By mining higher-grade ore,
Earnings topped $287,000 (or 1 cents per share) on revenue of $9.2 million, compared with $733,000 (2 cents per share) on $7.5 million in the first quarter of 1997. Production rose 3,800 oz., to 21,000 oz.; realized prices fell $13, to US$286 per oz.; and cash costs climbed $9, to US$205 per oz., as mining progressed to deeper levels at both the Eagle River and Edwards mines near Wawa, Ont.
Cash flow dropped to $1.9 million from $2.1 million.
River Gold operates and owns the Eagle River mine and periodically mines the nearby Edwards deposit of
In all, the company milled 61,100 tonnes at a recovered grade of 10.7 grams gold per tonne, just slightly more than that milled in the first quarter of 1998. A total of 192,000 tonnes of broken ore remained stockpiled at the end of the recent quarter.
A mill expansion program that will see daily capacity rise to 900 tonnes is scheduled for completion in July. Shaft-sinking at the Eagle River mine will begin in the summer as well (T.N.M., May 10/99).
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