Earnings Reports (December 19, 1988)

Bachelor Lake Gold Mines (TSE) of Toronto reports a loss for the 9-month period ended Sept 30 of $634,786 or 8 per share compared to $6.57 million or 90 per share for the year earlier period.

Mine cash operating income for the 9-month period amounted to $922,207. After deducting administration and other related costs, the net cash operating income for the period amounted to $385,949.

Campbell Resources (TSE) of Toronto reports a net loss for the 3-month period ended Sept 30 of $67 million or $1.23 per share on revenue of $8.85 million. For the same period a year earlier the company reported a net loss of $274,000 or 1 per share on revenue of $11.4 million.

For the nine month period ended Sept 30 the company reports a net loss of $67.6 million or $1.26 per share on revenue of $32.3 million. For the same period a year earlier the company reported net earnings of $147,000 or 4 per share on revenue of $32.1 million.

In the third quarter of 1988 the company wrote-down the carrying value of its natural resource properties by $58.4 million and provided an additional $6.8 million for potential future costs on discontinued coal operations.

Conwest Exploration (TSE) of Toronto reports net income for the nine months ended Sept 30 of $12.5 million or 99 per share compared to $35.1 million or $3.19 per share in 1987.

The company says its 9-month earnings for 1988 were not expected to match those of the corresponding period in 1987, which included a $27.8 million ($2.64 per share) after tax gain with respect the realization of Conwest’s investments in Hemlo Gold Mines Inc.

Tombill Mines (TSE) reports net income of $192,478 or 3.5 per share for the third quarter ended Sept 30 compared to $503,189 or 9.1 per share for the year earlier quarter.

Net income for the 9-month period ended Sept 30 was $969,320 or 17.7 per share compared to $1.2 million or 21.8 per share a year ago.

Queenston Gold Mines (TSE) of Toronto reports a net loss of $94,064 or 1 per share for the 9-month period ended Sept 30 compared to a gain of $614,312 or 6 per share for the year earlier period.

Revenue for the 9-month period ended Sept 30 totalled $522,880 compared to $1.3 million for the 1987 period. The company reports its custom milling revenue has decreased, but gold royalties and interest income have increased.

Mentor Exploration and Development (TSE) reports a net loss for the 9-month period ended Sept 30 of $0.8 million or 23 per share compared to a gain of $6 million or $1.74 per share for the corresponding 1987 period. Net earnings in 1987 included a gain on the sale of investments of $8.17 million.