Commercial Production at Monique Approved by Richmont

Richmont

Having completed the bulk sampling phase at its Monique gold project 25 km east of Val d’Or, Richmont Mines of Montreal has determined to ramp up output to financial levels. The open pit is expected to have a life of 19 months are an excavation rate of 22,500 tons per month.

The 8,494-ton Monique bulk experiment yielded 717 ounce of gold from a head degree of 2.86 g/t Au at a mill recovery rate of 95.1%. Commercial output of 4,500 ounce is anticipated over the last three months of the year, conveying Richmont’s 2013 yield to 72,000 ounce of gold.

The Monique deposit has open pit verified and likely reserves o 485,249 tons grading 2.29 g/t Au and encompassing 33,991 ounce of gold. There are furthermore 107,531 demonstrated tons at 4.88 g/t Au encompassing 16,858 ounce of gold.

Richmont said that total capital expenditures at Monique will be $10.9 million to develop an internal rate of comeback of 3% (using US$1,350/ounce gold price).