Aurizon reports loss for 1989

Revenue from gold and silver sales and custom milling charges totalled almost $14.9 million, Aurizon Mines (TSE) reports for 1989, its first full year of operation. The Hughes-Lang Co., formed in August, 1988, through a merger of two companies, recorded a net loss for 1989 of $6.5 million (29 cents per share). An operating cash flow of $617,804 was more than offset by depreciation and depletion charges.

Undiluted reserves (all classes) at the end of 1989 stood at 1.1 million tons, down from 1.54 million tons a year previously.

Gold production from the company’s Sleeping Giant mine north of Amos, Que., totalled 29,489 oz. in 1989. Custom-milling contracts for the Beacon mill near Val d’Or, Que., were secured for the first half of 1989 only.