Bachelor Lake reported a loss of $2.8 million or 35 cents per share during the nine months ended Sept 30, compared with a loss of $634,786 or 8 cents per share at the same time last year.
Revenues from bullion production decreased to $5.6 million in the first nine months of 1989, compared with $8.4 million in the identical period in 1988.
According to Bachelor Lake, the decision to shut down the mine was due to a 16% decline in the price of gold, compared with August 1988 levels. In the first nine months of 1989, 91,699 tons of ore grading 0.135 oz gold per ton was processed to produce 12,386 oz. That compared with 108,087 tons of grade 0.154 oz to produce 15,504 oz in the same period in 1988.
The mine cash operating loss for the 9-month period was $1.15 million or $12.64 per ton milled, compared with an operating profit of $922,207 or $8.53 per ton in 1988.
Bachelor Lake says it is looking at ways to resume gold production at the Desmaraisville mine, which the company says, could start churning out gold again on short notice.
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