Golds boost profit at Sullivan Mines

Strong gold prices are cited as the main reason behind the marked improvement in profitability at Sullivan Mines. During the first nine months of 1986, the company’s average selling price was $501.48 per oz compared to $445.43 during the same period in 1985.

As a result, net earnings for the period ended Sept 30, were $759,000 or 9 cents per share. This compares to earnings of $59,000 or 1 cents per share realized in the corresponding period last year.