On the heels of reactivating its Hislop gold project in northern Ontario,
The junior lost $365,277 in the 3-month period ended June 30, bringing to $818,953 its net loss for the first half of the year. Losses for the corresponding periods of 1998 were $90,548 and $354,080, respectively, with higher operating expenses mainly accounting for the greater losses in the more recent periods.
Revenue for the recent quarter and 6-month period topped $1.8 million and $3.9 million, respectively, up from $1.7 million and $3.3 million in the comparable periods of 1998.
During the recent quarter, 81,860 tonnes were custom-milled at the company’s Stock mill near Matheson, Ont.; this is 13% more than that milled in the previous quarter and reflects the processing of a small batch of ore provided by
Quarterly unit costs fell to $14.71 per tonne from $16 per tonne and recovery rates dipped slightly, to 96.7%. The smaller recovery rate is attributed to the metallurgical complexity of Battle Mountain’s ore, compared with that of Glimmer’s.
Meanwhile, ore from the nearby Hislop project, where open-pit mining began in late July at the monthly rate of 10,000-15,000 tonnes (T.N.M., Aug. 2/99), is now being treated at the Stock mill.
St Andrew expects Hislop alone to provide it with quarterly operating profits of $350,000 and revenue of $1.6 million over the project’s roughly 2-year mine life. Total cash costs are pegged at US$195 per oz., with some of the leftover proceeds earmarked for a resumption of underground mining at Stock.
On June 30, St Andrew had $490,000 in cash.
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