Richmont Mines Obtains Mining Permits for Monique Gold Project; Shares Pop 5% But Near Low


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Richmont Mines Inc. ( RIC ) has received the required mining permits for its wholly owned Monique Gold Project located in Val-d'Or, Quebec.

RIC will begin overburden removal shortly, with a view to extracting a 5,000 tonne bulk sample to be processed at its 100%-owned Camflo Mill in 2013. If the results from the bulk sampling phase are favourable, open pit mining and milling would proceed over the following two-year period, the approval for which is inclusive in the permit. The open pit phase could potentially be followed by an underground phase, for which a permit amendment would need to be obtained.

RIC is up 5.3% at $3.18, trading in a 52-week range of $2.71 - $12.91. Shares have fallen 72% in the last 12 months.

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This article appears in: Investing , Commodities

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