Richmont Mines Shares Jumped: What You Need to Know

Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Richmont Mines (ASE: RIC) jumped 10% today after the company released resource estimates for its Monique project.

So what: The results show that there are 55,112 ounces of gold resources in the open-pit mine. The company opened a 1,700-meter surface drilling program this month as well.

Now what: Next year the company hopes to process a 5,000-metric-ton bulk sample at the Camflo Mill and complete more technical work at the property. It also helped that gold rose more than 1% in trading today and most shares rose significantly. The news today isn't enough for this Fool to buy in, because the price of gold is just too volatile right now.

Interested in more info on Richmont Mines? Add it to your watchlist byclicking here.

At the time thisarticle was published Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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