A loss of US$236,652 for the year ended Dec. 31, was reported by Piedmont Mining (NASDAQ). This compares with a loss of US$456,082 in the previous year. The relative improvement in results, despite a drop in the average price of gold from US$438 to US$386 per oz., was primarily the result of an increase in gold production because of higher mining grades.
Gold production totalled 15,458 oz. in 1989 compared with 11,738 oz. in 1988. In 1989 Piedmont processed and stacked a total of 369,272 tons of rock with an average grade of 0.052 oz. gold per ton, compared with 402,456 tons with an average grade of 0.036 oz. in the previous year.
The 1989 results include depreciation and amortization of US$1.2 million as well as exploration expenditures of US$730,000.
Piedmont had working capital at year-end totalling US$3 million, no debt, and about 14.3 million shares outstanding. Piedmont Mining (NASDAQ)* $000s except per share items Year ended Dec. 31 1998 1988 Revenue (000s) $5,720 $4,986 Net earnings (loss) (237) (456)
per share (0.02) (0.04) *U.S. dollars
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