ASAMERA MINERALS ANNOUNCES 1991 RESULTS
ASAMERA MINERALS ANNOUNCES 1991 RESULTS CALGARY, Alberta, March 19 /PRNewswire/ -- Asamera Minerals Inc.
(Toronto, Montreal: AUA) had a number of notable successes in 1991, including positive exploration results at the company's promising gold prospects at Meliadine River and Meadowbank in the Northwest Territories; continued steady performance at the company-operated Cannon Mine; and the benefit of forward sales resulting in average prices realized for gold significantly higher than spot prices.
Mineral sales were $32.6 million compared with $37.6 million in 1990. Shipments in 1991, net to Asamera Minerals, were 78,048 ounces of gold and 232,831 ounces of silver, down from 85,307 and 445,687 ounces, respectively, in 1990. The decrease reflects the suspension of operations at Gooseberry and closure of the Gooseberry tailings project; the company's share of Cannon Mine gold shipments remained steady at 75,325 ounces. Average sales prices realized in 1991 were $405.47 per ounce of gold and $4.09 per ounce of silver. This was down from the $406.78 and $6.43 realized in 1990, but better than the 1991 average spot prices of $362.18 and $4.04 respectively. Overall, however, the company recorded a loss from operations of $1.2 million in 1991 compared with income of $2.1 million in 1990. The decrease reflects reduced revenues from the Gooseberry Mine and tailings project, and costs related to the 1991 suspension of operations at the Gooseberry Mine and Wenatchee Heights. This was partly offset by a gain from the sale of the company's interest in a non-operating uranium property. The company's net loss for 1991 was $1.3 million, compared with a net loss of $5.2 million in 1990. The 1990 total includes a change in the method of accounting for exploration expenditures which resulted in a write-off of $6.9 million of prior years' deferred expenditures. Cash flow provided by operations before exploration expense was $7.9 million in 1991 compared with $12.4 million in 1990. Asamera Minerals is a publicly traded Canadian firm engaged in the exploration for and production of gold and silver. The company's principal assets include its 51 percent interest in the Cannon Mine in Wenatchee, Wash., and exploration properties in the United States and northern Canada. ASAMERA MINERALS INC. Highlights (thousands of U.S. dollars except per share amounts) Year ended Dec. 31, 1991 1990 Minerals sales $32,597 $37,565 Income (loss) from operations (1,203) 2,073 Income (loss) before change in accounting policy (1,138) 1,739 Change in accounting policy 0 6,893 Net (loss) ($1,255) ($5,204) Loss per share ($0.05) ($0.21) Cash flow provided by operations excluding exploration expense $7,853 $12,428 The company's interest in metal shipped (in ounces) Gold 78,048 85,307 Silver 232,831 445,687 Average sales prices (dollars per ounce) Gold $405.47 $406.78 Silver $4.09 $6.43 -0- 03/19/92 /NOTE: All amounts in this release are expressed in U.S. dollars./ /CONTACT: Craig Langpap of Asamera Minerals, 403-233-4341/ (AUA.) CO: Asamera Minerals Inc. ST: Alberta IN: MNG SU: ERN
KJ -- LA027 -- 9855 03/19/92 16:56 EST
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|Date:||Mar 19, 1992|
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