Operating a gold mine proved a profitable venture for Cusac Gold Mines (CQC-T) in 1996.
Higher production at its Table Mountain mine in north-central British Columbia resulted in earnings of $1.8 million (or 10 cents per share) on revenue of $10.96 million, compared with a loss of $580,000 on $6.5 million in 1995.
Production was up 66% to 22,000 oz., compared with 13,220 oz. in 1995. The average millhead grade in 1996 was 0.81 oz. gold per ton.
Management is confident production levels will be maintained, and possibly increased, during 1997.
The company is in the midst of a $5-million convertible, secured bond offering. Proceeds are earmarked for an exploration program aimed at expanding reserves at Table Mountain. Proven and probable reserves currently stand at 153,922 tons grading 0.3 oz., equivalent to 46,676 contained ounces.
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