Net earnings of $10.9 million(US), or 11 cents per share, were reported by Echo Bay Mines (TSE) for the first quarter of 1988, compared with $8.1 million, or 9 cents per share, for the same period last year. Revenues during the quarter totalled $60 million, compared with $43.4 million in 1987.
Production amounted to 127,082 oz gold during the quarter, compared with 104,504 oz for the same period in 1987. Silver production at the McCoy/Cove and Sunnyside projects totalled 132,214 oz during the quarter, compared with 125,732 oz at Sunnyside alone last year.
Cash production costs during the quarter rose to $239 per oz gold from $212 last year. The company says production costs were adversely affected by start-up expenses at two new mines (Illipah and Congress), a lower grade and higher operating costs at the Manhattan and Sunnyside projects.
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