Welcome!

Agile Computing Authors: Liz McMillan, Paul Simmons, Yeshim Deniz, Pat Romanski, Elizabeth White

News Feed Item

Richmont Mines Inc.: Latest Drill Results at Island Gold Mine Continue to Confirm Potential at Depth

MONTREAL, QUEBEC -- (Marketwire) -- 11/22/12 -- Richmont Mines Inc. (TSX:RIC)(NYSE Amex:RIC)(NYSE MKT:RIC), ("Richmont" or the "Corporation") is pleased to announce additional results from its deep drilling program on its 100% owned Island Gold Mine property.

Highlights:

--  New drill results include (all cut grades over true widths): 26.09 g/t
    Au over 9.55 metres, 10.29 g/t Au over 5.19 metres, and 10.40 g/t Au
    over 5.06 metres. These intersections are all located in the C Zone, an
    extension at depth of the current mining horizon; 
    
--  A preliminary resource calculation, exclusively for the C Zone, is
    expected in Q1 2013; There are currently 3 drill rigs active from
    underground drill stations on the -400 metre level. 
    

----------------------------------------------------------------------------
               TABLE 1: ISLAND GOLD MINE NEW DRILL RESULTS(1)               
----------------------------------------------------------------------------
                                                                        True
Hole                              Length        From          To       Width
Number                          (metres)    (metres)    (metres)    (metres)
----------------------------------------------------------------------------
400-514-02                        486.00      228.20      231.00        2.20
----------------------------------------------------------------------------
400-514-04                        471.00      382.67      393.70        6.64
                            ------------------------------------------------
                               including      386.85      387.30        0.27
----------------------------------------------------------------------------
400-514-05                        456.00      362.85      369.40        3.98
                                        ------------------------------------
                                              441.35      445.40        2.48
----------------------------------------------------------------------------
400-514-06                        462.00      415.14      424.22        5.19
                            ------------------------------------------------
                               including      421.68      422.31        0.36
----------------------------------------------------------------------------
400-514-07                        684.00      649.50      654.70        2.07
                                        ------------------------------------
                               including      652.85      653.50        0.26
----------------------------------------------------------------------------
400-514-09                        375.00      297.10      300.00        2.36
----------------------------------------------------------------------------
400-514-14                        720.00      660.00      667.20        3.20
----------------------------------------------------------------------------
400-514-18                        729.00      632.45      653.24        9.55
                            ------------------------------------------------
                               including      647.00      652.33        2.45
                            ------------------------------------------------
                               including      632.85      633.55        0.33
                            ------------------------------------------------
                               including      644.00      645.00        0.48
----------------------------------------------------------------------------
400-514-19                        693.70      517.30      525.55        4.55
----------------------------------------------------------------------------
425-487-01                        582.02      503.62      508.00        1.57
----------------------------------------------------------------------------
425-487-02                        420.00      323.00      326.75        2.31
----------------------------------------------------------------------------
425-487-04                        501.00      430.20      444.00        5.19
                                        ------------------------------------
                                              470.40      484.00        5.09
----------------------------------------------------------------------------
425-487-06                        450.00      397.70      403.07        2.65
----------------------------------------------------------------------------
425-487-07                        360.00      268.77      272.60        2.62
                            ------------------------------------------------
                               including      268.77      269.64        0.60
----------------------------------------------------------------------------
425-487-09                        582.00      393.00      403.00        5.06
                            ------------------------------------------------
                               including      394.00      395.00        0.51
                            ------------------------------------------------
                               including      400.10      400.50        0.20
----------------------------------------------------------------------------
425-487-10                        699.00      415.50      427.21        5.37
                                        ------------------------------------
                                              374.04      383.60        4.39
                            ------------------------------------------------
                               including      381.80      382.65        0.39
----------------------------------------------------------------------------
GD-11-10C                       1,190.80      997.20    1,003.64        2.47
                                        ------------------------------------
                                              981.00      987.16        2.34
                            ------------------------------------------------
                               including      986.00      987.16        0.44
----------------------------------------------------------------------------
GD-11-23                        1,104.00      930.25      940.80        4.58
----------------------------------------------------------------------------
GD-490-02                       1,050.00      829.47      843.60        7.14
                            ------------------------------------------------
                               including      829.85      830.47        0.31
----------------------------------------------------------------------------
Total                          12,015.52                                    
----------------------------------------------------------------------------

----------------------------------------------------------------------------
               TABLE 1: ISLAND GOLD MINE NEW DRILL RESULTS(1)               
----------------------------------------------------------------------------
                                   Uncut         Cut          Vertical depth
Hole                               Grade   Grade(2)          of Intersection
Number                          (g/t Au)    (g/t Au)    Zone        (metres)
----------------------------------------------------------------------------
400-514-02                          2.17        2.17       C             505
----------------------------------------------------------------------------
400-514-04                          8.57        6.53       C             683
                            --------------------------------                
                                  124.93       75.00       C                
----------------------------------------------------------------------------
400-514-05                          1.07        1.07       C             659
                            ------------------------------------------------
                                   12.48       12.48       X             713
----------------------------------------------------------------------------
400-514-06                         22.06       10.29       C             712
                            --------------------------------                
                                  244.59       75.00       C                
----------------------------------------------------------------------------
400-514-07                         29.15       11.43       C             959
                            --------------------------------                
                                  216.76       75.00       C                
----------------------------------------------------------------------------
400-514-09                          0.39        0.39       C             537
----------------------------------------------------------------------------
400-514-14                          2.84        2.84       C             956
----------------------------------------------------------------------------
400-514-18                         97.34       26.09       C             921
                            --------------------------------                
                                  228.51       65.53       C                
                            --------------------------------                
                                  941.80       75.00       C                
                            --------------------------------                
                                   80.75       75.00       C                
----------------------------------------------------------------------------
400-514-19                         10.63       10.63       C             799
----------------------------------------------------------------------------
425-487-01                          1.82        1.82       C             867
----------------------------------------------------------------------------
425-487-02                          3.24        3.24       C             646
----------------------------------------------------------------------------
425-487-04                          9.86        9.86       C             797
                            ------------------------------------------------
                                    5.36        5.36       X             831
----------------------------------------------------------------------------
425-487-06                          3.83        3.83       C             745
----------------------------------------------------------------------------
425-487-07                         13.85       13.12       C             603
                            --------------------------------                
                                   56.49       53.30       C                
----------------------------------------------------------------------------
425-487-09                         10.42       10.40       C             750
                            --------------------------------                
                                   57.05       57.05       C                
                            --------------------------------                
                                   75.63       75.00       C                
----------------------------------------------------------------------------
425-487-10                          6.51        6.51       C             777
                            ------------------------------------------------
                                   58.23        8.66       X             743
                            --------------------------------                
                                  632.53       75.00       X                
----------------------------------------------------------------------------
GD-11-10C                           5.06        5.06       C             979
                            ------------------------------------------------
                                   76.58       19.09       X             963
                            --------------------------------                
                                  380.31       75.00       X                
----------------------------------------------------------------------------
GD-11-23                            1.35        1.35       C             903
----------------------------------------------------------------------------
GD-490-02                           5.77        5.50       C             788
                            --------------------------------                
                                   81.05       75.00       C                
----------------------------------------------------------------------------
Total                                                                       
----------------------------------------------------------------------------
(1)         Please see the Regulation 43-101 at the end of this release for 
            full analysis details.                                          
(2)         High values are cut at 75 g/t.                                  

Paul Carmel, President and CEO, commented: "These results reaffirm our preliminary assessment that the C Zone appears to be an extension at depth of the zone currently being mined closer to surface at Island Gold. The latest results continue to demonstrate good continuity of the zone, with improved grades over what we are experiencing in our current operations. Our objective is to complete an initial resource calculation on this area in Q1 2013. All new additional resources would be below the existing infrastructure and reserve and resource base of the mine. We continue to be very pleased with the deep drill results at Island Gold, as they provide further support for our confidence in the long-term potential to both expand resources and increase the mine life of this operation. We continue to evaluate the possible construction of an exploration shaft, in order to accelerate the identification of deep resources at Island Gold."

Chart 1: Longitudinal Section - Island Gold Mine: Deep drilling exploration results

Additional details about the Island Gold Mine Property

The 84.4 km2 (8,444 hectare) Island Gold property is located 83 km northeast of Wawa, Ontario. Ore from the Island Gold Mine is processed at Richmont's on-site mill, an 850 tonne per day rated CIP facility. Since Island Gold began commercial production in October 2007, Richmont has produced more than 225,000 ounces of gold. Underground operations are accessed via a ramp, and the mine's infrastructure currently reaches a vertical depth of approximately 400 metres. As of September 30, 2012, the Island Gold Mine had a total of 181 employees.

About Richmont Mines Inc.

Richmont Mines has produced over 1,300,000 ounces of gold from its operations in Quebec, Ontario and Newfoundland since beginning production in 1991. The Corporation currently produces gold from its Island Gold and Beaufor mines, and has recently brought the Francoeur Mine into commercial production. With extensive experience in gold exploration, development and mining, the Corporation is well positioned to cost-effectively build its Canadian reserve base through a combination of organic growth, strategic acquisitions and partnerships. Richmont routinely posts news and other important information on its website (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 "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" 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 revenue and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Richmont Mines' Annual Information Form, Annual Reports and periodic reports.

Cautionary note to US investors concerning resource estimates

Information in this press release is intended to comply with the requirements of the Toronto Stock Exchange and applicable Canadian securities legislation, which differ in certain respects with the rules and regulations promulgated under the United States Securities Exchange Act of 1934, as amended ("Exchange Act"), as promulgated by the SEC. The reserve and resource estimates in this press release were prepared in accordance with Regulation 43-101 adopted by the Canadian Securities Administrators. The requirements of Regulation 43-101 differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC").

U.S. Investors are urged to consider the disclosure in our annual report on Form 20-F, File No. 001-14598, as filed with the SEC under the Exchange Act, which may be obtained from us (without cost) or from the SEC's web site: http://sec.gov/edgar.shtml.

Regulation 43-101

The exploration program was conducted by qualified persons as defined by Regulation 43-101. Specifically, the program was overseen by Mr. Daniel Adam, Geo., Ph.D., General Manager, Exploration and Sustainable Development, a qualified person as defined by Regulation 43-101, and an employee of Richmont Mines Inc. The analyses were conducted at Activation Laboratories Ltd. in Geraldton, Ontario, Swastika Laboratories Ltd. in Swastika, Ontario and at the Lab Expert laboratory in Rouyn-Noranda, Quebec, by means of fire assay fusion with atomic absorption (AA) and gravimetric finish.

Visit our Facebook page

Contacts:
Investor Relations:
Jennifer Aitken
RICHMONT MINES INC.
514 397-1410
[email protected]

Medias:
Francis Beauvais
RICHMONT MINES INC.
819 797-2465
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
Rodrigo Coutinho is part of OutSystems' founders' team and currently the Head of Product Design. He provides a cross-functional role where he supports Product Management in defining the positioning and direction of the Agile Platform, while at the same time promoting model-based development and new techniques to deliver applications in the cloud.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
In his session at Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to maximize project result...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settl...
In his session at @ThingsExpo, Dr. Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, presented the findings of a series of six detailed case studies of how large corporations are implementing IoT. The session explored how IoT has improved their economic performance, had major impacts on business models and resulted in impressive ROIs. The companies covered span manufacturing and services firms. He also explored servicification, how manufacturing firms shift from se...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
The best way to leverage your CloudEXPO | DXWorldEXPO presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering CloudEXPO | DXWorldEXPO will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at CloudEXPO. Product announcements during our show provide your company with the most reach through our targeted audienc...
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...