In the first quarter, operations at the Rand and Picacho mines in California enabled Glamis Gold (GLG-T) to boost gold production by 34% over levels achieved in the same period of 1996.
The company cranked out 32,954 oz., compared with 24,629 oz. in the same period last year. Revenue from gold production increased by US$1.4 million, to US$11.4 million.
Higher production and lower costs at both mines reduced average cash costs to US$168 from US$227 per oz. Revenue realized per ounce was US$345 compared with US$404 in the first three months of 1996.
Earnings for the recent quarter totalled US$1.5 million, or 4 cents per share.
Both Rand and Picacho are open-pit, heap-leach operations. The former produced 23,513 oz. in the quarter, compared with 16,801 oz. in the year-Ago period. At Picacho, output rose to 9,368 oz. from 7,742 oz.
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