Richmont Mines Inc. (RIC.TO) started today's session higher at $11.51, but has now pared its earlier gains and is trading about 4% higher at $11.39 compared to yesterday's $10.96 close, after announcing an updated resourcebase calculation for its Wasamac gold property.
Martin Rivard, President and CEO, commented: "We are very pleased with the progress that has been made at our Wasamac project in 2011, and are particularly delighted by the 35% and 111% growth in this property's measured and indicated and inferred resource base, respectively, over last year's levels. The increase comes from our extensive 2011 exploration drilling program as well as from the addition of existing geological data in the area surrounding the Main Zone. These results strengthen our belief that Wasamac has the potential to play a pivotal role in our objective to expand the Corporation's production profile."
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