Record revenues and earnings were reported by Centurion Mines (NASDAQ) for its 1992 fiscal year ended Sept. 30. The Utah-based junior noted that revenues increased 375% to US$834,851 over revenues of US$175,804 for fiscal 1991. Net income for the year was US$155,216, compared to a net loss of US$874,678 for fiscal 1991.
The improved performance reflects revenues of US$600,000 from the sale of mining properties to Kennecott Utah Copper. Centurion retains a production royalty interest in these mining properties.
The junior also eliminated its long-term debt during the year by converting it to equity for an extraordinary gain of US$513,425.
Centurion holds precious metal and/or copper properties in Utah and Washington state, and also holds royalty interests in about 150,000 acres of mining properties in Utah.
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