107
|
7,941
|
|
|
|
|
|
MINING AND INCOME
TAXES
|
404
|
455
|
437
|
1,306
|
|
|
|
|
|
|
3,535
|
(1,041)
|
3,670
|
6,635
|
|
|
|
|
|
MINORITY INTEREST
|
1,449
|
(55)
|
2,035
|
(36)
|
|
|
|
|
|
NET EARNINGS (LOSS)
|
|
|
1,635
|
6,671
|
|
|
|
|
|
NET EARNINGS (LOSS) PER SHARE
|
|
|
|
|
|
basic and diluted
|
0.09
|
(0.03)
|
0.07
|
0.28
|
|
|
|
|
|
BASIC WEIGHTED
AVERAGE NUMBER OF
|
|
|
|
|
|
COMMON SHARES
OUTSTANDING (thousands)
|
|
|
24,047
|
24,159
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands of Canadian dollars)
|
|
December
31,
|
December
31,
|
|
2008
|
2007
|
|
$
|
$
|
|
(Unaudited)
|
(Audited)
|
|
|
|
ASSETS
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
Cash and cash
equivalents
|
26,021
|
27,291
|
|
Restricted cash
|
116
|
-
|
|
Short-term
investments
|
121
|
1,826
|
|
Accounts
receivable
|
986
|
2,859
|
|
Mining and income
taxes receivable
|
1,586
|
1,677
|
|
Inventories
|
6,012
|
5,438
|
|
|
|
|
34,842
|
39,091
|
|
|
|
ADVANCE TO A
MINORITY PARTNER
|
-
|
1,875
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT
|
48,039
|
45,010
|
|
|
|
|
82,881
|
85,976
|
LIABILITIES
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Accounts payable and accrued
charges
|
6,912
|
5,005
|
|
Mining and income taxes
payable
|
1,177
|
116
|
|
|
|
|
8,089
|
5,121
|
|
|
|
ASSET
RETIREMENT OBLIGATIONS
|
4,664
|
3,358
|
|
|
|
MINORITY
INTEREST
|
2,024
|
14,238
|
|
|
|
FUTURE
MINING AND INCOME TAXES
|
1,086
|
1,446
|
|
|
|
|
15,863
|
24,163
|
|
|
|
SHAREHOLDERS�
EQUITY
|
|
|
|
|
|
|
Capital stock
|
64,672
|
61,016
|
|
Contributed surplus
|
5,678
|
5,092
|
|
Deficit
|
(3,096)
|
(4,647)
|
|
Accumulated other
comprehensive income
|
(236)
|
352
|
|
|
|
|
67,018
|
61,813
|
|
|
|
|
82,881
|
85,976
|
CONSOLIDATED
STATEMENTS OF CASH FLOW
|
(in thousands of
Canadian dollars)
|
(Unaudited)
|
Three months ended
|
Fiscal year ended
|
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|
2008
|
2007
|
2008
|
2007
|
|
$
|
$
|
$
|
$
|
|
|
|
|
|
CASH FLOW FROM (USED IN) OPERATING
|
|
|
|
|
ACTIVITIES
|
|
|
|
|
|
Net earnings
(loss)
|
2,086
|
(986)
|
1,635
|
6,671
|
|
Adjustments for:
|
|
|
|
|
|
|
Depreciation and
depletion
|
1,541
|
1,077
|
5,687
|
5,628
|
|
|
Stock-based
compensation
|
142
|
164
|
|
|
|
|
Accretion expense - asset retirement obligations
|
52
|
45
|
182
|
178
|
|
|
Loss (gain) on
disposal of mining assets
|
8
|
(37)
|
29
|
(8,042)
|
|
|
Loss (gain) on
disposal of short-term investments
|
-
|
(47)
|
11
|
(444)
|
|
|
Minority interest
|
1,449
|
(55)
|
|
|
|
|
Future mining and
income taxes
|
(26)
|
|
|
|
|
|
|
|
|
|
5,252
|
351
|
9,746
|
4,196
|
|
|
|
|
|
|
Net change in
non-cash working capital items
|
2,176
|
(1,095)
|
2,371
|
1,803
|
|
|
|
|
|
|
7,428
|
(744)
|
12,117
|
5,999
|
|
|
|
|
|
CASH FLOW FROM (USED IN) INVESTING
|
|
|
|
|
ACTIVITIES
|
|
|
|
|
|
Acquisition of
Patricia Mining Corp.
|
(6,984)
|
-
|
(6,984)
|
-
|
|
Acquisition of
short-term investments
|
-
|
(296)
|
(23)
|
(642)
|
|
Disposal of
short-term investments
|
-
|
651
|
712
|
6,454
|
|
Disposal of
mining assets
|
24
|
37
|
91
|
3,435
|
|
Property, plant
and equipment - Island Gold Mine
|
(1,591)
|
(1,653)
|
(3,079)
|
(4,495)
|
|
Property, plant
and equipment - Beaufor Mine
|
(15)
|
(217)
|
(127)
|
(1,060)
|
|
Property, plant
and equipment - East Amphi Mine
|
-
|
-
|
-
|
(34)
|
|
Other property,
plant and equipment
|
(383)
|
|
|
|
|
Cash received
from an advance to a minority
|
|
|
|
|
|
|
partner
|
-
|
|
|
|
|
|
|
|
|
|
(8,949)
|
(1,809)
|
(10,647)
|
4,201
|
|
|
|
|
|
CASH FLOW FROM (USED IN) FINANCING
|
|
|
|
|
ACTIVITIES
|
|
|
|
|
|
Issue of common
shares
|
-
|
-
|
25
|
183
|
|
Redemption of
common shares
|
(85)
|
-
|
(768)
|
(658)
|
|
Repayment of the
long-term debt
|
(1,950)
|
-
|
(1,950)
|
-
|
|
Contribution from
(distribution to) a minority
|
|
|
|
|
|
|
partner
|
(47)
|
|
|
1,440
|
|
|
|
|
|
|
(2,082)
|
540
|
(2,740)
|
965
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
(3,603)
|
(2,013)
|
(1,270)
|
11,165
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
29,624
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
26,021
|
|
|
|
|
|
|
|
|
|
|
|
Exploration AND
PROJECT EVALUATION
|
(in thousands of Canadian
dollars)
|
(Unaudited)
|
Three months ended
|
Fiscal year ended
|
|
December 31,
|
December
31,
|
December 31,
|
December
31,
|
|
2008
|
2007
|
2008
|
2007
|
|
$
|
$
|
$
|
$
|
|
|
|
|
|
Exploration costs
� Mines
|
|
|
|
|
|
Beaufor Mine
|
706
|
524
|
2,921
|
1,874
|
|
Island Gold Mine
|
868
|
239
|
2,293
|
505
|
|
|
|
|
|
|
1,574
|
763
|
5,214
|
2,379
|
|
|
|
|
|
Exploration costs
� Other properties
|
|
|
|
|
|
Golden Wonder
property
|
539
|
502
|
4,202
|
665
|
|
Francoeur /
Wasamac properties
|
59
|
1
|
184
|
142
|
|
Valentine
Lake property
|
153
|
(3)
|
347
|
1,017
|
|
Camflo Northwest
property
|
-
|
(11)
|
-
|
112
|
|
Other properties
|
5
|
7
|
20
|
50
|
|
Project evaluation
|
122
|
32
|
373
|
124
|
|
|
|
|
|
|
|
|
878
|
528
|
5,126
|
2,110
|
|
|
|
|
|
|
Exploration tax
credits
|
(75)
|
(25)
|
(643)
|
(1,201)
|
Reclassification
of exploration tax credits
|
|
|
|
|
|
from previous
years
|
-
|
-
|
850
|
-
|
|
|
|
|
|
|
|
|
2,377
|
1,266
|
10,547
|
3,288
|
-
END -
Kei Advisors LLC
12 Fountain Plaza
Buffalo, NY 14202
USA
<
��������� Prior to its acquisition of Patricia
Mining, which held a 45% interest in the Island Gold Project, Richmont Mines
reported 100% of the consolidated results of the Island Gold Mine, in
compliance with AcG-15, which stipulates that a holder of variable interests
must consolidate the accounts if it intends to assume the majority of the
expected losses and/or receive the majority of the residual returns of the
variable interest entity (VIE). Richmont held a 55% stake in the unincorporated
joint venture, and as its share of the earnings and/or losses differed from the
percentage that it owned, the Company was therefore considered the primary
beneficiary of the VIE.
|
Richmont Mines Inc
|
|
PRODUCTEUR |
CODE : RIC.TO |
ISIN : CA76547T1066 |
|
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Richmont Mines est une société de production minière d'or basée au Canada. Richmont Mines détient divers projets d'exploration au Canada. Ses principaux projets en production sont BEAUFOR MINE, ISLAND GOLD et EAST AMPHI MINE au Canada, son principal projet en développement est FRANCOEUR MINE au Canada et ses principaux projets en exploration sont WASAMAC, CAMFLO MILL, MONIQUE, RENDELL-JACKMAN (HAMMERDOWN) et CRIPPLE CREEK au Canada. Richmont Mines est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 741,2 millions CA$ (584,1 millions US$, 489,6 millions €). La valeur de son action a atteint son plus bas niveau récent le 06 décembre 2013 à 1,00 CA$, et son plus haut niveau récent le 24 novembre 2017 à 11,72 CA$. Richmont Mines possède 63 240 000 actions en circulation. |
Présentations des Compagnies de Richmont Mines Inc |
Rapports annuels de Richmont Mines Inc |
Financements de Richmont Mines Inc |
Nominations de Richmont Mines Inc |
Rapports Financiers de Richmont Mines Inc |
Projets de Richmont Mines Inc |
|
Communiqués de Presse de Richmont Mines Inc |
Publication de commentaires terminée |
|
|