Cathedral Reports 1997 Year End Financial Results.VANCOUVER, British Columbia--(BUSINESS WIRE)--April 9, 1998-- CATHEDRAL GOLD (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CAT.) Cathedral Gold Corporation (CAT-T) reports a net loss of $2,059,000 ($0.15 per share) for 1997, compared with a net income of $259,000 ($0.02 per share) in 1996. Gold sales revenues for 1997 were $2,000,000 compared with $7,006,000 in 1996. The Company incurred 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 $784,000 in 1997 versus 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 $754,000 in 1996. These results reflect the shutdown of underground mining at the 90 percent owned Sterling gold mine in May 1997 and limited production thereafter from open pit sources and writedowns totaling $699,000 on the Sterling gold mine and other mineral exploration properties. Cash operating costs operating costs npl → gastos mpl operacionales per ounce of gold sold increased to US$402 per ounce from US$282 per ounce during 1996. Total gold production at the Sterling Mine during 1997 was 4,841 ounces compared to 14,674 ounces of gold during 1996. Results from a drilling program carried out by Omai Gold Mines Limited on the Hicks gold deposit 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. , will be reported on shortly. Omai has an option to purchase the Hicks deposit by completing a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. and paying to Cathedral the greater of US$2 million or US$13 per ounce of proven and probable reserves. CONTACT: Cathedral Gold Corporation Pierre Lebel or Rhonda Schultz, 604/684-4659 604/687-4030 (FAX) |
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