Printer Friendly

VICEROY RECORDS EARNINGS OF $0.30 PER SHARE DURING FIRST YEAR OF PRODUCTION

 VANCOUVER, British Columbia, May 26 /PRNewswire/ -- D. Ross Fitzpatrick, president, announced that Viceroy Resource Corp. (Vancouver, Toronto: VOY) earned $5,478,000, or $0.30 per share, on sales of $35,491,000 for the year ended March 31, 1993. During the same period, operations generated a cash flow of $12,352,000 or $0.68 per share.
 The Castle Mountain Gold Mine produced a total of 104,105 ounces of gold, at an average cash cost of U.S.$196 for the first year of commercial production. Fourth quarter gold production totalled 28,763 ounces, which resulted in earnings of $1,947,000, or $0.10 per share.
 Fitzpatrick stated that, "It is gratifying to exceed both production and financial projections in the first year of operation and I am pleased with our increased production levels during April and May which should contribute positively to profitability in the first quarter." Throughput is currently at 10,000 tons per day and the grinding circuit, expected to be operational by July 1993, will increase recovery rates from 70 percent to 95 percent on high-grade ore which should result in 20,000 incremental ounces of gold per year.
 Viceroy has also completed the previously announced private placement by filing the final prospectus and obtaining approval receipts from the British Columbia, Ontario and Quebec Securities Commissions. The 3,500,000 special warrants sold to investors through Midland Walwyn Capital Inc., ScotiaMcLeod Inc., First Marathon Securities Ltd. and Bunting Warburg Inc. at $6.50 are each exercisable into one common share of Viceroy at no additional cost. The proceeds of $22,750,000 from the financing were released from trust today and will be available to pursue further mineral exploration and acquisition opportunities.
 Viceroy is operator and 75 percent owner of the Castle Mountain Gold Mine, a large open-pit, heap-leach operation located in San Bernardino County, Calif.
 -0- 5/26/93
 /CONTACT: J. Gordon Fitzpatrick of Viceroy Resource, 604-688-9780/
 (VOY.)


CO: Viceroy Resource Corp. ST: British Columbia IN: MNG SU: ERN

JL -- LA022 -- 2695 05/26/93 18:49 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 26, 1993
Words:346
Previous Article:MISSION ENERGY EXECUTIVE VP AND COO ROBERT EDGELL ELECTED TO COMPANY'S BOARD OF DIRECTORS
Next Article:PATTERSON DENTAL COMPANY REPORTS RECORD EARNINGS FOR THE FOURTH QUARTER AND FISCAL 1993
Topics:


Related Articles
ARVIN REPORTS RECORD SECOND QUARTER SALES
VICEROY RECORDS FIRST QUARTER PROFIT AT CASTLE MOUNTAIN GOLD MINE
VICEROY INCREASES EARNINGS IN SECOND QUARTER
VICEROY REPORTS THIRD QUARTER EARNINGS
VICEROY RESOURCES CORP. ANNOUNCES CASTLE MOUNTAIN TO PREPAY PRINCIPAL ON GOLD LOAN
VICEROY REPORTS RECORD EARNINGS OF $0.12 PER SHARE FOR FIRST QUARTER
VICEROY REPORTS RECORD EARNINGS OF $0.24 PER SHARE FOR SIX-MONTH PERIOD ENDING SEPT. 30, 1993
VICEROY REPORTS RECORD EARNINGS OF $0.36 PER SHARE FOR NINE-MONTH PERIOD ENDED DEC. 31, 1993
VICEROY REPORTS STRONG EARNINGS OF $0.14 PER SHARE FOR FIRST QUARTER
VICEROY RESOURCE CORP. ANNOUNCES LONG TERM MINE PLAN FOR CASTLE MOUNTAIN MINE

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters