CATHEDRAL REPORTS 1994 YEAR END RESULTS.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , BC--(BUSINESS WIRE)--March 17, 1995--CATHEDRAL GOLD (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CAT) Cathedral Gold Corporation completed a $10 million financing during the first quarter of 1994 and over the course of the year invested $3.4 million in a systematic exploration program at the Kaburi-Eldorado project in Guyana, 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. . Cathedral's net income for 1994 was $258,000 ($0.02 per share) compared with $296,000 ($0.03 per share) in 1993. Gold sales revenues for 1994 were $3,628,000 compared with $3,266,000 in 1993. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was reduced to $515,000 compared with $760,000 in 1993 as a result of increased operating costs operating costs npl → gastos mpl operacionales at the Company's Sterling Gold Mine. The increased operating costs were the result of increased levels of development work outside the mining reserves. This development work opened areas with excellent potential for reserve expansion. Cash operating costs per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. of gold increased to US$297 per ounce during 1994 compared with US$226 in 1993. The Sterling Gold Mine produced 13,290 ounces of gold in 1994 compared with 14,034 ounces in 1993. Cathedral sold 6,912 ounces at an average price of US$382 (Cdn$525) per ounce in 1994 compared with 7,298 ounces in 1993 sold at an average price of US$344 (Cdn$448) per ounce in 1993. Effective January 1, 1995, Cathedral agreed to acquire an additional 38 percent interest in the Sterling Gold Mine and thereby increase the Company's interest to 90 percent. The acquisition of the additional interest in Sterling, when closed in March, 1995, will result in a significant increase in the annual gold production and reserves for the Company. Production for 1995 at the Sterling Mine is scheduled at 17,000 ounces. Cathedral enters 1995 with a working capital position of $7.4 million, a solid base of profitable gold production and drilling programs underway at the Kaburi-Eldorado project in Guyana, the Trendline property, Battle Mountain Trend, Nevada and at the Sterling Mine, Nevada. CONTACT: R. Michael Jones Mike or Michael Jones may refer to: In sports:
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion