Earnings Report (June 05, 1989)

A net loss of $472,257 or 5.1 cents per share was reported by Quebec Sturgeon River Mines (TSE) for the quarter ended March 31 compared to a net profit of $1,908 or 0.1 cents per share in the same period last year. Revenue for the quarter was $2.7 million compared to $2.9 million last year.

Nevada Goldfields (TSE) announced a net loss of $158,776(US) or 2 cents per share for its third quarter ended March 31. In the same period last year the company reported a profit of $639,558 or 8 cents per share. Net sales for the quarter were $4.7 million on 10,002 oz.

Denver-based USMX (NASDAQ) announced net earnings of $142,000 (US) or 1 cents per share in the first quarter of 1989, compared to a net loss of $160,000 in the same period last year. Quarterly revenue was $3 million, up from $316,000 the year before.

The company attributed the increase to gold sales from its Green Springs mine. USMX delivered more than 6,000 oz of gold on forward sales contracts worth $2.77 million at an average cost of $455 per oz. The average price for gold on the London market was $394 for the quarter.

Net earnings of $66,873 or 0.5 cents per share were reported by St Andrew Goldfields for the quarter ended March 31 compared to a profit of $39,525 or 0.3 cents per share in the same period last year. Revenue was $318,738.

Anglo Dominion Gold Exploration (TSE) reported a net loss of $59,316 or 1.7 cents per share for the three month period ended March 31. This compares to a loss of $127,471 or 4.1 cents per share in the same period last year.

Consolidated TVX Mining (TSE) reported net first-quarter earnings of $4.1 million or 13 cents per share compared to $2.8 million or 10 cents per share in the same period of 1988. Revenue climbed to $12 million from $7.6 million last year. Gold production was 15,000 oz. The company’s La Coipa mine in Chile opened in mid-May and is scheduled to produce 100,000 oz of gold per year until 1991 when the existing 1,000-tonne-per-day mill will be upgraded to 15,000 tonnes per day. TVX owns 40% of the mine which is operated by 50%-owner Placer Dome (TSE).

A first-quarter loss of $1.7 million or 34 cents per share was reported by Brenda Mines Ltd. (TSE), compared to a net profit of $2.5 million or 52 cents per share in the first three months of last year. Net revenue fell to $12.3 million from $18.1 the year before.

The company said that lower grades, higher operating costs, deferred exploration costs and a lower realized price for copper contributed to the shortfall.

Cheni Gold Mines (TSE) announced first-quarter earnings of $404,000 or 4 cents per share. Since the company’s Lawyers gold/silver mine in north central British Columbia began commercial production on March 1 of this year, Cheni’s quarterly earnings represent just one month of production.

During March, the 550-ton-per- day mill operated at 88% of capacity with recovery rates of 88% for gold and 78% for silver.

As of March 31 the company had forward sales contracts of 27,500 oz gold at an average price of $396(US) and 200,000 oz silver at an average of $6.18 per oz.

Pamour Inc. (TSE) announced a loss before extraordinary items for the first quarter ending March 31 of $1.5 million (13 cents per share), compared with a loss of $789,000 (7 cents per share) for the same period in 1988.

The increase in the first-quarter loss compared with last year is attributed mainly to a rise in interest expense associated with Pamour’s long-term debt. That debt is related to the financing of a tailings recovery project at Timmins which belongs to associated company ERG Resources (TSE).

Giant Yellowknife Resources (TSE) reports a first-quarter loss of $183,000 (2 cents per share) compared with a loss of $2.3 million (27 cents per share) for the same period in 1988.

The company, controlled by Pamour Inc. (TSE), attributes the improved results to an increase in gold production at its Yellowknife division as well as reduced operating costs at both its Timmins and Yellowknife divisions.

Western Premium Resource Corp. (VSE) had a net loss of $9,766 or 0.1 cents per share for the quarter ended March 31. In the same period last year the company had a $9,986-loss.

First-quarter earnings of $82,023 (12.1 cents per share) were reported by Regal Goldfields (COATS). In the same period last year the company’s net income was $5,285. The bulk of the increase was due to the sale of Regal’s share in Goldteck Mines Ltd.

Coniagas Mines (TSE) reported a net loss of $140,706 or 3 cents per share for the quarter ended March 31 compared to a $21,217 loss in the same period last year.

Net earnings of $2.3 million were reported by Westmin Resources (TSE) for the first quarter. This represented a net loss of 5 cents per share after payment of preferred dividends. In the same period last year net earnings were $6.6 million or 6 cents per share. Gross operating revenues were $48.8 million compared to $55 million in 1988. Working capital of $101.2 million was reported.

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