U.S.REPORT Asset sale hikes CoCa Mines income

Denver-based CoCa Mines (TSE) reports net income of US$586,100 (5 cents per share) on revenue of $5.3 million for the quarter ended June 30, compared with a net loss of $399,700 (4 cents per share) on revenue of $6.4 million in the year-earlier period. The company’s second quarter earnings include a pre-tax gain of $750,000 from the sale of its interest in the Luning gold project near Hawthorne, Nev.

For the first half of the year, CoCa’s net income climbed to $1.4 million (11 cents per share) up significantly from a net loss of $304,900 (3 cents per share) in the same period a year ago.

Second-quarter gold output declined to 13,500 oz. from 15,800 oz. in the year-earlier quarter. The average gold price realized by the company was $390 while direct operating costs declined to $193 from $246 per oz. CoCa expects to produce a total of 53,000 oz. of gold this year.014 CoCa Mines (TSE) $000s except per-share items* 3 months to June 30 1990 1989 Revenue $5,262 $6,418 Net income (loss) 586 (400 )

per share 0.05 (0.04 ) *US dollars