Financial results for Treminco Resources (TSE) for the first half of fiscal 1990 show a loss of $264,000, which is slightly less than the $265,000 loss experienced for the first six months of 1990. The company reported cash flow for the period of $568,000, compared with cash flow of $622,000 in the year-earlier period.
Treminco operates two mines. They are the Ptarmigan gold mine near Yellowknife, N.W.T., and the Silvana silver-lead-zinc mine in southwestern British Columbia.
The company cited a dramatic decline in the price of silver, lead and zinc, as well as a shortfall in production from the Ptarmigan mine and the continued strength in the Canadian dollar as negatively affecting its financial results.
Development of the C vein at the Ptarmigan mine is expected to alleviate the mine’s ore shortage problems. A decline to the zone was completed in December and the ore block is now being developed.
As a result of lower-than-expected revenue and cash flow, Treminco has deferred plans to conduct test mining on the Willa property near New Denver, B.C.
The company purchased the property last year and had planned to test the grade and continuity of an estimated 200,000-ton reserve grading 0.25 oz. gold per ton.
As at Jan. 31, Treminco had a working capital deficit of $1.8 million. Treminco Resources (TSE) 6 months ended Jan. 31 1991 1990 Revenue $7,151 $5,539 Net earnings (loss) (246) (265)
per share (0.04) (0.04)
Be the first to comment on "Treminco reports loss"