Better gold prices and higher production helped propel Giant Yellowknife Mines to a first quarter profit of $3,516,000 or 50 cents a share, compared with earnings of $469,000 or 11 cents a share in the 1986 first quarter.
President D. J. Emery says the company had higher gold production in the latest period at both the Yellowknife and Salmita divisions.
Mr Emery notes that included in the 1987 results are the mining operations acquired from Pamour Inc., which contributed $1.2 million to operating income before depreciation, amortization and exploration expense. The acquisition was effective Jan 1.
On a consolidated basis, in the first quarter the company milled 563,481 tons of ore, against 94,907 tons in the 1986 quarter, and recovered 60,881 oz of gold, compared with 27,919 oz.
Revenues from production climbed to $33,566,000 this year, against $13,678,000 in the first quarter of 1986.
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