Richmont Mines Reports Fourth Quarter and Annual Financial Results; Record Performance at the Island Gold Mine

Toronto (ots/PRNewswire) -

Richmont Mines Inc. (TSX: RIC) (NYSE: RIC) ("Richmont" or the
"Corporation") announces operating and financial results for the
three and twelve months ended December 31, 2016, driven by solid
results from the Island Gold Mine. The Corporation will host a
conference call and webcast on Tuesday, February 21, 2017, beginning
at 8:30 a.m. Eastern Time (details below.) (All amounts are in
Canadian dollars, unless otherwise indicated.)

Fourth Quarter and Annual Highlights

- Company-wide production for the quarter was 29,505 ounces of gold
(27,759 ounces sold), a 32% increase over Q4 2015, which
contributed to record annual production of 104,050 ounces of gold
(102,660 ounces sold), a 6% increase over 2015, achieving the high
end of revised production guidance for the year.
- The solid performance was driven by production from the cornerstone
Island Gold Mine of 24,086 ounces of gold (22,422 ounces sold) for
the quarter, a 70% increase over Q4 2015, and 83,323 ounces of gold
(82,273 ounces sold) for 2016, a 51% increase over 2015, exceeding
revised production guidance for the year.
- Richmont reported fourth quarter revenues of $44.2 million (US$33.1
million), a 39% increase over Q4 2015 and record annual revenues of
$168.7 million (US$127.3 million), a 17% increase over 2015.
- Company-wide cash costs[1] for the quarter were $952 per ounce
(US$714 per ounce), a 7% decrease over Q4 2015 and $908 per ounce
(US$685 per ounce) for 2016, a 7% decrease over 2015 and in-line
with revised cash cost guidance for the year.
- Cash costs for the Island Gold Mine were $826 per ounce (US$619 per
ounce) for the quarter, a 19% decrease over Q4 2015 and $779 per
ounce (US$587 per ounce) for 2016, a 24% decrease over 2015 and
below revised guidance for the year.
- Company-wide All-In-Sustaining-Costs[1] ("AISC") for the quarter
were $1,229 per ounce (US$922 per ounce), a 26% decrease over Q4
2015 and $1,272 per ounce (US$960 per ounce) for 2016, a 7%
decrease over 2015 and in-line with revised AISC guidance for the
year.
- AISC for the Island Gold Mine were $912 per ounce (US$683 per
ounce) for the quarter, a 42% decrease over Q4 2015 and $988 per
ounce (US$745 per ounce) for 2016, a 32% decrease over 2015 and
below revised guidance for the year.
- Earnings for the quarter were $1.1 million (US$0.8 million), or
$0.02 per share (US$0.01 per share), a $5.2 million improvement
over the Q4 2015 loss of $4.1 million. Earnings for 2016 were $12.5
million (US$9.4 million), or $0.20 per share (US$0.15 per share),