Friday, 31st October 2008 (356 views)

Richmont Mines has reported that its revenue more than doubled during the three months to September this year to $16.5 million (£8.3 million) and it sold 16,723 ounces of gold.

According to the mining company, strong progress was made during the third quarter of 2008 at Island Gold and a second ball mill was brought online in September to operate in parallel with a larger facility.

Canadian firm Richmont Mines also managed to strengthen its management team during the quarter and forecast more “tangible improvements” during the three months to December.

Richmont Mines and Patricia Mining have now entered into a definitive agreement for Richmont to acquire all of the outstanding shares in Patricia through a combination of cash and stock, with the transaction scheduled to complete in mid-December 2008.

Martin Rivard, Richmont Mines president and chief executive, said: "We anticipate entering 2009 with a healthy balance sheet, a strongly-producing mine at Beaufor and an Island Gold Mine that is demonstrating continued production improvement.”

Island Gold commenced production in late 2007 and the deal with Patricia Mining will enable Richmont to assume a 100 per cent interest in the site, currently the subject of a joint venture.

 

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