In spite of higher production and lower cash costs at its gold mine in Nicaragua, Triton Mining (TTM-T) tabled a lacklustre balance sheet for the first half of 1997.
The El Limon mine yielded 22,301 oz. at a cash cost of US$273 per oz., compared with 18,308 oz. at US$361 per oz. in the first six months in 1996.
But the improved performance did not prevent the company from posting a loss of just under $4.6 million (or 19 cents per share) on revenue of $7.5 million, compared with a loss of $4.3 million (23 cents per share) on $7 million in the same period in 1996.
The company realized a one-time loss on investments of $2.5 million after deciding to discontinue its pursuit of the acquisition of Inversiones Mineras S.A. (IMISA), a Nicaraguan company.
In a related move, Triton decided to withdraw its support for a lawsuit brought by dissident IMISA shareholders in which they sought to challenge the recent sale by IMISA of its 25% interest in the Libertad mine to a subsidiary of Greenstone Resources (GRE-T).
“We no longer have any interest in pursuing a direct or indirect stake in the Libertad concession,” said Triton’s president, Arnaldo Ismay. “Our priority is to focus resources on our mining assets.”
The company has 24.3 million shares outstanding.
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