Cusac Reports Third Quarter Profit.VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 19, 1998--Cusac Gold(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) .) (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :CUSIF) Guilford H. Brett, President, reports the following results to September 30, 1998:
Three months ended Nine months ended
September 30 September 30
1998 1997 1998 1997
Production Revenue 437,000 $1,076,000 437,000 $2,608,000
Production Costs 338,000 1,193,000 538,000 5,222,000
Administration Costs 54,000 108,000 378,000 604,000
Net Income (loss) 45,000 (225,000) (479,000) (3,218,000)
Net Income (loss)
per share - ($0.01) (0.02) ($0.15)
Cusac Gold Mines Ltd. recorded a net profit of $45,000 in the three month period ended September 30, 1998, compared with a net loss of $225,000, or $0.01 per share, for the same period of 1997. For the nine-month period ended September 30, 1998, the Company lost of $479,000, or $0.02 per share, compared to a net loss of $3,218,000, or $0.15 per share for the similar period of 1997. Production costs of $338,000 for the third quarter include amortization charges of $100,000 and exploration expenditures of $78,000, with direct mining and milling costs being $160,000 only. Gold production was 914 ounces of gold from processing of 2,000 tons of ore grading an average of 0.458 ounces of gold per ton. Drastically dras·tic adj. 1. Severe or radical in nature; extreme: the drastic measure of amputating the entire leg; drastic social change brought about by the French Revolution. 2. reduced production costs per ton processed allowed a profit to be realized for the period. Per ton mining and processing costs were less than $70, compared with typical underground costs of in excess of $275 per ton. Most of the production during the period came from the surface mining of the Bear Vein. OUTLOOK Mining and development of the Bear Vein continues in preparation for milling in April of 1999. Further production of 600 ounces is expected from this activity. New high-grade targets are being outlined for use of the same, low cost, surface mining technique employed on the Bear Vein. Also, testing continues on the Company's low-cost tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. project, were over 28,000 ounces of gold have been identified. Current projections anticipate production of approximately 5,000 ounces per year for three years at a cash cost of less than CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $100 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. . Cusac Gold Mines Ltd. Per/Guilford H. Brett, President |
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