Summary


Richmont Mines Inc. is a Québec-based gold exploration, development and production company. It first achieved commercial production in 1991 at its Francoeur mine southwest of Rouyn-Noranda, Québec. During the intervening years the Company has operated the Francoeur, Beaufor and East Amphi mines in Québec, the Nugget Pond and Hammerdown mines in Newfoundland, and the Island Gold Mine in Ontario. These operations have yielded more than 1,300,000 ounces of gold. As a result of this history the Company has amassed considerable expertise in underground gold mining.

Management focuses on generating positive cash flow and achieving profitable growth with lower cost, longer life assets. It selectively evaluates opportunities for growth through acquisition. The Company maintains a responsible capital structure, with common shares outstanding of only 39.5 million.

Common share listings:

   TSX: RIC
   NYSE MKT: RIC


Vision


Richmont Mines’ vision is to become an intermediate North American gold producer through a combination of organic growth, selective strategic asset acquisitions and partnerships.


Operating Mines


Beaufor Mine

The Beaufor Mine has produced in excess of 500,000 ounces of gold since beginning commercial gold production in 1996, was acquired by Richmont Mines in two stages: 50% in 2001 and 50% in 2010. It is located 20 km northeast of Val-d’Or, Québec, in the southeastern part of the Abitibi greenstone belt. Ore is processed 50 km away at the Company’s Camflo Mill in the Val-d’Or, Québec area.

Reserves and resources as of December 31, 2011 (ounces of gold):

  • 69,191 oz proven and probable reserves
  • 182,334 oz measured and indicated resources
  • 182,185 oz inferred resources

Island Gold Mine

Located 50 km northeast of Wawa, Ontario, in the Michipicoten greenstone belt, the Island Gold Mine was acquired by the Company in two stages in 2003 and 2008. The mine began commercial gold production in October 2007. Ore is processed on-site at the Kremzar Mill. Drilling at depth on the property is expected to add significantly to resources.

Reserves and resources as of December 31, 2011 (ounces of gold):

  • 171,814 oz proven and probable reserves
  • 153,920 oz measured and indicated resources
  • 67,238 oz inferred resources

Significant Exploration Properties


Wasamac

15 km southwest of Rouyn-Noranda, Québec is the Wasamac property, acquired by Richmont Mines through an option agreement in 1986. Mining on the property was last conducted in 1971. Richmont Mines reactivated exploration work during 2002. A Regulation 43-101 compliant Preliminary Economic Assessment for this comparatively large project was issued in March, 2012.

Resources as of December, 2011 (ounces of gold):

  • 177,485 oz measured resources
  • 378,900 oz indicated resources
  • 2,130,532 oz inferred resources

Monique

The Monique property is located 25 km east of Val-d’Or, Québec and was acquired by Richmont Mines in 2010. Exploration has been conducted on the property for many decades, particularly during the period 1983-1990. The Company conducted a surface drilling program during 2011 on two of the property’s previously-identified gold zones. The Company submitted the required documentation for the permitting for a small open pit operation on the property in November 2011.

Resources as of December, 2011 (ounces of gold):

  • 55,112 oz indicated resources

Cripple Creek

This property, acquired in 2002, is located 35 km southwest of Timmins, Ontario and 5 km southwest of the Timmins West Deposit. It contains three gold-bearing zones, as revealed by exploration under previous owners. The most recent drilling program, conducted during 2010, reaffirmed the gold potential of certain zones. Additional exploration drilling is being planned.


Camflo North West

80%-owned by Richmont Mines, this property is located 5 km east of Malartic, Québec, in the southern part of the Abitibi greenstone belt. The Company conducted exploratory drilling on the property during the period 2003-2007 and is reviewing the geological data in order to define new drilling targets.


Full details about the Company’s operations, exploration properties and management team, as well as quarterly and annual financial documentation can be viewed on its website: www.richmont-mines.com.


(Prepared November 15, 2012 and updated December 27, 2012. For the latest information, please review Richmont Mines' news releases.)


Corporate Profile on Stockhouse