MINING MARKETS & INVESTMENT NEWS — Richmont to buy own stock

Montreal-based Richmont Mines (RIC-T) intends to repurchase shares for cancellation. The Toronto and Montreal Stock Exchanges have accepted the company’s normal course issuer bid, which began March 24 and will end March 23, 2000.

Under the terms of the bid, the company can buy up to 5% of its own stock, or 775,000 shares, on the open market. This would add to the 199,700 shares that the company repurchased in the previous 12 months. In 1999, Richmont expects to pull 95,000 oz. gold from operations in Newfoundland and Quebec.