Earnings during the first quarter of this year were $14.5 million (17 cents per share) compared with restated earnings of $2.3 million (3 cents per share) for the 2-month period ending March 31, 1987, Hemlo Gold Mines (TSE) reports.
Gold production during the quarter totalled 87,886 oz. The company says tonnage continued to be slightly lower than anticipated, while the grade, at 0.37 oz gold per ton, was higher than expected. Recoveries of 96.5% were achieved. Hemlo Gold says the tonnage shortfall should be alleviated during the current quarter.
Hemlo Gold, controlled by Noranda Inc. (TSE), came into existence in February, 1987. Its main project is the producing Golden Giant mine at Hemlo in northern Ontario.
The company reports activity at nine grass-roots exploration projects during the quarter, including a drilling project on Central Crude (VSE) property in the Mishibishu Lake area of northwestern Ontario.
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