Revenues and earnings records for Granges

Record fourth quarter and year- end 1986 results have been reported by Granges Exploration.

The company says operating profits for the quarter rose 75% to $949,474, up from $541,629 in the comparable period in 1985. Net earnings for the quarter were $458,491, against a loss of $38,213 a year ago.

Revenues for the quarter were $2,937,705 compared with $2,008,000 in the 1985 period. Full year earnings rose 57% to $930,073, up from $592,497 in 1985.

Revenues in 1986 were a record $9,761,449 against $8,427,055 in the previous year.

President Mike Muzylowski notes that the company’s 1986 operating profit is the highest achieved since the Trout Lake mine near Flin Flon, Manitoba, in which Granges has a 19.833% interest, began production in 1982.

Full year output from the polymetallic mine, considered to be North America’s lowest cost underground mine, was up 21% to 627,000 tons from 520,000 tons in 1985.

In total, Trout Lake, which is operated by Hudson Bay Mines, yielded 22,931 oz gold, 180,096 oz silver, 26 million lb zinc and 48 million lb copper.

The Granges president says one of the most significant developments of the fourth quarter was the company’s purchase from Standard Slag of the Lewis gold mine adjoining Granges’ Crofoot heap leach project near Lovelock, Nev.

Hycroft Resources and Development and operator Granges expect to extract about 80,000 oz gold from Crofoot-Lewis once annual production is reached, he said.