Earnings in the first quarter this year of 20 cents a share, before taxes and exploration expenses, compared with 11 cents a share for the 1986 first quarter, are reported by Rayrock Yellowknife Resources.
The company says net earnings in the latest period, after taxes and exploration expenses, were $963,000, or 9 cents a share, ($705,000 or 7 cents a share in 1986).
Cash flow from operations was $1.7 million, after exploration spending, compared with $1.5 million in 1986. Exploration expenses, (charged to earnings as incurred), climbed to $792,000 from $142,000 last year.
The main exploration cost items, Rayrock says, were a property purchase payment for an Arizona project, and projects in Costa Rica and Chile.
In good financial health, the company reports working capital at the end of the quarter of $14,741,000, not including $24,750,000 raised by sale of 7 1/2 % convertible debentures.
While it says the debenture funds have been added to working capital for the time being, the longer-term plan is to invest it in income- producing natural resources assets.
Discovery West purchased $4,350,000 of the Rayrock issue so that it could maintain its interest in the company.
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