Richmont Mines (RIC +4.8%) says its Island gold mine in Ontario produced 26.6K oz. of gold during Q1, up 147% Y/Y and up 87% Q/Q, with company-wide production of 32.3K oz. of gold up 25% Y/Y and up 45% Q/Q.
RIC says production was helped by higher than estimated reconciled grades of 11.31 g/t milled and record mill throughput of 834 metric tons/day.
Q1 cash costs at Island Gold were C$674/oz., down 52% Y/Y and down 34% Q/Q, with company-wide cash costs of C$806/oz., down 18% Y/Y and down 22% Q/Q.
RIC also says Q1 revenues totaled a record $52.6M.
Richmont Mines (RIC -3.5%) and Asanko Gold (AKG -9.9%) are lower after each announced multi-million dollar bought-deal financing agreements, the start of what could be a better financing environment after a difficult 2014.
RIC plans to use proceeds from its financing for an accelerated development plan for the high-grade Deep C zone at its Island gold mine in Ontario; RIC is planning for $56.3M in capex for 2015, with 85% focused on the Island mine.
AKG says it will use its funds for working capital and corporate purposes to further enhance its balance sheet.