Colorado-based Canyon Resources (NASDAQ), as expected, reported a loss for 1994.
The company, which expanded its international exploration and experienced a full year of interest expense on its convertible debentures, lost US$338,000 (1 cents per share). By comparison, the previous year-end results showed a net income of US$921,000 (4 cents per share).
Revenue in 1994 was US$19.6 million, close to the 1993 figure of $19.9 million.
Canyon produced 48,400 oz. gold in 1994 from its Kendall mine near Lewistown, Mont., where the operating cost was US$238 per oz. The operation generated $6.3 million in cash flow, enabling Canyon to repay its remaining gold loan of $2.4 million.
The company still had $13.5 million in cash and unsold gold at the end of the year.
Capital expenditures amounted to $6.7 million, much of which was spent on its advanced projects. At the Briggs gold property in southeastern California, for example, $3.4 million was applied to environmental, metallurgical and engineering work. The proposed open-pit, heap-leach mine is expected to produce 75,000 oz. gold annually.
Also, the company spent $1 million as its share of the costs on the McDonald project near Lincoln, Mont. (a joint-venture with New York-listed Phelps Dodge), and another $500,000 on a carbon adsorption plant at Kendall.
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