Although the company is operating on a positive cash flow basis, Eastmaque Gold Mines (TSE) continues to report losses.
For the three months ended June 30, the company lost $500,000 on revenues of $5.6 million. This compares with a loss of $1.2 million for the same period last year.
Loss for the first six months of 1991 was $638,000 on revenues of $11.6 million. Eastmaque reported a loss of $1.4 million for the first half of 1990. Production from the 50% owned American Girl operation in southern California totalled 22,539 oz. for the second quarter. The mill operated at a recovery rate of 95% and produced 14,086 oz. gold with the open pit heap leach operations accounting for the balance.
Cash production costs inclusive of royalties at the American Girl totalled US$207 per oz.
Gold production from the 100% owned Kirkland Lake operation totalled 4,365 oz. for the second quarter at a cash production cost of US$333 per oz. Cash flow after changes in working capital was $1.1 million for the second quarter and $1.3 million for the six months ended June 30.
As at June 30, the company had a working capital deficit of $600,000 and long-term debt totalling $473,000.
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