Battle Mountain Gold posts 3rd-quarter loss/9-month profit.HOUSTON--(BUSINESS WIRE)--Nov. 3, 1994--Battle Mountain Gold Co. (NYSE NYSE See: New York Stock Exchange :BMG BMG Bundesministerium für Gesundheit (Germand: Federal Ministry for Health) BMG Be My Girl BMG Blue Man Group BMG Bertelsmann Music Group BMG Be My Guest BMG Browning Machine Gun BMG Bulk Metallic Glass ) Thursday Thursday: see week. reported third quarter 1994 consolidated net income of $1.5 million, which, after consideration for quarterly dividends to preferred shareholders, resulted in a loss of $0.4 million, or 1 cent per share attributable to common shareholders. There was no income attributable to common shareholders during the third quarter of 1993. For the first nine months of 1994, consolidated net income was $7.4 million, which, after consideration for quarterly dividends to preferred shareholders, resulted in income of $1.8 million, or 2 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . This compares with a consolidated net loss after preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) of $5.8 million, or 7 cents per share, during the same period in 1993. Third quarter gross revenues were $59.8 million, up 12 percent from $53.3 million in 1993. Gross revenues for the first nine months of 1994 were $172.8 million, compared with $155.4 million in the first nine months of 1993. BMG Chairman Karl Karl. For German and Swedish kings thus named, use Charles. E. Elers said that the third quarter and first nine months of 1994 were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by higher average realized gold and silver prices, lower mining expenses, and lower general and administrative expenses. However, these factors were more than offset by higher milling costs, and higher exploration and evaluation expenses. Per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. operating costs operating costs npl → gastos mpl operacionales improved from prior years. For the year 1994, Elers said the company expects to see total attributable gold production of approximately 490,000-500,000 ounces, with average cash production costs in line with earlier forecasts of about $190 per equivalent ounce. BMG also is continuing to forecast production growth in 1995 of approximately 15 percent over target 1994 levels. Operations Review As of the end of September September: see month. 1994, Battle Mountain Gold is well along on its targeted 1994 growth plan: An approximate 25 percent increase in attributable gold production, compared with 1993, is expected to be achieved; Third quarter initial start-up Start-up The earliest stage of a new business venture. of the Reona project in Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). has been completed; Feasibility work on the Phoenix project in Nevada is nearing completion. Expansion of the Kori Kollo mining facility in Bolivia Bolivia (bōlĭv`ēə, Span. bōlē`vyä), officially Republic of Bolivia, republic (2005 est. pop. 8,858,000), 424,162 sq mi (1,098,581 sq km), W South America. is well under way; The Red Dome mine Dome Mine is situated in the City of Timmins, Ontario, Canada; now known as part of Porcupine Joint Venture. The original Dome Mine (Tisdale Township) was still operating as of July 2007, its life is slowly coming to an end as the ore is dwindling and quickly becoming expansion project in Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. is complete. Cash production and total operating costs for the first nine months of 1994 averaged $186 and $274, respectively, compared with $227 and $309 during the same period in 1993. This lower cost- structure is expected to continue throughout the rest of the year. Reona Starts Up, Phoenix Feasibility Completion Near In October October: see month. , the Company announced its first gold pour at the new Reona heap leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. mine at the Battle Mountain Complex in Nevada. The mine is completing the initial start-up phase and is expected to produce about 16,000 ounces of gold in the fourth quarter of this year. Annual gold production from the 370,000 ounce Reona deposit is expected to be approximately 70,000 ounces in 1995. Reona should average about 50,000 ounces per year over its life. Cash production costs are expected to average about $212 per equivalent gold ounce over the life of the mine, with total operating costs averaging approximately $280 per equivalent ounce. Work on the feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. for the 120,000 ounce per year Phoenix milling project, also at the Complex, is being finalized See finalization. , and a Plan Of Operations has been submitted to the Bureau of Land Management to initiate the permitting process. In Australia, the company has initiated work on the underground section of the Cindy vein, which is extending the life of the Pajingo mill feed. Target production for 1994 and 1995 is about 30,000 ounces of gold per year, and an active exploration program is under way for added ore. Kori Kollo Expansion Progressing At the Kori Kollo mine in Bolivia, an expansion program is well under way. Throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. enhancement work is complete, and the plant is achieving throughput rates Throughput rate is an obsolete term[1] in the terminology of automated chemical analysis. It may mean either:
1. ^ International Union of Pure and Applied Chemistry. "throughput rate". of approximately 18,500 wet tonnes per day, compared with a design capacity of 14,500 wet tonnes per day. In addition, BMG is in the final engineering and procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. phase of its recovery enhancement program. Currently, following minor modification of the milling circuit, the company is achieving recovery rates in the 68 to 70 percent range, compared with feasibility estimates of 62-64 percent. Additional recovery enhancement work will involve the construction of an oxygen plant, which will introduce oxygen into in the first two conditioning tanks, and the addition of a gravity separation plant to the current tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. stream, which will further pre-condition unleached gold particles <onlyinclude> This is a list of particles in particle physics, including currently known and hypothetical elementary particles, as well as the composite particles that can be built up from them. . This will be followed by processing in additional conditioning and carbon-in-leach tanks. Together, these enhancements are expected to increase gold recoveries to the 75 percent range in 1995, and possibly as high as 80 percent thereafter. Total cost of the various throughput and recovery enhancement projects, including planned additions to the mining fleet, is estimated at approximately $30 million, which is being financed from Kori Kollo cash flows. Kori Kollo District Reserve Addition Potential Good Exploration work in the Kori Kollo area is ongoing and has revealed significant gold mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. at Llallagua, about 2 kilometers from the mine. Initial indications are that there is gold mineralization at Llallagua comprising about 20 million tonnes, grading 0.05 to 0.07 ounces per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. . However, much of this material is refractory refractory Material that is not deformed or damaged by high temperatures, used to make crucibles, incinerators, insulation, and furnaces, particularly metallurgical furnaces. in nature, and there are a number of metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. questions to answer before a reserve can be quantified. BMG holds approximately 300 square kilometers surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. the mine site, and will test additional promising targets in the future. Outside of the Kori Kollo district, the company was recently the successful bidder for the highly prospective Bonete concession in south western Bolivia, which was tendered by the government's mining entity, COMIBOL COMIBOL Corporación Minera de Bolivia (Spanish: Mining Corporation of Bolivia) . March DEIS Anticipated At Crown Jewel Crown jewel A particularly profitable or otherwise particularly valuable corporate unit or asset of a firm. Often used in risk arbitrage. The most desirable entities within a diversified corporation as measured by asset value, earning power, and business prospects; in takeover At the Crown Jewel mine in Washington state, the Forest Service recently announced that it now expects to issue the Draft Environmental Impact Statement (DEIS) in late March of 1995. The final EIS (1) (Executive Information System) An information system that consolidates and summarizes ongoing transactions within the organization. It provides top management with all the information it requires at all times from internal and external sources. is expected to follow approximately nine months to one year later, which could allow for an early 1997 startup, assuming timely permitting and no lengthy legal challenges. Changes in PNG (Portable Network Graphics) A bitmapped graphics file format endorsed by the World Wide Web Consortium. It is expected to eventually replace the GIF format, because there are lingering legal problems with GIFs. Government Bode Well for Lihir The Lihir property, in Papua New Guinea Papua New Guinea (păp`  ə, –y , could also be in
operation in 1997. Negotiations are ongoing between the PNG government,
Niugini Mining and the operating partner, RTZ RTZ Rio Tinto ZincRTZ Return To Zero RTZ Return to Zork (game) RTZ Retail Trade Zone Corporation, plc., toward the issuance of a Special Mining Lease. Recent changes in the PNG government seem to bode well for the project, with issuance of the SML 1. SML - Standard ML. 2. SML - Small Machine Language. Barnes, ICI 1969. Real-time language, an ALGOL variant, and the predecessor of RTL. "SML User's Guide", J.G.P. Barnes, ICI, TR JGPB/69/35 (1969). later this year possible. Lihir initially will be about a 620,000 ounce per year gold producer, and BMG's attributable interest in the project is expected to be about 60,000 to 70,000 ounces per year. Broad International Exploration Program Under Way For 1994, the company is continuing its broad international exploration program and will spend, together with its subsidiaries, about $14 million. The program, covering some 27,000 square kilometers world wide, comprises about 120 prospects or projects. These areas involve various levels of exploration activity on our own, and with others, in Argentina, Bolivia, Chile, Peru, Ecuador, Honduras, Australia, Indonesia, Mexico, and the western U.S. In South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , for example, BMG has taken selective land positions in Argentina along projections of the Maricunga and El Indio gold belts. This is an example of generative gen·er·a·tive adj. 1. Having the ability to originate, produce, or procreate. 2. Of or relating to the production of offspring. generative pertaining to reproduction. exploration in a fiercely competitive environment, where the Company controls some 45 cateos, or concession applications, on 3,000 square kilometers. Having spent the first year registering and acquiring land positions, BMG is now systematically evaluating the prospects. One area of principal focus is the Tocota project in the San Juan San Juan, city, Argentina San Juan (săn wän, Span. sän hwän), city (1991 pop. 353,476), capital of San Juan prov., W Argentina. It is a commercial and industrial center in an agricultural region. province, where summer is just beginning and drilling is underway. In Mexico, the company has four current projects, two of which are joint ventures with Corporacion Industrial Sanluis (Luismin), the fourth largest Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum mining company. One of these projects is the Santo Domingo Santo Domingo, pueblo, United States Santo Domingo (sän'tə dəmĭng`gō), pueblo (1990 pop. 2,866), Sandoval co., N central N.Mex., on the Rio Grande; founded c.1700 after earlier pueblos were destroyed by floods. , where BMG is preparing to drill a 300 by 1,000 meter zone of anomalous a·nom·a·lous adj. 1. Deviating from the normal or common order, form, or rule. 2. Equivocal, as in classification or nature. gold along an intrusive in·tru·sive adj. 1. Intruding or tending to intrude. 2. Geology Of or relating to igneous rock that is forced while molten into cracks or between other layers of rock. 3. Linguistics Epenthetic. contact. The target here is for a bulk tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. gold deposit. In the Austral aus·tral adj. Of, relating to, or coming from the south. [Latin austr  lis, from auster, austr-, south. Pacific, at the Plutonic plu·ton·ic adj. Of deep igneous or magmatic origin: plutonic rocks. [From Latin Pl Bore property in Western Australia Western Australia, state (1991 pop. 1,409,965), 975,920 sq mi (2,527,633 sq km), Australia, comprising the entire western part of the continent. It is bounded on the N, W, and S by the Indian Ocean. Perth is the capital. , BMG is continuing its joint venture effort with Resolute res·o·lute adj. Firm or determined; unwavering. [Middle English, dissolved, dissolute, from Latin resol Resources. Targets are new bulk tonnage mineralization analogous analogous /anal·o·gous/ (ah-nal´ah-gus) resembling or similar in some respects, as in function or appearance, but not in origin or development. a·nal·o·gous adj. to the multi-million ounce occurrence at the adjacent Plutonic mine, and additional small deposits to feed Resolute's mill. The company is also exploring for additional gold reserves near its Pajingo mill in Queensland Queensland, state (1991 pop. 2,477,152), 667,000 sq mi (1,727,200 sq km), NE Australia. Brisbane is the capital; other important cities are Gold Coast, Toowoomba, Townsville, Rockhampton, Cairns, and Ipswich. , Australia. In Indonesia, BMG has gone "elephant elephant, largest living land mammal, found in tropical regions of Africa and Asia. Elephants have massive bodies and heads, thick, pillarlike legs, and broad, short padded feet, with toes bearing heavy, hooflike nails. hunting" on the Mutiara contracts of work in Irian Jaya Irian Jaya, province, Indonesia: see Papua. . There, it holds joint venture concessions with P.T. Mutiara Iriana Minerals on four concession blocks totalling some 15,000 square kilometers. In October, the company initiated a field program after receiving initial permits. BMG is currently conducting a helicopter-supported reconnaissance  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. program. These concessions would require a very large deposit to support development, given the rugged setting, but cover highly prospective ground. -0-
BATTLE MOUNTAIN GOLD COMPANY
Consolidated Statement of Income (Unaudited)
Three Months Ended Nine Months Ended
Sept. 30 Sept. 30
1994 1993 1994 1993
(expressed in thousands except per share amounts)
GROSS REVENUE /a $59,810 $53,271 $172,768 $155,390
Freight, allowances & royalties 3,983 3,247 8,988 10,903
NET SALES 55,827 50,024 163,780 144,487
COSTS AND EXPENSES:
Mining Costs 3,121 7,934 20,768 29,250
Milling and other plant costs 29,092 23,719 66,515 68,312
Depreciation, depletion
and amortization 12,394 9,836 36,465 29,200
Exploration, evaluation and
other lease costs 4,301 1,848 10,208 7,108
General & administrative 4,310 4,601 12,945 13,987
Taxes, other than income 753 601 1,813 2,100
Total 53,971 48,539 148,714 149,957
OPERATING PROFIT (LOSS) 1,856 1,485 15,066 ( 5,470)
Interest income 1,603 1,377 4,630 3,168
Interest expense (2,565) (2,388) (7,303) (6,522)
Other income (expense), net 18 5,437 (676) 4,543
PROFIT (LOSS) BEFORE INCOME TAXES
AND MINORITY INTEREST 912 5,911 11,717 ( 4,281)
Income tax expense (benefit) (1,155) 2,495 1,098 ( 3,627)
Minority interest ( 616) (1,620) (3,236) (3,304)
NET PROFIT (LOSS) $ 1,451 $ 1,796 $ 7,383 $( 3,958)
PREFERRED DIVIDENDS 1,868 1,869 5,606 1,869
NET PROFIT (LOSS) TO COMMON $( 417) $ ( 73) $ 1,777 $( 5,827)
PROFIT (LOSS) PER SHARE $ (.01) $ - $ .02 $ (.07)
DECLARED COMMON DIVIDENDS
PER SHARE $ .025 $ .025 $ .05 $ .025
AVG. SHARES OUTSTANDING FOR
INCOME PER SHARE PURPOSES 80,887 80,189 85,993 80,095
_________________________________________________________________________
/a All revenue, sales and expenses reflect 100 percent of revenue, sales and
expenses of BMG and its consolidated subsidiaries, while average aggregate
cost data, per accompanying schedule, reflect only BMG's net interest.
-0-
BATTLE MOUNTAIN GOLD COMPANY
Condensed Consolidated Balance Sheet (Unaudited)
Sept. 30 Dec. 31
1994 1993
ASSETS (expressed in thousands)
________________________________________________________________
CURRENT ASSETS
Cash and cash equivalents $ 78,167 $115,338
Accounts receivable 24,300 37,349
Inventories - product 4,288 1,068
Materials & supplies, at average cost 26,485 22,916
Other current assets 2,906 3,949
TOTAL CURRENT ASSETS 136,146 180,620
INVESTMENTS 42,285 28,111
NET PROPERTY, PLANT & EQUIPMENT 490,543 453,242
OTHER ASSETS 5,593 6,179
________________________________________________________________
TOTAL ASSETS $674,567 $668,152
________________________________________________________________
LIABILITIES AND SHAREHOLDERS' EQUITY
________________________________________________________________
CURRENT LIABILITIES
Current maturities of long-term debt $ 13,431 $ 13,431
Accounts payable 10,499 13,171
Payroll and related benefits accrued 4,779 2,354
Accrued interest 6,048 6,527
Other current liabilities 2,375 4,789
TOTAL CURRENT LIABILITIES 37,132 40,272
LONG-TERM DEBT 172,288 179,053
OTHER LIABILITIES 29,250 24,607
TOTAL LIABILITIES 238,670 243,932
________________________________________________________________
MINORITY INTEREST 61,909 54,660
SHAREHOLDERS' EQUITY 373,988 369,560
________________________________________________________________
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $674,567 $668,152
________________________________________________________________
-0-
BATTLE MOUNTAIN GOLD COMPANY
Condensed Consolidated Statement of Cash Flows (Unaudited)
Nine Months Ended September 30
1994 1993
CASH FLOWS FROM OPERATING ACTIVITIES: (expressed in thousands)
NET INCOME (LOSS) $ 7,383 $( 3,958)
Adjustments to reconcile net income
(loss) to cash flows from
operating activities:
Depreciation, depletion and
amortization 36,465 29,200
Exploration and evaluation costs 7,300 4,868
Deferred Taxes 2,113 -
Change in current assets
and liabilities 6,856 (16,289)
Other net changes 5,052 662
Total Adjustments 58,965 18,441
NET CASH FLOWS FROM OPERATING ACTIVITIES 65,169 14,483
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of assets 153 6,770
Acquisition of minority interest (5,200) -
Investment in Crown Jewel project (9,301) (5,595)
Capital expenditures (69,591) (42,683)
Exploration and evaluation
expenditures (7,296) (4,868)
Other, net 204 1,098
NET CASH FLOWS USED IN INVESTING
ACTIVITIES (91,031) (45,278)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash proceeds from stock issuance 6,323 111,646
Cash proceeds from borrowings - 36,855
Cash dividend payments ( 9,636) (5,874)
Debt repayments (7,358) (53,077)
NET CASH FLOWS FROM (USED IN)
FINANCING ACTIVITIES (10,671) 89,550
EFFECTS OF EXCHANGE RATE CHANGES (638) (408)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (37,171) 58,347
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 115,338 45,377
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 78,167 $103,724
_________________________________________________________________________
Corporate Address and Telephone:
Battle Mountain Gold Company
Forth Second Floor, 333 Clay Street
Houston, TX 77002
Phone: 713/650-6400
Fax: 713/650-3636
Questions concerning BMG's operating and financial performance should be
directed to Investor Relations: 713/653-7248.
Transfer Agent: Questions and communications regarding dividends or stock
transfer services should be directed to: The Bank of New York, Shareholder
Services Department, 101 Barclay Street; 11E, New York, NY 10286-1258.
Phone: 1-800-524-4458
-0-
BATTLE MOUNTAIN GOLD COMPANY
Operating Data (Unaudited)
Three Months Ended Sept. 30 Nine Months Ended Sept. 30
1994 1993 1994 1993
BATTLE MOUNTAIN COMPLEX
Ounces Recovered (000s)
Gold 10 10 32 50
Silver 19 18 65 94
Ounces Sold (000s)
Gold 10 10 32 50
Silver 19 18 65 94
___________________________________________________________________________
Costs Per Equivalent Gold Ounce
Cash Production Costs $ 208 $ 326 $ 214 $ 365
Taxes, other than income 23 10 17 14
DD&A 90 77 147 41
Total Operating Costs $ 321 $ 413 $ 378 $ 420
__________________________________________________________________________
SAN LUIS
Ounces Recovered (000s)
Gold 18 19 56 52
Silver 6 7 15 21
Ounces Sold (000s)
Gold 16 18 54 51
Silver 5 7 14 21
__________________________________________________________________________
Costs Per Equivalent Gold Ounce
Cash Production Costs $ 261 $ 236 $ 234 $ 240
Taxes, other than income 18 12 12 13
DD&A 69 83 66 83
Total Operating Costs $ 348 $ 331 $ 312 $ 336
__________________________________________________________________________
PAJINGO
Ounces Recovered (000s)
Gold 8 9 23 26
Silver 17 27 69 95
Ounces Sold (000s)
Gold 8 9 22 25
Silver 19 32 70 97
__________________________________________________________________________
Costs Per Equivalent Gold Ounce
Cash Production Costs $ 119 $ 209 $ 149 $ 193
Taxes, other than income 3 2 2 2
DD&A 53 49 43 45
Total Operating Costs $ 175 $ 260 $ 194 $ 240
__________________________________________________________________________
KORI KOLLO (BMG 88%)
Ounces Recovered (000s)
Gold - BMG Net 66 49 199 128
Consolidated 74 59 227 151
Silver - BMG Net 300 338 938 932
Consolidated 341 397 1,075 1,096
Ounces Sold (000s)
Gold - BMG Net 65 50 197 130
Consolidated 73 58 225 152
Silver - BMG Net 289 338 926 942
Consolidated 329 397 1,061 1,108
__________________________________________________________________________
Costs Per Equivalent Gold Ounce
Cash Production Costs $ 162 $ 175 $ 152 $ 166
Taxes, other than income 0 0 0 1
DD&A 99 99 96 110
Total Operating Costs $ 261 $ 274 $ 248 $ 277
--------------------------------------------------------------------
SAN CRISTOBAL (BMG 51.5%)
Ounces Recovered (000s)
Gold - BMG Net 11 6 28 19
Consolidated 20 12 53 34
Silver - BMG Net 26 20 70 58
Consolidated 50 34 133 102
Ounces Sold (000s)
Gold - BMG Net 11 6 28 19
Consolidated 20 11 53 34
Silver - BMG Net 25 18 69 57
Consolidated 49 30 133 100
__________________________________________________________________________
Costs Per Equivalent Gold Ounce
Cash Production Costs $ 259 $ 362 $ 258 $ 376
Taxes, other than income 0 0 0 0
DD&A 80 86 78 82
Total Operating Costs $ 339 $ 448 $ 336 $ 458
__________________________________________________________________________
RED DOME (BMG 51.5%)
Ounces Recovered (000s)
Gold - BMG Net 6 5 12 22
Consolidated 11 10 23 42
Silver - BMG Net 75 38 107 156
Consolidated 145 68 206 275
Copper - Consolidated
(000s lbs) 5,363 2,740 10,185 7,229
Ounces Sold (000s)
Gold - BMG Net 4 11 10 37
Consolidated 8 19 19 66
Silver - BMG Net 58 66 84 238
Consolidated 112 117 162 420
Copper - Consolidated
(000s lbs) 4,590 3,686 8,898 10,494
__________________________________________________________________________
Costs Per Equivalent Gold Ounce
Cash Production Costs $ 231 $ 193 $ 277 $ 187
Taxes, other than income 0 0 0 0
DD&A 24 2 15 11
Total Operating Costs $ 255 $ 195 $ 292 $ 198
__________________________________________________________________________
AGGREGATE DATA Three Months Ended Sept. 30 Nine Months Ended Sept. 30
Ounces Recovered (000s) 1994 1993 1994 1993
Gold - BMG Net 119 98 350 297
Consolidated 141 119 414 355
Silver - BMG Net 443 448 1,264 1,356
Consolidated 578 551 1,563 1,683
Copper - Consolidated (000s lbs) 5,363 2,740 10,185 7,229
Ounces Sold (000s)
Gold - BMG Net 114 104 343 312
Consolidated 135 125 405 378
Silver - BMG Net 415 479 1,228 1,449
Consolidated 533 601 1,505 1,840
Copper - Consolidated (000s lbs) 4,590 3,686 8,898 10,494
Average price realized
Gold ($/oz) $ 386 $ 376 $ 386 $ 363
Silver ($/oz) $ 5.38 $ 4.72 $ 5.37 $ 4.22
Copper ($/lb) $ 1.05 $ .92 $ .96 $ 1.00
WEIGHTED AVERAGE AGGREGATE COSTS PER EQUIVALENT OUNCE /b
Cash Production Costs $ 192 $ 216 $ 186 $ 227
Taxes, other than income 4 3 3 5
DD&A 82 81 85 77
Total Operating Costs $ 278 $ 300 $ 274 $ 309
/b Represents operating costs incurred which, because of changes in
inventory, may not be reflected in operating results for the period.
CONTACT: Battle Mountain Gold Co., Houston Les Van Dyke Van Dyke (or van/Van Dijk or Dyk etc) is a surname of Dutch origin. It refers to:
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