A 15% increase in gold production, coupled with a 24% reduction in cash operating costs, helped
The company’s El Limon mine in Nicaragua turned out 21,441 oz. gold at a cash cost of US$156 per oz. in the latest quarter. Mill throughput was 91,741 tonnes at a grade of 7.8 grams gold per tonne.
Black Hawk posted earnings of $1 million (or 1 per share) for the three months ended March 31, compared with income of $300,000 a year earlier. The company retired all its bank debt and $2 million of its $4-million outstanding convertible debentures during the latest quarter, leaving it with working capital of $4 million.
Black Hawk completed mining operations at its Farley Lake gold mine in Manitoba’s Lynn Lake region in late 1999, with residual mining from low-grade stockpiles continuing into early 2000. The company has since focused its efforts on El Limon, where an exploration program to expand reserves is under way. Black Hawk is also exploring the Manantial Espejo gold-silver property in southern Argentina.
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