Colony reports 1994 year end results.VANCOUVER, B.C.--(BUSINESS WIRE)--March 6, 1995--COLONY PACIFIC (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CYX) FINANCIAL The Company recorded a net income of $127,270 ($0.01 per share) on revenues of $264,000 compared to a net loss of $59,000 ($0.00 per share) on revenues of $313,000 for the year ended October, 1993. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses fell to $44,000 from $70,000. General and administrative expenses remained constant at $141,000 in 1994 compared to $140,000 in 1993. The repayment of debt from cash flow generated during the year and the sale of the Axford joint venture interest improved Colony's balance sheet and reduced the working capital deficiency significantly over 1993 levels. In 1994 the Company recovered $4,000 on mineral and oil and gas properties as it continued to minimize cash expenditures on properties through farmout arrangements. During 1993 the Company spent $222,000 on mineral and oil and gas property expenditures, principally for buyout of the Red Cloud Red Cloud, 1822–1909, Native North American chief, leader of the Oglala Sioux. He led the Native American warfare against the establishment of the Bozeman Trail (see Bozeman, John M.). claims on the Blue Moon mineral property. The Company ended the year with a cash balance of $34,000 compared to $2,000 in 1993. SCHELL RANCH Exploration activities on the Schell Ranch base metal property in Calaveras County, California Calaveras County is a county located in the Gold Country of the U.S. state of California. As of the 2000 census, it had a population of 40,554. The county seat is San Andreas. included a four hole, 4,500 foot drill program by Inco subsidiary, American Copper & Nickel Company Inc. (ACNC ACNC Accounts Currently Not Collectable ). These holes were targeted on separate confluences of gravity highs and airborne electro-magnetic anomalies. Although none of the holes hit economic mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. , results were encouraging and ACNC is presently completing a follow up drilling program. The Schell Ranch property is held 60% by ACNC and 40% by Colony Pacific under a joint venture agreement signed in May, 1992. In order to maintain its joint venture ACNC is required to spend US$2.5 million on exploration, incur all property payments and make cash payments totalling US$150,000 to Colony over five years. To date, ACNC has expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. US$1,350,000 on the Schell Ranch property. BLUE MOON More than US$5 million has been spent on exploration of the Blue Moon property over the last decade. These expenditures have advanced the property to where it is now one of the largest and most attractive undeveloped polymetallic massive sulphide sulphide: see sulfide. mineral deposits in the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century with possible and probable geological reserves of 3.8 million tons grading 7.96% zinc, 1.03% copper, 0.067 oz/ton gold, 2.61 oz/ton silver and 0.48% lead. Given today's mine economics, it is felt that ore reserves at Blue Moon must be further expanded before a production decision can be made. As a mining property matures, however, progressively larger expenditures are generally required to continue making significant exploration advances. Because of the Company's financial constraints, it was therefore decided to limit this year's operations to compilation and property maintenance activities rather than engage in what could only be a very restricted exploration program. OIL AND GAS Oil and gas net revenues declined to $246,000 during fiscal 1994 from $311,000 in 1993 as production volumes fell 16%. Net cash flow from oil and gas operations fell 21% to $183,000 from $232,000 in the previous year. A gain of $179,000 was realized during the year from the disposition of Colony's interest in the Axford Oil and Gas Joint Venture. Disposition proceeds from this non core asset, totalling $179,000, were applied to reduce debt. Pierre Lebel, President CONTACT: Pierre Lebel, President, 604/689-5797 INDUSTRY KEYWORD: MINING OIL/GAS REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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