Glamis Gold -- anticipated annual production target maintained despite lower first-quarter earnings.VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 3, 1995--Glamis Gold (TSE/NYSE:GLG GLG Geology GLG Ganz Liebe Grüße (German) GLG Grocery List Generator GLG Glamis Gold Ltd (stock symbol) GLG Goofy Little Grin GLG Goodrich Landing Gear ) experienced a loss of 2.5 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. in the first quarter of this fiscal year, compared to a profit of 4.3 cents per share for the same period last year. Production was 21,328 ounces of gold or 6,612 ounces less than for the same period in 1994. The loss of production occurred at the Rand Rand See Witwatersrand. rand 1 n. See Table at currency. [Afrikaans, after(Witwaters)rand. Mining Company operation. The decrease in production was mainly due to a suspension of mining operations at the Yellow Aster Mine as its heap-leach pile had nearly reached its capacity and necessitated a move of mining operations to the Baltic Mine heap-leach pad. Baltic production was reduced due to mining in the mixed oxide-sulphide zone. Grade improved to 0.030 ounces per ton, but gold recovery was slow and low. This production problem originated because of a 6-month delay in receiving permits to construct a new 60,000,000 ton leach pad and facilities forcing changes in the mining plan. This pad is ahead of schedule and should be ready to accept ore during December, 1995. The Yellow Aster Mine is now back in operation and production from the Lamont Pit of the Baltic mine is underway. Revenues were $8,114,809 compared with revenues of $10,845,000 for the 3-month period ending Sept. 30, 1994. The average price realized per ounce of gold during the first quarter was $380 per ounce compared with $388 for the same period in Fiscal 1994. The average cash cost per ounce of gold increased from $211 per ounce to $242 per ounce this quarter mainly due to the lower production. An expense of $619,000 was incurred for the unsuccessful bid for the acquisition of the shares of Eldorado Corporation, which contributed largely to this quarter's loss of $660,000. At Sept. 30, 1995, the Company had a working capital of $20.0 million including cash of $10.2 million. Long-term liabilities Long-Term Liabilities Recorded on the balance sheet, a company's liabilities for leases, bond repayments and other items due in more than one year. Notes: A company's long-term liabilities are accounted for by its debt obligations to other parties which last longer than were unchanged at $2.6 million. It is anticipated that the shortfall will be made up by year-end and the planned 107,000 ounces of gold shall be attained. Operations at the Picacho Mine continued to improve. Gold production was 7,925 ounces or 38 per cent higher than for the same period a year ago. Cash costs were $163 compared to $218. 396,000 tons of ore grading 0.030 ounces per ton, at a strip ratio of 1.3:1 were placed on the leach pad. IMPERIAL PROJECT, IMPERIAL COUNTY, CALIFORNIA Imperial County is a county located in the Imperial Valley, in the far southeast of the U.S. state of California, bordering both Arizona and Mexico. It is part of the 'El Centro, California Metropolitan Statistical Area' which encompasses all of Imperial County. - A total of 15,380 feet of reverse circulation drilling for exploration, condemnation and hydrology hydrology, study of water and its properties, including its distribution and movement in and through the land areas of the earth. The hydrologic cycle consists of the passage of water from the oceans into the atmosphere by evaporation and transpiration (or was completed during the quarter. Total footage drilled to date is 142,680 feet. Metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. studies continued. A final feasibility report is expected in April, 1996. At the Cieneguita Gold Project in Chihuahua, Mexico, mining and leaching of ore began during the quarter. Approximately 14,000 tons of pit run ore grading over 2 grams per ton were placed on the re- usable leach pad. Percolation percolation /per·co·la·tion/ (per?kah-la´shun) the extraction of soluble parts of a drug by passing a solvent liquid through it. is excellent and solution grades are high in gold value. The first dore will be poured in early November, 1995. LA JOJOBA jojoba (h  ·hōˑ·b GOLD PROPERTY, SONORA, MEXICO - During the quarter, all
available information on the property was accumulated and consolidated.
A percussion percussion /per·cus·sion/ (per-kush´un) the act of striking a part with short, sharp blows as an aid in diagnosing the condition of the underlying parts by the sound obtained. drill, compressor compressor, machine that decreases the volume of air or other gas by the application of pressure. Compressor types range from the simple hand pump and the piston-equipped compressor used to inflate tires to machines that use a rotating, bladed element to achieve and sampling equipment were mobilized to
the site. Exploration drilling will begin on receipt of a drilling
permit that is expected early this month. Bottle roll and column tests
to investigate gold recovery are being conducted on a bulk sample sent
to a metallurgical laboratory The Metallurgical Laboratory or "Met Lab" at the University of Chicago was part of the World War II–era Manhattan Project, created by the United States to develop an atomic bomb. in Tucson. -0-GLAMIS GOLD LTD. CONSOLIDATED STATEMENT OF EARNINGS - Unaudited (Expressed in thousands of United States Dollars)
Three Months Ended
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Sept. 30, 1995 Sept. 30, 1994
GOLD PRODUCTION (ounces) 21,328 27,940
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Revenue from gold production $ 8,115 $ 10,845
Cost of production 5,162 5,904
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2,953 4,941
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Expenses:
Depreciation, depletion 2,247 2,510
Royalty 459 423
Selling, general &
administrative 672 634
Exploration 643 277
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4,021 3,844
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Earnings from operations (1,068) 1,097
Interest expense 39 39
Other (Income) Expense (203) (136)
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Earnings (loss) before
income taxes (904) 1,194
Provision for income tax (244) 85
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Net Earnings ($ 660) $ 1,109
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EARNINGS PER SHARE U.S.$ (0.025) U.S.$ 0.043
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Average shares outstanding 26,386,707 25,959,707
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NOTE: The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has neither approved nor disapproved the contents of this news release. CONTACT: Glamis Gold Glamis Gold Ltd. was a Reno, Nevada based gold producer with operations in the Americas. In 2006 they expected to produce 620,000 ounces of gold at a total cash cost of US$190 per ounce. They remained 100% unhedged. On 31 August 2006, Goldcorp acquired Glamis Gold for $8. Ltd., Vancouver J.R. Billingsley, 604/681-3541; 604/681-9306 (fax) |
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