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Thursday, 22nd February 2007 (3185 views)

Richmont Mines, an exploration company with properties in north-east Canada has announced a 21 per cent increase in gold sales throughout 2006.

Martin Rivard, who is the president and chief executive officer of Richmont, said that increased gold production at the sites plus a strong demand for gold around the world had contributed to the firm's success.

It has also been making sustained efforts to concentrate its resources by selling one mine, the Nugget Pond site, to improve last year's financial performance.

He said: "Importantly, we made measurable progress in 2006 advancing our Island Gold project where we have identified 189,430 ounces of measured and indicated resources on the Island Zone."

The company mill is currently processing mineralised material from development work.

Richmont is going to try a reserve calculation during the first quarter of 2007 that will allow it to make a decision about moving the project into commercial production later on in the year because strategically its aim is to maximise assets.

The firm also owns the Beaufor, East Amphi, Island Gold and Valentine Lake gold projects.

 

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