Second-quarter financial results for Pioneer Metals (TSE) remained much the same as comparable 1987 figures. Net income for the period was $870,000 compared with $770,000 for the period ended June 30, 1987, while revenue, inclusive of investment income, was $1.5 million compared to $1.67 million for the same period in 1987. Earnings per share remained at 5 cents .
But Pioneer is expecting an upswing in its third and fourth quarters when cash flow is generated by seasonal operations at Stibnite in Idaho. Revenues then reflect toll leaching of Hecla Mining’s ore as well as gold production from the Pioneer/MFC joint venture.
Pioneer says operations at the Puffy Lake mining operation in Manitoba are continuing to improve with the changeover from contract miners to Pioneer personnel. Dilution is at the designed rate of 10%, the company reports, with recoveries now averaging 88% as the run-in period of the mill nears completion.
The underground exploration program at the company’s Bonito gold/silver project in New Mexico is under way, and Pioneer says exploration drilling is continuing to upgrade and expand drill indicated reserves.
Construction at the Premier Gold Project near Stewart, B.C., in which Pioneer has a 40% interest, is progressing on schedule and on budget with production targeted for the first quarter of 1989.
Be the first to comment on "Pioneer earnings reflect seasonal operations"