Miner snapshot - Richmont Mines

Daily chart of Richmont Mines (RIC) from Sept 2010 to Nov 2011.

Richmont broke out to the upside in Feb 2011 and even though it has been through a rather bumpy ride since then, the medium term trend is up. The trading range between the upper and lower trend lines remains intact.....for now.

Some fundamental information from their website:

Quick Facts

• The stock is traded on the TSX and NYSE Amex under the ticker symbol "RIC".
• Fiscal year-end: December 31
• Head-office: Rouyn-Noranda, Quebec, Canada
• Shares Outstanding as of December 31, 2010: 31.2 million
• Number of employees as of December 31, 2010: 407
• Operating mines: 2
• Mine currently being developed: 1
• Number of wholly-owned mills: 2
• 2010 sales: 68,123 ounces of gold
• 2009 sales: 59,733 ounces of gold
• 2008 sales: 70,945 ounces of gold
• 2007 sales: 46,193 ounces of gold 

Richmont Mines has been successfully producing gold for over 20 years.

Our vision is to become an intermediate North American gold producer through a combination of organic growth, strategic acquisitions and partnerships.

We are…

• A profitable gold producer, operating in a safe political environment;
• Well-positioned to initiate partnerships and/or acquisitions.

We have...

• Operational expertise in underground, narrow vein gold mines;
• A portfolio of exploration properties in Quebec, Ontario and Newfoundland;
• A strong, flexible management team;
• A healthy balance sheet and underlying asset value.

We DO NOT have...

• Any long-term debt;
• Any hedging contracts. 

Our Mission: Building the Next Generation of Gold

Over 2010-2012, our focus will be on making the following key objectives and priorities a reality:

• To operate 4 to 5 mines;
• To increase our annual production to 200,000 ounces of gold;
• To build reserves of 1,000,000 ounces of gold;
• To reduce operating costs;
• To initiate strategic partnerships and/or acquisitions;
• To sustain a comprehensive Investor Relations marketing campaign;
• To achieve valuation parity with our peer group of Canadian junior gold producers.

Richmont Mines has one mine in development and 10 exploration properties. This company may be one to keep an eye on going forward.  Their website:  Richmont Mines


Disclosure: At the time of this writing, GSR does not hold any positions in the company.