Beaufor pays off for Louvem Mines

Investment in the Beaufor gold mine near Val d’Or, Que., has paid off for Louvem Mines (TSE), which made a slight profit in the first quarter.

The company earned $16,808 (nil per share) on revenue of $1.2 million, compared with a loss of $183,882 (1 cents per share) for the same period last year.

The improved results follow a $4-million development program, including drifting, raising and crosscutting, at Beaufor. Proven and probable reserves there stand at 632,000 tons grading 0.26 oz. per ton. The mine, a 50-50 joint venture between Louvem and Aurizon Mines (TSE), began commercial production at the beginning of the year.

A modification of the mine plan held gold production to only 4,389 oz. during the first quarter, but Louvem says the resulting stope development will help the mine reach its annual target of 25,000 oz. Richmont Mines (ME), which holds a 36% stake in Louvem, processes the output at its nearby Camflo mill.