A net loss of $12,000 is reported by Colony Pacific Explorations for the year ended Oct 31, 1987. This compares to a loss of $503,000 the year before.
Operating income was $39,000 on revenues of $318,000 compared to operating income of $534,000 on revenues of $903,000 in 1986.
The drop in income is attributed to the scheduled end (in January, 1987) of monthly net profits interest purchase payments of $50,000(US) which were received from Westmin Resources in payment for a 7.25% net profits royalty on the Blue Moon property.
Colony plans a $1.8-million exploration budget this year on its Blue Moon and Schell Ranch polymetallic properties, both located in California’s Sierra Nevada mountains. The Blue Moon program, scheduled to start after the March 18 closing of the purchase by Colony of Westmin’s interest in the Blue Moon property, is designed to complete surface exploration work prior to shaft sinking * The program will include 33,000 ft of diamond drilling, metallurgical testing, permitting and environmental studies.
The Schell Ranch property, located 60 miles north of Blue Moon will see 6,500 ft of drilling in 1988.
The company’s cash position declined to $190,000 from $843,000 in 1986.
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