A third-quarter loss of US$1.2 million trimmed 9-month earnings for Crown Resources (VSE) this year. The company reported earnings of US$145,000 for the nine months ended Sept. 30, compared with US$2.3 million in the first nine months of 1990.
Nine-month results for 1990 and 1991 each include option payments of US$5 million paid by Battle Mountain Gold as part of a 51% earn-in on Crown’s Crown Jewel property in northeastern Washington state.
Crown’s share of production from the 30% owned Kettle River mine in Washington state totalled 6,570 oz. for the quarter. Cash cost per oz. was US$288 compared with US$217 in the third quarter of 1990. The higher cost was attributed primarily to lower head grades compared with last year.
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