St Andrew posts record production

Revenues and gold production for St Andrew Goldfields (TSE) reached record levels in 1992.

The Stock Twp. mine, east of Timmins, Ont., produced 36,301 oz. from 191,152 tons grading 0.198 oz. gold per ton. This compares with 21,961 oz. from 145,713 tons averaging 0.164 oz. gold in 1991.

More than $4 million in operating profit was generated, compared with $187,000 in 1991. After writeoffs and other charges, St. Andrew posted a net loss of $730,980 or 4 cents per share, a significant improvement over the loss of more than $2.87 million or 16 cents per share in 1991. President Herbert Gasser says the production record was largely due to the mining of higher-grade ore from the West zone and improved recoveries. Reserves at the west zone are 424,000 tons at 0.20 oz. gold. However, material mined to date has been 75% higher than the grade indicated by drilling.