Cathedral reports first quarter financial results for the three months ended March 31, 1997.VANCOUVER, British Columbia--(BUSINESS WIRE)--May 28, 1997-- Cathedral Gold Corpo(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CAT.) Cathedral reports a first quarter net loss of $418,000 ($0.03 per share) compared with a net loss of $249,000 ($0.02 per share) in 1996. Gold sales revenue for the first quarter totaled $767,000 compared with $1,744,000 in 1996. 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 $234,000 for the first quarter 1997 compares to an operating loss of $144,000 in the first quarter of 1996. Operating costs operating costs npl → gastos mpl operacionales increased from US$347 (Cdn$478) per ounce in the first quarter of 1996 to US$405 (Cdn$552) per ounce in the first quarter of 1997. As a result of these increased costs per ounce and lower gold prices, underground operations Underground Operations is a Toronto-based independent punk rock record label. Operated by Mark Spicoluk, former Closet Monster member, this label is one of the most cutting edge independent labels in Canada. at the Sterling Mine, Nevada were put on standby as announced on April 11, 1997. Gold production will continue at Sterling through 1997 with lower costs from the processing of a low grade surface stockpile. During the first quarter, Cathedral sold 1,610 ounces at an selling price of US$348 (Cdn$476) compared with 3,174 ounces sold at average price of US$399 (Cdn$549) per ounce in the first quarter of 1996. The 90 percent owned Sterling Mine is scheduled to produce 6,500 ounces during 1997. Sterling Mine, Nevada Effective May 23, 1997, 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. Inc. elected not to proceed with their exploration option to earn a 65 percent interest in Sterling through proving up 750,000 ounces. Placer completed three deep holes below the mine and identified additional exploration potential. However, the potential targets were below Placer's size threshold. Cathedral is continuing evaluating this potential and further exploration is planned with the objective of establishing increased reserves for resuming mining operations. Porcher Island Porcher Island is an island in the Hecate Strait, British Columbia, Canada. It has an area of 522 km². Coordinates: Geography With an area of 200 square miles, Porcher Island Project, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography During the first quarter, additional assays from drilling were received by Porcher Island Gold Corporation (PIG-VSE) and further drilling is planned during 1997. Porcher Island Gold has spent approximately $1.0 million during 1996 and 1997, and can earn a 65 percent interest in the Porcher Island Property from Cathedral by spending $2.0 million. Exploration - Other Properties Cathedral continues to hold a diversified set of advanced exploration projects in Guyana, Honduras, Nevada, USA and British Columbia, Canada. Cathedral's Lady Property in Honduras was advanced early in the second quarter through signing of a $2 million option agreement and drilling is planned during 1997. Advancing all of the Company's projects with continued drilling and development programs is a key objective of the Company for 1997. R. Michael Jones Mike or Michael Jones may refer to: In sports:
CONTACT: Cathedral Gold Corporation R. Michael Jones, 604/ 684-4659 |
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