The Cannon gold mine in Washington state was a steady performer for 51% owner Asamera Minerals (TSE) in 1991, producing a total of 75,325 oz. gold to the company’s account.
The mine turned out the bulk of the company’s production which last year totalled 78,048 oz. gold and 232,831 oz. silver. This represents a decrease from 1990 when the company’s share of production from all operations totalled 85,307 oz. gold and 445,687 oz. silver.
The drop in production reflects the suspension of operations at the Gooseberry mine in Nevada, and the closure of the Gooseberry tailings project. Asamera’s forward sales program resulted in a realized average sales price of US$405.47 per oz. gold and US$4.09 oz. silver last year, which is considerably higher than spot prices which averaged US$362.18 and US$4.04 respectively.
Nevertheless, Asamera posted a net loss of US$1.3 million for 1991, compared with a net loss of US$5.2 million in 1990.
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