Richmont ups Francoeur reserves

Underground exploration has expanded reserves at the Francoeur gold mine in northwestern Quebec.

Mine owner Richmont Mines (RIC-T) says the $1.05-million drifting and drilling program added 276,000 tons grading 0.19 oz. per ton to the mine’s proven and probable reserves. The revised figure now stands at 1.03 million tons grading 0.205 oz. per ton.

Although the mine has produced more than 200,000 oz. gold since opening in 1991, the reserve base there has remained essentially unchanged as a result of successful exploration and reserve replacement.

Most of the new reserves are in the West zone. Next year, a $800,000 program will investigate the potential for expanding reserves in the mine area and along the Francoeur-Wasa shear zone.