Richmont sets production target

Output from the Francoeur gold mine near Rouyn-Noranda, Que., is projected to reach 16,000 oz. during the 7-month period June 1-Dec. 31, 1992, operator Richmont Mines (TSE) says.

Richmont became the sole owner of the project June 1 when it completed the buyout of the 50% interest of Lac Minerals (TSE). Richmont says it made a cash payment of $3 million and that the balance of $500,000 will be paid by royalties during a maximum 5-year period.