The first quarter of fiscal 1991 puts Glamis Gold (TSE) firmly on track to match a production target of 60,000 oz. of gold for the year. Glamis produced 11,805 oz. of gold from its Picacho and Yellow Aster heap leach mines in California at an average cash cost of US$153 per oz. during the first quarter ended Sept. 30.
This compares with production of 10,865 oz. of gold at a cash cost of US$165 per oz. in the first quarter of 1990.
Further increases in production will be made as the Alto heap leach mine, also in California, comes into production. The company reports that 49,700 tons of ore with an average grade of 0.04 oz. gold per ton were placed on the pad during the first quarter and leaching began in October.
Earnings for the three months ended Sept. 30 were $1.02 million compared with earnings of $935,000 in the corresponding year- earlier period.
Cash flow after changes in non- cash items was $3.5 million in the first quarter of 1991 compared to $1.8 million in the first quarter of fiscal 1990.
As at Sept. 30, the company had a working capital deficit of $6.6 million, primarily the result of bringing the Alto deposit into production as well as expanding operations at the Yellow Aster mine and the purchase of 5,600 acres of adjoining claims.
The company expects the deficit to be reduced by future cash flows.006 Glamis Gold (TSE) 3 months ended Sept. 30 1991 1990 Revenue $5,684 $5,103 Net earnings 1,021 935
per share 0.06 0.06004
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