CATHEDRAL REPORTS RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 1995.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)--Aug. 24, 1995--CATHEDRAL GOLD CORP(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CAT ) FINANCIAL Cathedral's net loss of $312,000 ($0.02 per share) for the second quarter and net loss of $540,000 ($0.04 per share) for the six month period ending June 30, 1995 compares with a net loss of $43,000 ($0.00 per share) for the second quarter and a net income of $121,000 ($0.01 per share) for the six month period in 1994. An operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $221,000 was incurred in the second quarter of 1995 compared to an operating loss of $13,000 in the second quarter of 1994. The six month operating loss in 1995 was $495,000 compared to 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. of $257,000 in 1994. The reduction in operating and net income for the 1995 second quarter is as a result of expected lower ore production rates during the period at the Company's 90 percent owned Sterling Gold Mine in Nevada. Ore production rates are expected to increase in the second half of 1995 as a result of the completion of a program of underground development. Gold sales revenues for the second quarter were $1,375,000 from sales of 2,589 ounces of gold at an average price of US$385 (Cdn$531) compared to revenues of $800,000 from sales of 1,509 ounces at an average price of US$381 (Cdn$530) in the 1994 comparable period. For the first six months, revenues were $2,577,000 from 4,848 ounces of gold sold at an average of US$381 (Cdn$532) compared to $1,653,000 from 3,172 ounces of gold sold at an average of US$380 (Cdn$521) in 1994. The increased gold sales revenue in the first half of 1995 reflects the increased interest (from 52 percent to 90 percent) which Cathedral holds of the Sterling Gold Mine. Operating costs operating costs npl → gastos mpl operacionales overall remained steady but as a result of the low number of ounces of recoverable gold added to the heaps from mining, the cash cost per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. increased from US$345 during the second quarter of 1994 to US$379 during the second quarter of 1995. For the first six months of the year, the cost increased from US$282 in 1994 to US$387 for the current year. The higher production cost per ounce is the result of a lower number of ounces produced during a period of increased development work at the mine. Over the remainder of the year, costs are expected to return to the US$260 per ounce range. Underground development work to expand production at the Sterling Mine has now been completed and crushing crushing deaths of newborn animals, especially those in litters, caused by the mother lying on them accidentally. Contributed to by weakness of the neonate or awkward accommodation. A problem in piglets and puppies. Called also overlying. operations are underway on a surface coarse ore stockpile stock·pile n. A supply stored for future use, usually carefully accrued and maintained. tr.v. stock·piled, stock·pil·ing, stock·piles To accumulate and maintain a supply of for future use. . The stockpile is estimated to contain 50,000 tons grading 0.1 ounce gold per ton. The completion of mine development work and the commencement of stockpile crushing are expected to have a positive impact on the financial results in the third and fourth quarters of 1995. PROJECT INVESTMENTS Significant investments in the Company's Kaburi-Eldorado Project in Guyana and the Sterling Mine, Nevada, were completed during the second quarter. At the Kaburi Eldorado project, exploration work was accelerated with total expenditures of $1,398,000. These expenditures included regional exploration on the East Kaburi, 12,000 acre exploration concession as well as an advanced exploration on the Tallman and Hicks Hicks , Edward 1780-1849. American painter of primitive works, notably The Peaceable Kingdom, of which nearly 100 versions exist. properties. At the Sterling Mine, a significant investment of $627,000 in mining equipment, drilling and development work was completed during the second quarter. A drilling program is planned during the third quarter on a new surface gold showing, called the Bare Top Zone, at the Sterling Mine property. R. Michael Jones Mike or Michael Jones may refer to: In sports:
President CONTACT: R. Michael Jones, President 604/684-4659 |
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