Earnings Report (August 21, 1989)

Net sales for the quarter were worth $34.8 million. Battle Mountain says that falling gold prices, higher costs and reduced investment income resulted in the downturn.

Noranda Inc. (TSE) announced a net second-quarter profit of $125 million or 59 cents per share compared with a profit of $186 million or 90 cents per share in the same period last year. Revenue climbed to $2.36 billion from $2.27 billion in the second quarter of 1988.

The figures bring Noranda’s earnings for the first half to $283 million or $1.36 per share compared with $314 million or $1.53 last year. First half revenue was $4.57 billion versus $4.33 billion the year before.

At the end of the period Noranda had $141 million cash on hand compared with $653 million at the same time last year.

Rayrock Yellowknife Resources (TSE) reported net earnings of $3.11 million or 32 cents per share for the first six months compared with $3.09 million or 32 cents per share in the same period last year.

Gross revenue rose to $31.4 million from $17.4 million last year because Rayrock increased to 100%-owner of Western Ag-Minerals Company from 35%. But that was offset by the declining price of gold and a reduction in gold production.

Corona Corp. (TSE) reported net earnings of $9.2 million or 6 cents per share for the three months ended June 30. (The results do not include earnings from the Page Williams mine, the ownership of which was in dispute during the quarter. A Supreme Court of Canada decision has since awarded the mine to Corona Corp.) In the same period last year Corona earned $4.7 million or 3 cents per share.

First-half earnings total $11.4 million or 7 cents per share compared with last year’s figures of $8.7 million or 5 cents per share.

Pine Point Mines Ltd. (TSE) reported net earnings of $28.2 million or $6.08 per share for the three months ended June 30 compared with $15.4 million or $3.28 per share in the same period last year.

First-half earnings were $50.7 million or $10.93 per share compared with $24.8 million or $5.35 per share in the first half of 1988.

Revenue was $68.5 million for the quarter, $119.2 million for the half. Last year revenue was $37.9 million and $74.3 million respectively.

North American Rare Metals (ME) reported a net loss of $71,137 or 0.06 cents per share for the nine months ended May 31. In the same period last year the company lost $142,571 or 1.1 cents per share.

At the end of the period the company’s debt was $3.7 million compared with a debt of $2.5 million at the same time last year.

Equity Silver Mines (TSE) reported net earnings in the first half of $8.2 million or 25 cents per share compared with earnings of $3.6 million or 11 cents per share in the same period last year. Revenue was $50.2 million compared with $43.2 million in the first half of 1988.

Hudson Bay Mining and Smelting (TSE) reported net earnings of $10.7 million on revenue of $108.6 million for the quarter ended June 30. That brings Hudson Bay’s 6-month earnings to $22.6 million on $235.2 million revenue. Second-quarter 1988 earnings were $2.6 million on revenue of $97.8 million giving first-half earnings of $11.5 million and revenue of $192.1 million. Hudson Bay is a wholly-owned subsidiary of Inspiration Resources Corp. (TSE) of New York. The company produces copper, zinc, nickel, gold and silver.

Hillsborough Resources (TSE) reported a net income of $580,988 (12 cents per share) for the first half, compared with $886,126 (19 cents ) for the same period last year. Revenue was $13.9 million versus $20.6 million a year earlier.

Canada Tungsten Mining Corp. (TSE) recorded a net loss of $638,000 or 4 cents per share for the second quarter compared with a loss of $24,000 in the same period last year. In the first half, Canada Tungsten has lost $1.7 million or 10 cents per share compared with a $446,000 loss (10 cents per share) last year. Sales revenues of $2.99 million were recorded for the second quarter compared with $4 million in the second quarter of 1988.

As of June 30, CanTung had $10.4 million cash and equivalent on hand and $20.3 million in working capital.

Franco-Nevada Mining Corp. (TSE) posted a net profit of $452,000 or 3.7 cents per share for the 3-month period ended June 30. In the same period last year earnings were $55,000 or 0.4 cents per share. Revenue was $493,000 compared with $301,000 the year before. Franco- Nevada has about $15 million in cash available.

Brunswick Mining and Smelting (TSE) reported net earnings of $15.9 million or 42 cents per share for the second quarter giving first-half earnings of $34.2 million or 93 cents per share. Last year’s figures were $5.6 million or 16 cents per share and $9.4 million or 27 cents per share respectively.

Kerr Addison Mines Ltd. (TSE) reported a net income of $11.1 million or 63 cents per share for the first half compared with an income of $4 million or 23 cents per share last year. At the end of the period Kerr Addison had cash and short-term securities worth $108.5 million on hand.

Giant Yellowknife Mines Ltd. (TSE) reported first-half earnings of $544,000 or 6 cents per share compared with a loss of $1.4 million or 16 cents per share in the same period last year. Second-quarter earnings were $727,000 or 8 cents per share compared with earnings of $917,000 or 11 cents per share in the second quarter of 1988.

Minnova Inc. (TSE) reported a first-half income of $1.3 million or 9 cents per share, compared with a loss of 3 cents per share in the same period last year. Cash and short-term investments declined to $20.5 million from $34.4 million at the beginning of the period.

The Winston Lake zinc mine added to Minnova’s profits in the quarter, increasing production to 25,000 tonnes from 17,000 tonnes in the first quarter. Winston started production in April, 1988. Minnova’s gold production during the first half was 34,700 oz; copper production was 15,000 tonnes.

Campbell Resources (TSE) reported net earnings of $2 million or 3 cents per share for the first half compared with a loss of $513,000 or 1 cents per share in the same period last year. Revenue was $24 million compared with $23.5 million last year. Net earnings for the second quarter was $1.3 million or 2 cents per share compared with a $141,000 loss in the second quarter last year.

Bull Run Gold Mines (NASDAQ) reported a second-quarter loss of $72,044 or 1 cents per share on revenues of $2.8 million. In the same period last year, Bull Run had a net income of $812,568 or 9 cents per share on revenues of $2.7 million. First-half loss was $110,483 or 1 cents per share compared with a loss of $836,909 or 9 cents per share in the first half last year.

The company sold 6,991 oz of gold in the second quarter.

Gibraltar Mines Ltd. (TSE) reported net earnings for the first half of $15.4 million or $1.28 per share compared with $8.2 million or 68 cents per share in the same period of 1988. Revenue was up to $57.3 million from $42.5 million.

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