Cathedral Reports 1995 Year End Results.VANCOUVER, British Columbia--(BUSINESS WIRE)--March 12, 1996-- Effective January 1, 1995, Cathedral acquired an additional 38 percent interest in the Sterling Gold Mine and thereby increased the Company's interest to 90 percent. The Sterling Gold Mine produced 11,568 ounces during 1995. As a result of the Company's increased interest in the mine, ounces of gold sold during the year increased from 6,912 in 1994 to 10,511 during 1995. The price received per ounce was virtually unchanged at US$380 (Cdn$524) during 1995 compared with US$382 (Cdn($525) in 1994. Gold sales revenues for 1995 were $5,502,000 compared with $3,628,000 in 1994. Increased operating costs operating costs npl → gastos mpl operacionales at the Sterling Mine resulted in 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 $1,453,000 compared with an 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 $515,000 during 1994. Cash operating costs per ounce of gold increased to US$383 per ounce compared with US$293 per ounce during 1994. Operating costs of US$398 per ounce previously announced included provision for future site restoration costs. The operating loss during 1995 is the result of lower than expected mined grades underground, which result in a lower number of ounces produced with relatively fixed mining operating costs. Also, as previously announced, reserves have been reduced and this has increased the depreciation and depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able expense. The addition of administration expenses, a non-cash mineral property writedown of $372,000 and the recovery of income taxes of $284,000 resulted in a net loss of $2,088,000 ($0.16 per share) compared with a net income of $278,000 ($0.02 per share) in 1994. The Sterling Mine is expected to produce 11,500 ounces in 1996. As a result of the high cash operating costs, operations and production plans are being closely monitored. During January and February of 1996, gold production increased and was in excess of 1995 levels at approximately 1,200 ounces per month. In addition to the oxide oxide, chemical compound containing oxygen and one other chemical element. Oxides are widely and abundantly distributed in nature. Water is the oxide of hydrogen. Silicon dioxide is the major component of sand and quartz. ore which has been traditionally mined at Sterling, the viability of mining a recently discovered sulphide sulphide: see sulfide. ore lense is being evaluated. On February 29, 1996, Cathedral announced an exploration agreement with Placer Dome Placer Dome was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada. Barrick has acquired 100% of the Placer Dome shares on January 20, 2006, and has integrated the company into its own. US Inc. whereby Placer may carry out exploration to test for deep sulphide ore below the existing Sterling oxide reserves. Surface mapping and underground drill target planning by Placer is underway. During 1995 Cathedral invested $3.6 million in the Kaburi Eldorado Project, located 35 km northwest of the Omai Mine, Guyana. Cathedral enters 1996 with a strong exploration agreement with Placer Dome at its Sterling Mine, Nevada, a reserve of 187,000 ounces of gold at the Kaburi-Eldorado Gold Project, and 100 square kilometres Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of the SI unit of surface area, the square metre, one of the SI derived units. 1 km² is equal to:
R. Michael Jones Mike or Michael Jones may refer to: In sports:
CONTACT: Cathedral Gold Corporation R. Michael Jones President 604/684-4659 |
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