A loss of $610,000 (7 cents per share) was reported by Giant Yellowknife Mines (TSE) for the first quarter, compared with a loss of $183,000 (2 cents per share) for the same 3-month period in 1989. Revenue fell to $23.8 million from $28.1 million during the first quarter of 1989. The company blames the loss on decreased production caused by mechanical problems with crushing equipment at its Timmins division, extreme weather conditions affecting open pit mining at the Yellowknife division and increased expenditures on mine development at both divisions.
Gold output during the quarter dropped to 42,809 oz. compared with 47,996 oz. for the same period in 1989. The company says that while output was down by 11%, tons milled declined by 35%, reflecting a continuing emphasis on grade control. Production costs averaged $504 per oz. during the quarter.
The company started up production at the Hoyle property at Timmins in March, the property being mined under an agreement with Falconbridge Gold. Giant says the grade there appears to be higher than the preliminary reserve estimate of 0.08 oz. per ton; underground drilling is in progress to establish increased reserves at depth. Giant Yellowknife Mines (TSE) $000s except per-share items* Quarter ended Mar. 31 1990 1989 Revenue $23,774 $28,065 Net earnings (loss) (610 ) (183)
per share (0.07 ) (0.02)
A loss of $610,000 (7 cents per share) was reported by Giant Yellowknife Mines (TSE) for the first quarter, compared with a loss of $183,000 (2 cents per share) for the same 3-month period in 1989. Revenue fell to $23.8 million from $28.1 million during the first quarter of 1989. The company blames the loss on decreased production caused by mechanical problems with crushing equipment at its Timmins division, extreme weather conditions affecting open pit mining at the Yellowknife division and increased expenditures on mine development at both divisions.
Gold output during the quarter dropped to 42,809 oz. compared with 47,996 oz. for the same period in 1989. The company says that while output was down by 11%, tons milled declined by 35%, reflecting a continuing emphasis on grade control. Production costs averaged $504 per oz. during the quarter.
The company started up production at the Hoyle property at Timmins in March, the property being mined under an agreement with Falconbridge Gold. Giant says the grade there appears to be higher than the preliminary reserve estimate of 0.08 oz. per ton; underground drilling is in progress to establish increased reserves at depth. Giant Yellowknife Mines (TSE) $000s except per-share items Quarter ended Mar. 31 1990 1989 Revenue $23,774 $28,065 Net earnings (loss) (610 ) (183)
per share (0.07 ) (0.02)
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