Production boosts Louvem’s revenues

ntreal-based Louvem Mines (LOV-T) has passed its first full year as a gold producer since startup, in January 1996, at the Beaufor mine, near Val d’Or, Que.

e vein-type lode-gold mine is owned equally by Louvem and Aurizon Mines (ARZ-T).

Last year, the underground operation yielded 25,000 oz. gold at a cash cost of US$265 per oz. and a recovery rate of 99.04%. Production improved steadily throughout 1996, to 495 tons per day in the fourth quarter from 295 tons in the first, for a year-end total of 101,600 tons.

Production for 1987 is projected at 35,000 oz.

Louvem’s revenue for 1996 was $6.5 million, compared with $27,000 in the previous year. Earnings reached $560,000 (or 2 cents per share), compared with a loss of $954,000 (4 cents per share) in 1995.