A 43% increase in net earnings was reported by Canyon Resources (NASDAQ) for its latest quarter ended June 30, compared with results in the year-earlier period.
The Colorado-based company announced earnings of US$295,500 for this year’s second quarter, compared with net earnings of US$206,100 for the same period of 1991.
The company’s Kendall mine in Montana turned out 15,353 oz. gold during the period, a 19% decrease from the 18,868 oz. produced during the same quarter of 1991. But this was offset by operating costs which fell 14% to US$192 per oz. gold produced from US$222 per oz. during the 1991 second quarter. Results for this year’s first half reflect the seasonal nature of gold production at Kendall, and winter weather in the first quarter. The company posted a net loss of US$184,000 for this period, but well below the loss of $987,900 for the 1991 first half.
“Canyon Resources has experienced record gold production and revenues, improved earnings, strong net operating cash flow, and continued growth in sales by our diatomite business during the first half of the year,” stated Canyon President Richard De Voto. “Moreover, the current low gold prices will have minimal effect on Canyon’s realized prices in the second half of the year in that 21,000 oz. are hedged at an average price of US$408 per oz.”
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