UPDATE: Richmont Mines Up 3% as Announces Significant Lift in Earnings, Cash Flow for Q2; 2011 Production Guidance Reaffirmed
Richmont Mines Inc. (RIC.TO) announced financial and operational results for its second quarter ended June 30, 2011. Highlights included: Q2 2011 net earnings of $5.0 million or $0.16 per share, versus Q2 2010 net earnings of $0.3 million or $0.01 per share; Q2 2011 operating cash flow of $7.8 million or $0.25 per share, versus Q2 2010 operating cash flow of $1.6 million or $0.06 per share; and gold sales of 20,085 ounces at an average selling price of US$1,495 (CAN$1,460) in Q2 2011, versus gold sales of 15,607 ounces at an average selling price of US$1,222 (CAN$1,259) in the prior year. It said the 35,000 metre drill program on Wasamac in 2011 continues to yield positive results with 22,000 metres of drilling completed as of the end of June and five drills active; It said the surface drilling program was completed on Monique with favourable results reaffirming Richmont's objective to evaluate potential for a small open-pit operation, more exploration drilling is planned there this fall. It reported a strong financial position: $48.3 million in cash and cash equivalents and no long-term debt at June 30, 2011.
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