Richmont on the up as output rises and costs decline

Small-scale gold producer Richmont Mines has increased consolidated output in the first three months ended March 31 by 25% year-on-year to 32 369 oz of gold, while simultaneously driving costs per ounce down 18% to C$806, the company announced Tuesday. The TSX- and NYSE MKT-listed miner reported that its flagship Island Gold mine, near Wawa, Ontario, produced 26 589 oz of gold, a 147% jump from the prior-year period, and an 87% increase over the previous quarter. The improved performance was driven by higher-than-expected reconciled grades of 11.31 g/t milled and record mill throughput of 834 t/d.