Record production at the Andacollo gold mine in Chile was not enough to prevent
The company lost US$433,000 on revenue of US$10.2 million, compared with a loss of US$2.6 million (9 cents per share) on revenue of US$5.8 million in the corresponding period last year.
Cash flow from operations was US$2.9 million in the recent 3-month period, compared with a year-ago loss of US$67,000.
From the wholly owned Andacollo mine in central Chile, Dayton pulled a record 38,564 oz. gold at a cash operating cost of US$196 per oz., considerably more than the 18,804 oz. produced a year ago at US$271 per oz.
A total of 1.5 million tonnes of ore grading 1 gram gold per tonne was crushed and stacked on the leach pad during the recent quarter.
“We are encouraged by the operating successes that are being achieved at Andacollo,” says Daytong President William Myckatyn. “Andacollo remains on track to produce the forecasted 138,000 oz. gold for 1999 at a cash cost of US$190 per oz.”
Dayton realized a total of US$1.5 million on gold hedges during the quarter. However, US$1.3 million of this amount was not included as income for the period, owing to new accounting procedures.
For the remainder of the year, the company has hedged 42,000 oz. gold at an average price of US$340 per oz.
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