Richmont Mines (USA) (RIC) is Downgraded by CIBC to Sector Perform

Richmont Mines (USA) (RIC) was Downgraded by CIBC to ” Sector Perform”. Earlier the firm had a rating of “Sector Outperform ” on the company shares. CIBC advised their investors in a research report released on Aug 9, 2016.

Richmont Mines (USA) closed down -0.03 points or -0.28% at $10.54 with 3,50,946 shares getting traded on Monday. Post opening the session at $10.6, the shares hit an intraday low of $10.4811 and an intraday high of $10.86 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

Richmont Mines Inc. (Richmont) is principally engaged in activities related to the acquisition exploration development and operation of mineral properties. The Company operates around three gold mines (the Beaufor and Monique mines in Quebec and the Island Gold Mine in Ontario) and is also engaged in the development of the extension of its Island Gold Mine operations. The Company’s Beaufor Mine property and the W Zone Mine along with other adjacent properties such as Pascalis Perron Colombiere Courvan and Perron Blocks 2 and 3 are located approximately 20 kilometers northeast of the town of Val-d’Or in the Abitibi-East county in the Province of Quebec. The Company’s Monique Mine is located 25 kilometers east of Val-d’Or in the province of Quebec. Richmont’s Island Gold Mine is located approximately 83 kilometers northeast of Wawa Ontario in the Sault Ste. Marie Mining Division.

Richmont Mines  (USA)

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