Aur gold output below expectation

Aur Resources (TSE) may have struck a major exploration success at its Louvicourt Twp. massive sulphide discovery last year, but in 1989 the company also struggled with another project in the Val d’Or, Que., region. Because of a narrower than expected vein structure at its First Canadian gold mine, Aur produced only 9,743 oz. gold last year, compared with an anticipated 20,000 oz.

As a result, Aur says earnings before deferred income taxes were $659,218 or 4cents per share for the year ended Sept. 30, compared with $1.9 million or 13cents per share at the same period last year.

Revenues in 1989 increased to $5.8 million from $3.9 million at the same time last year. The 1989 revenue figures included $1.4 million from gold production, $2.9 million from interest earned on investments and $1.4 million in consulting and management fees.

Aur also reported an operating profit of $1.3 million during the three months ended Dec. 31.

During the same period, earnings were $141,867 before deferred income taxes and after deduction of non-operating expenses, including depreciation, exploration writeoffs related to the two properties in the U.S. and employee profit- sharing plan expenses of $1.2 million.

Revenues for the first quarter added up to $3.5 million, compared with $1.2 million at the same time last year. Aur says it has $47 million in working capital and no debt.

Aur shareholders will be asked to approve a 2-for-1 split of the company’s shares at the annual meeting April 2.0500,0211,0307 Aur Resources (TSE) Year ended Sept. 3019891988 Revenues (000s)$5,800$3,900 Net earnings (000s)6591,900 Net earnings

(per share)0.40.13004