Equity 6-month net hits 19 cents per share

Equity Silver Mines reports net earnings of $5.5 million or 19 cents per share in the first half compared to $921,000 a year ago. Anthony J. Petrina, president, said the purchase and delivery to Placer Development of 4,985,000 oz of silver pursuant to a previous sales agreement generated revenue of almost $11 million and an after-tax profit of $7.3 million. Placer holds a 59.6% interest in the company after an Equity share offering in June.

Mill heads dropped to 2.35 oz silver during the period from 3.25 oz last year because of the mill expansion to 10,000 tons per day. Silver and gold production, however, was maintained in the range of 2.6 million oz and 20,000 oz respectively.

The company’s bank loan was reduced to $4.1 million at June 30 and a further payment of approximately $2.7 million was made in July.

The exploration division has acquired nine new properties under various option agreements and six by staking for a total expenditure commitment of $4.5 million.