NEWS ROUNDUP — Canyon reports loss for the quarter

Colorado-based Canyon Resources (NASDAQ) posted a loss of US$647,900 (or 3 cents per share) for the first quarter, compared with a loss of US$237,200 (or 1 cents per share) for the same period in 1994.

At US$3.7 million, revenue was almost unchanged from the US$3.9 million posted in the previous first quarter.

Gold sales declined to 7,900 oz., compared with 9,017 oz. for the same period last year. At the same time, operating costs rose to US$289 per oz., compared with US$247 a year ago, the result of increased reclamation provisions at the Kendall mine in Montana, which closed earlier this year. (Leaching continues, although a decline in recovery is expected over the next two years.) In southeastern California, the Briggs gold mine has entered the final stages of permitting and is scheduled to start up in the summer. The open-pit, heap-leach operation should produce about 75,000 oz. gold annually.