A gross profit of $108,000 and a net profit of $65,000 were recorded by Louvem Mines (TSE) during the first quarter of this year, compared with a gross profit of $1.5 million and a net profit of $322,000 for the same period last year.
The company claims improved productivity during the quarter, with an increase in ore hoisted and milled (compared with last year) but also an increase in direct operating costs. Louvem attributes the gross profit reduction to decreased gold sales which resulted from a reduced average grade of ore extracted from the Chimo mine in northwestern Quebec.
Louvem is planning to extend the shaft at the Chimo mine to below the 7th level, deepening it to the 15th level.
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