Despite increased production and higher gold prices, FMC Gold’s (NYSE) third- quarter net income of US$10.9 million was slightly lower than the US$11.6 million reported in the 1989 third quarter. Sales for the quarter ended Sept. 30 reached US$42.2 million, compared with US$38.4 million last year. The company said the revenue improvement was offset by higher costs at the Paradise Peak gold mine in Nevada and the Royal Mountain King mine in California.
On the exploration front, the company reported the discovery of a deep deposit at its 30% owned Jerritt Canyon mine in Nevada. The new deposit is reported to contain a geologic resource of 3.2 million tons grading 0.28 oz. gold per ton. Exploration also continued at the Beartrack gold-silver property in Idaho, and a mine plan feasibility study of processing alternatives is expected to be completed early next year. FMC Gold (NYSE) 3 months ended Sept. 30 1990 1989 Revenue $42,200 $38,400 net earnings $10,900 $11,600
per share 0.15 0.17 9 months ended Sept. 30 Revenue $115,800 $115,400 net earnings $34,100 $38,900
per share 0.490.59
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