Doubling its earnings during the first quarter of this year compared with 1987 was Lac Minerals (TSE), which attributes the hefty increase to higher gold prices and a higher interest income.
Earnings for the quarter were $7.9 million (9 cents per share) on revenues of $44.9 million, compared with restated earnings of $3.6 million (4 cents per share) on revenues of $45.9 million last year. Cash flow from operations totalled $12.8 million during the quarter, compared with $8.2 million a year ago.
Gold production slipped during the quarter to 63,814 oz, compared with output of 77,318 oz during the same three months last year. Production was affected by a month- long strike by hourly workers at the Bousquet mine in northern Quebec during the quarter. (Production from the Page-Williams mine, the focus of a legal dispute with TSE-listed International Corona Resources, is not included in the quarterly figures.)
Lac’s total gold-production target is 315,000 oz for 1988.
Be the first to comment on "Lac Minerals doubles 1st-quarter earnings"