Wharf Resources reports net income for the first nine months at $4.144 million(US) or 29 cents per share (38 cents C) after preferred share dividends, compared to $1.273 million or 13 cents per share in the comparable period of 1986.
Net income for the third quarter was $1,761,049 or 10 cents per share after preferred share dividends compared to $799,653 in 1986.
The weighted average number of common shares outstanding during the period was 14,966,617 compared to 10,282,922 in the same period a year ago.
Gold production for the nine months was approximately 32,000 oz compared to 20,600 oz for the 1986 period. The average price of gold sold for the same period was $444 per oz compared to $350 per oz in 1986.
Production from the South Dakota properties through the end of October was 37,000 oz and production is forecast to be 43,000 oz for the year.
Wharf also announced that, due to a 38% increase in proven reserves, it plans a major increase in gold production to the level of 75,000 oz by the end of 1989. The capital costs of this program, estimated at $10 million will be funded out of existing working capital and cash flow.
Wharf shares are traded on the Toronto Stock Exchange (wfr) and quoted on nasdaq,
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