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ATLAS REPORTS SECOND QUARTER RESULTS

 ATLAS REPORTS SECOND QUARTER RESULTS
 DENVER, Feb. 13 /PRNewswire/ -- Atlas Corp. (NYSE: AZ) today


reported a net loss of $407,000, or 7 cents per share, for the second quarter ended Dec. 31, 1991, compared to net income of $206,000, or 3 cents per share, in the second quarter of the prior fiscal year. For the six months ended Dec. 31, 1991, Atlas' net loss was $673,000, or 11 cents per share, compared to a net loss of $482,000, or 8 cents per share, for the like period in fiscal 1991.
 Total revenue for the second quarter of fiscal 1992 was $8,403,000, compared to total revenue of $8,864,000 for the comparable quarter in fiscal 1991. Mining revenue was $8,400,000 in the quarter ended Dec. 31, 1991, compared to $8,684,000 for the second quarter of fiscal 1991. Mining revenue for the six months ended Dec. 31, 1991, was $15,797,000, compared to $14,173,000 for the like period in fiscal 1991.
 Gold production for the second quarter of fiscal 1992 was 22,600 ounces, compared to production of 22,300 ounces in the like quarter of the previous year. The ore that was processed was mined from the company's Goldstone deposit. The average gold price realized during the second quarter of fiscal 1992 was $372 per ounce, compared to $389 per ounce for the like period in fiscal 1991.
 During the quarter, Atlas completed definition drilling on the Gold Canyon deposit located 5,000 feet northwest of the company's Gold Ridge mine. Estimates prepared by the independent consulting firm of Pincock, Allen & Holt Inc., based on the results of the drilling, delineated a geologic resource of 131,000 ounces of gold at a cutoff grade of five feet of .02 ounce per ton. Identified to date is a proven and probable mineable reserve of 86,500 ounces of gold at a grade of .094 ounce per ton, based on a gold price of $400 per ounce, with an additional 22,000 ounces of gold needing further confirmation work. Initial metallurgical testing on the ore samples indicates compatibility with the existing processing facilities at the Gold Bar Mill. Atlas has begun engineering and environmental work in anticipation of acquiring permits for development of the Gold Canyon deposit. Mapping and sampling work is continuing in the Gold Canyon area in an effort to identify additional drilling targets.
 In January 1992, Atlas received permits to conduct additional exploration drilling on claims the company acquired in May 1991. Prior drilling on these claims, which are near the company's Gold Pick deposit, identified mineralization with a known geologic resource of 84,000 ounces of gold. During the quarter, Atlas' geologists will detail map and sample three additional targets on the property.
 In December 1991, the Oregon Environmental Quality Commission determined that certain technical aspects of its proposed regulations for the mining industry would be reviewed by an independent third party. These regulations are being developed in part as a result of Atlas' decision to develop the Grassy Mountain Project in Malheur County, Ore. Atlas supports the Commission's decision, despite the delay in the company's permitting schedule, because Atlas expects it to lead to a fair and unbiased technical evaluation of the facts and reasonable regulations.
 During the fall session of Congress, certain bills relating to the uranium industry which could be positive for Atlas advanced. One element of this proposed legislation relates to government cost sharing in the reclamation of uranium mill tailings. The proposed legislation currently provides that the Government would contribute to reclamation costs to the extent that the mill tailings were generated by Atomic Energy Commission contracts from 1947 to 1970. In the case of Atlas' Moab, Utah Uranium Mill, the Government's obligation under the proposed legislation would be approximately 55 percent of the total reclamation costs. The Moab Mill, which was shutdown in 1987, is currently awaiting approval of its reclamation plan by the U.S. Nuclear Regulatory Commission. Atlas is closely following the progress of these bills in Congress.
 Richard R. Weaver, president and chief executive officer of Atlas, said, "The positive results of the drilling on the Gold Canyon deposit have moved Atlas toward its goal of a 1,000,000 ounce gold reserve at the Gold Bar Resource Area. I look forward to the same kind of positive results with the drilling program slated for the next quarter. Both the Oregon Environmental Quality Commission's decision and the progress on the uranium legislation represent opportunities to resolve some of the uncertainty facing Atlas and allow us to move forward with the development of our gold mining interests."
 Atlas is a mining company whose primary business is gold exploration and production. The company currently produces approximately 80,000 ounces of gold per year from its Gold Bar Mill in Nevada. Development of the Company's Grassy Mountain Project in Oregon is anticipated to increase gold production by 100,000 ounces annually beginning in 1994. The company has exploration efforts under way in several states.
 ATLAS CORP. AND ITS SUBSIDIARIES
 Condensed Statement of Operations
 (In Thousands, Except Per Share Data)
 (Unaudited)
 Three Months Six Months
 Ended Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Mining Revenue $8,400 $8,684 $15,797 $14,173
 Other Revenue 3 180 21 646
 Total Revenue $8,403 $8,864 $15,818 $14,819
 Net income (loss) $ (407) $ 206 $ (673) $ (482)
 Per share of common stock:
 Net income (loss) $ (.07) $ .03 $ (.11) $ (.08)
 Average number of common
 shares outstanding 6,098 5,975 6,096 5,968
 -0- 2/13/92
 /CONTACT: Robbin A. Lee of Atlas, 303-825-1200/
 (AZ) CO: Atlas Corp. ST: Colorado IN: MNG SU: ERN


MC -- DV002 -- 9660 02/13/92 10:48 EST
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