Attempts to bring their Tangier mine in Nova Scotia back into production have cost Coxheath Gold Holdings (TSE) dearly, sending the company deep into the red for the year ended Sept. 30. Coxheath reported a loss of $854,000 or 3.4 cents per share, compared with a loss of $7,000 a year earlier, despite an increase in revenue from the sale of gold to $845,000 from $87,000 in 1988. Short-term debt amounted to $3.3 million, up from $613,000 the previous year. Shareholder equity increased to $23 million from $21 million.
Coxheath creditors recently approved a proposal for a payment plan based on a percentage of net operating revenues. Coxheath says approval of the plan will allow the company to complete a financing agreement of $2.5 million for continued development at Tangier. Estimated production costs based on the current grade are $292 per oz., not US$292 per oz. (T.N.M, March 19/90). Coxheath Gold Holdings (TSE) $000s except per share items* Year ended Dec. 31 1989 1988 Revenue $845 $87 Net earnings (loss) (854 ) (7)
per share (3.4 cents ) (0.04)004
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