Glamis profit rises in 3Q

Higher gold prices combined with lower exploration and accounting expenses to keep Glamis Gold (GLG-T) profitable in the third quarter.

Net earnings topped US$3.5 million (or 2 per share) on revenue of US$19 million in three months ended Sept. 30, compared with US$2.4 million (2 per share) on US$19.8 million in the corresponding period of 2002.

Cash flow remained steady at US$7.5 million, or US$6.9 million when changes to non-cash working capital are included. The latter compares with US$10 million a year ago.

Glamis sold 51,110 oz. in the recent quarter, or 10,952 oz. less than last year. Offsetting the shortfall was a 17% increase in realized gold prices to US$371 per oz.

The San Martin, Marigold and Rand mines produced a combined 51,707 oz. at an average total cash cost of US$201 per oz. Output is down 7,290 oz. and costs are up US$26 per oz. from a year earlier, reflecting subsequent (but now fixed) leaching problems at San Martin.

On Sept. 30, Glamis had US$170.7 million in current assets and US$9.8 million in current liabilities for US$161 million in working capital. Most of its assets were held in cash or marketable securities.

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