Asamera reports first-quarter loss

Lower prices for both gold and silver led to a first-quarter loss from operations of US$323,000 for Asamera Minerals (TSE), compared to modest earnings of US$38,000 a year earlier.

The first-quarter net loss was US$77,000, compared with a loss of US$6.95 million in the 1990 first quarter when prior years’ exploration costs were expensed as a result of a change in the company’s accounting policy.

During the 1991 first quarter, Asamera shipped 18,453 oz. gold, about the same as the year-earlier period. Silver production was 47,663 oz., compared with 124,681 oz. a year earlier. The decline in silver production was attributed to reduced shipments from the Gooseberry mine tailings project in Nevada which is nearing completion.

Asamera’s key asset is a 51% interest in the Cannon gold mine in Washington State, a joint venture with Breakwater Resources.