Earnings Report (February 13, 1989)

The 1988 earnings include an extraordinary item of $930,000 relating to the recognition of prior years’ loss carry forwards applied to reduce income taxes for the current year.

LynnGold Resources (TSE) reports net earnings for the fourth quarter of $688,000 or 5 cents per share. For the same period a year earlier the company reported a net loss of $2.34 million or 25 cents per share.

The company’s MacLellan mine operating cash flow for the fourth quarter and full year of $1.2 million and $6.6 million respectively.

LAC Minerals (TSE) reports net earnings for the fourth quarter of $7.3 million or 8 cents per share on revenue of $53.9 million. For the same period a year earlier, the company reported net earnings of $10 million or 11 cents per share on revenue of $50.9 million.

For the year ended Dec 31, the company reports net income of $45.8 million or 50 cents per share on revenue of $207.9 million. For the same period a year earlier, the company reported net income of $38.7 million or 44 cents per share on revenue of $194.4.

Wharf Resources (TSE) reports net earnings for the year ended Dec 31 of $7.85 million(US) or 42 cents per share on revenue of $26.76 million. For the same period a year earlier, the company reported net earnings of $4.03 million or 23 cents per share on revenue of $21.57 million.

The average gold settlement price in 1988 was $434(US) per oz compared to $453 in 1987.

Total gold production in 1988 amounted to 59,500 oz compared to 46,000 oz for the year ending Dec 31. Direct gold production costs for 1988 were $175(US) per oz compared to $189 in 1987.

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