Dec 20 2016
Richmont Mines Inc. ("Richmont" or the "Corporation") announces receipt of Amendments of both Air and Wastewater Environmental Compliance Approvals (ECAs) from the Ontario Ministry of Environment and Climate Change for its Island Gold Mine located in northern Ontario. These Amendments support a potential ore mining and processing rate increase to an average of 1,100 tonnes per day as contemplated in the Preliminary Economic Assessment ("PEA") that is currently under review (refer to November 1, 2016 press release).
The Amended ECAs allow processing of up to 401,500 tonnes of ore per year (1,100 tonnes per day), with flexibility for up to a maximum of 38,480 tonnes per month. The operation was previously permitted for up to 27,000 tonnes per month, or an average of 900 tonnes per day.
"The receipt of these permits is a key milestone for Island Gold as it will allow mining and milling productivity to progressively increase to an average of 1,100 tonnes per day, as envisaged in the upcoming PEA. The engineering and analysis related to the productivity increase continues to advance, which is now fully supported by the receipt of all required permits." stated Renaud Adams, CEO. "The mine and mill are now averaging above 900 tonnes per day and the operation is well positioned to support a productivity increase to an average of 1,100 tonnes per day with minimal capital investment."