Cusac Reports 1997 Third Quarter Results.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--Nov. 12, 1997-- Cusac Gold Mines Ltd (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 n. 1. Same as Britzska. , President, reports the following results to September September: see month. 30, 1997: -0-
Three months Nine months
ended September 30 ended September 30
1997 1996 1997 1996
Production Revenue $1,076,000 $3,557,000 $2,608,000 $8,988,000
Production Costs 1,193,000 1,510,000 5,222,000 6,191,000
Administration Costs 108,000 175,000 604,000 619,000
Net Income (loss) (225,000) 1,872,000 (3,218,000) 2,178,000
Net Income (loss)
per share ($0.01) $0.10 ($0.15) $0.12
Cusac Gold Mines Ltd. recorded a net loss of $225,000 or $0.01 per share in the three month period ended September 30, 1997, compared with net earnings of $1,872,000, or $0.10 per share, for the same period of 1996. For the nine month period ended September 30, 1997, the Company lost $3,218,000, or $0.15 per share, compared to net income of $2,178,000, or $0.12 per share for the similar period of 1996. Although gold production was up 37 percent to 3,425 ounces of gold over the second quarter and production costs were cut by 48 percent, falling gold prices resulted in the Company posting a small loss for the third quarter of 1997. Third quarter production was 3,425 ounces from milling of 9,900 tons of ore at an average grade of 0.40 ounces per ton. Mill recovery rates were approximately 84 percent . Total 1997 production to September 30 is 7,126 ounces of gold. Most of the production during the period came from the surface mining of the Vollaug Vein, which is now complete. Underground mining operations consisted primarily of development and mining of the Melissa Vein. Equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. activity during the third quarter resulted in funding of $1,612,135. These funds are being used to fund Cusac's remaining exploration program at Table Mountain. Exploration expenditures during the third quarter totaled $820,720. Working capital at September 30, 1997 was $941,419. OUTLOOK Fourth quarter production is expected to be approximately 1,000 ounces, with mining currently proceeding at a rate of approximately only 40 tons per day due to lack of available working faces. Cusac's annual winter shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down of the Table Mountain Gold Mine will occur in late November, somewhat earlier than normal. Given current low gold prices, it is unlikely that operations at Table Mountain will resume until spring, ie. May, 1998. -0- Cusac Gold Mines Ltd. Guilford H. Brett, President -0- 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) or 800/670-6570 (Canada) http://www.cusac.com e-mail: cusac@uniserve.com |
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