Consolidated earnings of $3.7 million (44 per share) on revenue of $36.7 million were reported by Giant Yellowknife Mines (TSE) for the third quarter of this year, compared with $3.1 million (44 per share) on revenue of $31.3 million for the same period in 1987.
For the first nine months of 1988, the company recorded consolidated earnings of $2.35 million (28 per share) on revenue of $96.1 million, compared with $9.3 million ($1.33 per share) on revenue of $96.5 million for the same period last year.
Giant Yellowknife attributes the lower 9-month earnings to reduced gold output at its Yellowknife, N.W.T., and Timmins, Ont., mines during the first two quarters of this year, and also the closing of operations at its Salmita mine in 1987. The company commenced commercial operations at its Yellowknife tailings treatment project in June of this year, with output there starting to supplant the Salmita output.
Third-quarter gold production totalled 57,426 oz compared with 52,831 oz last year, with 9-month output this year amounting to 148,242 oz compared with 168,021 oz for the same period in 1987. Tonnage milled this year to Sept 30 is about 4% less than in 1987.
The company says third-quarter and 9-month results for 1988 include after-tax gains amounting to $1.3 million from the sales of certain exploration properties and of wholly-owned subsidiary Arctic Precious Metals to Pamorex Minerals (TSE) for $1.8 million. Pamorex acts as the exploration arm of the Pamour group of companies, of which Giant Yellowknife is a member.
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