Earnings of $3.5 million (11 cents per share) were recorded by Belmoral Mines of Toronto during 1987, compared with net income of $1.4 million (5 cents per share) for the year before.
Revenues for the year totalled $30.8 million compared with $27.5 million in 1986.
Belmoral produces gold at two mines in the Val d’Or area of Quebec, where the company’s ore reserves were increased to more than one million tons by the end of last year, up 64% from Dec 31, 1986. The company mined 296,000 tons and produced about 52,000 oz gold in 1987.
During the fourth quarter of 1987, the company recorded net income of $3.1 million (10 cents per share) on revenues of $9.3 million, compared with restated net income of $1.8 million (7 cents per share) on revenues of $9 million for the same three months in 1986.
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