A third- quarter loss of US$7,000 brings Crown Resources (VSE) to the break-even point for the three months ended Sept. 30. Net income for the first nine months of 1990 was US$2.2 million compared to a loss of US$1 million in the year-earlier period. Crown’s income received a large boost in the first quarter of 1990 when the company received US$5 million from Battle Mountain Gold (NYSE) as partial payment to earn a 50% interest in its Crown Jewel property in northeastern Washington State. A further US$5 million is payable on Jan. 4, 1991.
Crown’s 30% owned Kettle River gold mine produced 25,361 oz. of gold during the third quarter; 7,608 oz. of which was attributed to Crown. The mine, also in northeastern Washington State, produced 62,713 oz. of gold for the 9-month period, giving Crown a total of 18,814 oz.
The average cost of production for the third quarter was US$218 per oz., which includes mining, milling, maintenance and on- site general and administrative expenses.
Crown Resources (VSE)* 3 months ended Sept. 30 1990 1989 Revenue $3,900 Net earnings (loss) (7) (400)
per share (0.00) (0.04) 9 months ended Sept 30. Revenue $5,795 $9 Net earnings (loss) 2,200 (1,000)
per share 0.18 (0.11)
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