Audrey financials reflect Mobrun ore

The company’s 9-month revenues decreased to $2.02 million from $11.2 million during the same period in 1988.

Third-quarter net income reported by Audrey was $1.3 million or 13 cents per share on revenues of $1.9 million. No equivalent figures are available for last year because of a redevelopment program that involved shutting down Audrey’s Mobrun polymetallic mine near Rouyn-Noranda.

Audrey says third-quarter revenues and net income are largely attributable to the closure of the hedge portfolio on gold forward trades. As a result of this transaction, a benefit of $1.5 million(US) was realized in September and an additional benefit of $870,000 will be realized by December.

While tuning up its new 1,100-tonne-per-day mill at the Mobrun mine s ite, Audrey succeeded in generating revenues of over $1.2 million. After returning the mine to commercial production, the company also reported $1.7 million in sales during October.

On Sept 30, Audrey had assets of $70.3 million, compared with $23.2 million at the same time last year.

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