Cusac Gold reports 1997 first quarter results.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--May 22, 1997--CUSAC GOLD MINES LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). CQC CQC China Quality Certification Center CQC Caiga Quien Caiga (Argentinean TV show) CQC Close Quarters Combat (gaming league) CQC Close Quarters Combat (hand to hand) ., 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 CUSIF.) Guilford H. Brett, President, reports the following summarized 1997 first quarter results. -0-
Three Months Ended March 31
1997 1996
Production Revenue $568,000 $967,000
Production Costs 1,751,000 2,156,000
Administration Costs 197,000 183,000
Net Income (loss) (1,380,000) (1,372,000)
Net Income (loss) per share (0.08) (0.08)
1997 First Quarter Results Cusac Gold Mines Ltd. recorded a net loss of $1,380,000, or $0.08 per share, in the first three months of 1997, compared with a net loss of $1,372,000, or $0.08 per share, in the same period of 1996. Revenues were affected by lower than expected gold production as well as a significant decrease in gold prices. Total gold production for the period was 1,523 ounces, compared with 1,823 ounces in the same period of 1996. Production was affected by a late start-up Start-up The earliest stage of a new business venture. of the company's 300 ton per day mill due to unexpected repairs in the power-house. Also, the average grade of 0.354 oz/t for the period was lower than expected. Working capital at March 31, 1997 was $2,117,471. Production is expected to rise sharply in the second quarter. Milling resumed on May 19th following a five week shut-down required for ore development and crew rotation. Milling is expected to continue uninterrupted throughout the balance of the second quarter at a rate of 200 tons per day. Management expects third quarter production to increase dramatically, as higher grade ore currently under development will be processed during this period. The majority of current and expected production for 1997 represents ore from the Vollaug Vein. Current exploration activity includes surface diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral of projected down-dip extensions of the Vollaug vein. In the Michelle Highgrade Zone, set-up of a diamond drill station is under way to allow testing of the Lily lily, common name for the Liliaceae, a plant family numbering several thousand species of as many as 300 genera, widely distributed over the earth and particularly abundant in warm temperate and tropical regions. Vein on strike. The new drill stations will also provide strategic positioning for planned long-range drilling. NOTE TO EDITORS: The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. CONTACT: Cusac Gold Mines Ltd. Guilford H. Brett, 800/665-5101 (USA) 1-800-670-6570 (Canada) |
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