Viceroy Res. ends third quarter in black

Gold producer Viceroy Resource (voy-t) earned $3.5 million (or 7 cents per share) on revenue of $29.8 million in the third quarter.

Those numbers mark a significant improvment over the $38.1-million loss (77 cents per share) on $13.4 million reported for the corresponding period in 1996. Last year’s loss resulted from a $39.6-million adjustment of the carrying value of the company’s Castle Mountain open-pit gold mine in California.

Earnings for the first nine months of 1997 totalled $4.6 million (9 cents per share) on revenue of $61.4 million, compared with a loss of $37.5 million (76 cents per share) on $40.6 million in the similar period last year. Cash flow rose to $16.8 million from $9.6 million.

Viceroy’s 75%-owned Castle Mountain mine produced 94,157 oz. at a cash cost of US$275 per oz. during the first nine months of 1997, compared with 96,853 oz. at a cash cost of US$259 per oz. in the year-ago period.

Over the first three quarters of 1997, the newly commissioned, fully owned Brewery Creek open-pit, heap-leach gold mine in the Yukon produced 38,300 oz.

at a cash cost of US$204 oz.

For the first three months of the year, the company realized an average gold price of US$410 per oz. At the end of that third quarter, Viceroy had working capital of $48.3 million.