Consolidated Nevada Goldfields announces results of fiscal year 1995.DENVER--(BUSINESS WIRE)--Sept. 28, 1995--Consolidated Nevada Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. Corp. reported a net loss of US$5,763,000 or US$0.14 per share for its fiscal year ending June 30, 1995, compared to a net loss of US$11,638,000, or US$0.29 per share for fiscal 1994. The reduced loss is attributable to better ore grades Ore grade is a measure that describes the concentration of a valuable natural material (such as metals or minerals) in its surrounding ore. Ore grade is used to assess the economic feasibility of a mining operation: the cost of extracting a natural material from its ore is directly at the company's Aurora mine and a reduction in charges to operations for impairment of the Aurora and Barite barite (bâr`īt), barytes (bərī`tēz) [New Lat., from barium], or heavy spar, a white, yellow, blue, red, or colorless mineral. Hill mines from US$5,200,000 during fiscal 1994 compared to US$400,000 during fiscal 1995. The 1995 loss includes increased reclamation accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. of US$1,300,000 for Barite Hill. The company sold 21,956 ounces of gold during fiscal 1995 from its two mines, the Aurora and Barite Hill, compared to 31,021 ounces of gold sold from the same two mines during fiscal 1994. The average price per ounce of gold sold after deferred hedging activities was US$392 during fiscal 1995 compared to US$480 during fiscal 1994. The Aurora mine produced more gold in fiscal 1995 than in fiscal 1994 and the operating cost per ounce of gold sold was US$313 in fiscal 1995 compared to US$449 during fiscal 1994. Improved ore grade at Aurora allowed the mine to provide US$1,100,000 toward corporate cash flow during 1995 before depreciation, depletion and amortization. This improved average grade has continued into the first fiscal quarter of 1996. The company is looking to extend the life of the Aurora mine through exploration of the recently discovered Martinez deposit. The company completed the first phase of drilling on the Martinez deposit during the first quarter of fiscal 1996. The drilling defined a mineral inventory of 1.54 million tons grading 0.055 opt of gold (84,500 ounces of gold) in the Martinez area, nearly doubling the pre-existing mineral inventory at Aurora. The resource is open on both ends and at depth. The company plans an extensive drilling program to upgrade the existing resource to proven and probable and to further define its extent. Ore reserves at the Barite Hill mine were depleted de·plete tr.v. de·plet·ed, de·plet·ing, de·pletes To decrease the fullness of; use up or empty out. [Latin d during fiscal 1995 and mining ceased in October of 1994. Continued leaching of the heaps allowed the company to sell 6,603 ounces of gold during 1995 compared to 19,959 during 1994. During 1995, the company wrote-down the remaining assets at Barite Hill to their net recoverable value by a charge to operations of US$400,000 for impairment of mineral properties and a US$750,000 write-down of gold inventory. In addition, the company increased the accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. for reclamation by a charge to operations of US$1,300,000 to reflect the estimate of total reclamation cost. The company is reclaiming the Barite Hill mine and plans substantial completion of reclamation during fiscal 1996. During fiscal 1995, at the Nixon Fork mine near McGrath, Alaska McGrath is a city in Yukon-Koyukuk Census Area, Alaska, United States. As of 2004, the population of the city is 412. Geography McGrath is located at (62.952040, -155.577165)GR1. , the company completed an updated feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. , and detailed mine design. Based on the positive feasibility study, the company secured a project level 47,731 ounce gold loan and related 42,269 ounce hedging facility. The gold loan was monetized at US$392 for total proceeds of US$18,800,000. The company has nearly completed construction of a 150-ton-per-day processing facility (mill) and related support facilities including a camp and year-round airstrip. The mine is on-schedule to begin production in October 1995 and is projected to produce gold at an average rate of 60,000 ounces per year with a life of mine, direct cash cost of $170 per ounce of gold. The mine is also projected to produce 525,000 pounds of copper during fiscal 1996. Consolidated Nevada Goldfields Corp. is a gold mining and exploration company, which operates the Aurora Mine in Nevada, will begin production during October 1995 at its Nixon Fork mine in Alaska and is reclaiming its Barite Hill mine in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. . The company's common shares trade on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol KNV KNV Koninklijk Nederlands Vervoer (Dutch) , on NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on under the symbol KNVCF, and on The Stuttgart Exchange in Germany under the symbol CNV-SG. -0-
Consolidated Nevada Goldfields Corp.
Financial Highlights
Fiscal Year
1995 1994
Ounces of gold sold 21,956 31,021 Revenue (000's) $ 8,603 $ 14,881 Net (loss)(000's) $ (5,763) $(11,638) Net (loss) per share $ (.14) $ (.29) CONTACT: Consolidated Nevada Goldfields Corp., Denver Geoffrey Hoyl, 303/296-3200 |
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