Cominco Resources profits from Buckhorn

For the first nine months of Cominco Resources International’s 76.4% ownership of the Buckhorn gold mine in Nevada, its share of income from the heap leaching operation was $5.3 million.

The company’s share of sales was $14.6 million from 22,200 oz gold and 119,300 oz silver. The mine placed 642,000 tons of ore grading 0.063 oz gold per ton on the heap- leach pad.

Results cover the period from April l, when Cominco Resources acquired the Buckhorn mine and certain other exploration projects from Cominco Ltd., to Dec 31. Equinox Resources has a 23.6% interest in the Buckhorn project.

Since its formation in April, Cominco Resources has spent $9 million on exploration in the United States, Europe and Latin America. After consideration of offsetting income from Buckhorn, the loss for the 9-month period was $4.7 million. Cash on hand at year- end was $35.2 million, or $1.4 million less than the net proceeds of the public share offering in May. The company is debt-free.