A 40% interest in the Casa Berardi mine helped Golden Knight Resources (TSE) generate net earnings of $811,000 for the first quarter, compared with $1.1 million in the same period last year.
Gold production at the Quebec mine was 26,020 oz. for the quarter, in line with the 1994 production forecast of 103,000 oz. Production was actually lower than it was a year ago, when the level reached 31,273 oz. as a result of the higher grade ore extracted during that first quarter. Rehabilitation work at the Est mine has been completed, with total mine throughput having returned to the level at which it existed before an inflow of surface material. The mine processed 133,125 tonnes in the first quarter at a daily rate of 1,480 tonnes.
The remainder of the mine is owned by operator TVX Gold (TSE). At the end of the recent quarter, Golden Knight was debt-free with a cash balance of $24 million.
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