Imperial Metals reports net income for the 9-month period ended Dec 31 of $766,000 or 4.5 cents per share on revenues of $2.7 million. This compares to a loss of $54,000 or 1.4 cents per share after preferred dividends in the previous period.
The company attributed the higher revenues to improved oil production volumes and prices plus a substantial growth in management fees. Net income for the last quarter was $155,000 or 9 cents per share, said the company.
Nine-month highlights included an increase in reserves at the company’s Big Red project in Nebraska to 18 million lb of uranium oxide. Subsidiary Cathedral Gold discovered new reserves at its Sterling mine in Nevada and drilling at its Porcher Island project in British Columbia identified new gold- bearing zones with major tonnage potential.
Oil and gas production averaged 174 bbl per day and one million cu ft of natural gas. Revenues from this sector were up 44% and management fees were ahead 34% which reflected increased exploration and development activity within the Imperial Metals Group.
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