In its previous fiscal year, the company posted a loss of $251,292 or 7 cents a share on revenues of $617,202.
The California-based company said the improved performance was mainly due to favorable activity on its precious metal exploration programs, particularly the 62-sq-mi lode and placer gold prospect at Richardson, Alaska. This winter the company realized revenues through bulk sampling of a quartz porphyry dyke yielding high grade (over two oz per ton) free-milling gold.
Tri-Valley said it has blocked out at surface for possible production about 20,000 tons grading about 0.5 oz gold from indicated reserves “of over 11 million tons.” In addition, the company is negotiating with a mining company for development of its various placer properties and is pursuing joint venture partners for a silver-lead-copper-zinc prospect in the California desert.
Drilling of the first of six natural gas reserve targets is also under way, part of Tri-Valley’s co-venture with Phillips Petroleum to explore for natural gas in the Sacramento Valley of California.
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