07:32 AM EDT, 10/12/2017 (MT Newswires) -- Richmont Mines (RIC.V) -- which is in the process of being taken over by Alamos Gold (AGI.TO) -- said Thursday that Q3 results from the Island Gold Mine saw record quarterly production at low cash costs.

The Island Gold Mine reported record production of 26,659 ounces of gold for the quarter and 76,541 ounces of gold for the nine-month period. Higher than planned grade of 10.04 grams per tonne supported the record production. In a statement, the company said that the Island Gold Mine is now "well positioned to exceed the high-end of annual production guidance of 87,000-93,000 ounces."

Cash costs for the quarter were $666 per ounce and $637 per ounce for the nine-month period, and the company said this puts Richmont still on-track to beat the low end of annual cash cost guidance of $715-$765 per ounce.

Chief Executive Officer Renaud Adams said: "During the nine-month period this high quality asset continued to outperform the recently released Preliminary Economic Assessment on all key metrics including tonnes mined and milled, grades and unit operating costs, all of which will support a significant free cash flow stream."

Shares of Richmont on NYSE after hours Wednesday dropped 4.1% to US$9.45, while on TSE shares edged up less than 1.0% to $12.23 yesterday.

Price: 12.23, Change: 0, Percent Change: 0