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ASAMERA MINERALS ANNOUNCES FIRST QUARTER 1992 RESULTS

 ASAMERA MINERALS ANNOUNCES FIRST QUARTER 1992 RESULTS
 CALGARY, Alberta May 19 /PRNewswire/ -- Asamera Minerals Inc.'s (Toronto, Montreal: AUA) total shipments of gold in the first quarter of 1992 were up compared with the first quarter of 1991. A total of 19,733 ounces of gold and 28,268 ounces of silver were shipped compared with 18,453 ounces of gold and 47,663 ounces of silver a year ago. This production is solely from the Cannon Mine, while last year's results included the Gooseberry Mine which was closed in late 1991.
 Cash flow provided by operations remained strong at $1.7 million or $0.07 per share, even though gold prices were much lower than in 1991. The price received by the company was $353.00 per ounce compared with $393.15 a year ago. Cash flow in the first quarter of 1991 was $2.0 million or $0.08 per share. Silver prices increased slightly to $4.12 per ounce from $3.90 per ounce in 1991.
 Primarily as a result of the lower gold prices, mineral sales were $7.1 million compared with $7.4 milion in 1991. The company had a loss from operations of $1.4 million in the first quarter of 1992 compared with a loss of $0.3 million a year ago. The difference is because of increased depreciation, depletion and amortization charges and a charge to exploration expense for severance costs for a reduction in personnel at both the Reno and Wenatchee offices due to reduced exploration activity in the Wenatchee area.
 During the first quarter, preparations began for an early start on the company's 1992 Meliadine River exploration program. Meliadine River is a promising gold discovery in the Northwest Territories. The focus of this year's program will be to determine the continuity of the gold mineralization found to date, and follow-up drilling on promising areas discovered in 1991. Certain prospecting permits covering lands that were determined to be of no further interest have been dropped, bringing the company's Meliadine land holdings to approximately 275,000 acres.
 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, Washington, and exploration properties in the United States and northern Canada.
 ASAMERA MINERALS INC.
 Financial Highlights
 (In thousands of U.S. dollars, except per share amounts)
 Three Months Ended March 31,
 1992 1991
 Minerals sales $7,082 $7,440
 Loss from operations (1,444) (323)
 Net loss ($1,329) ($202)
 Net loss per share ($0.05) ($0.01)
 Cash flow provided by operations
 excluding exploration expense $1,695 $1,965
 The company's interest in metal
 shipped (in ounces)
 Gold 19,733 18,453
 Silver 28,268 47,663
 Average sales prices (dollars
 per ounce)
 Gold 19,733 18,453
 Silver $4.12 $3.90
 -0- 5/19/92
 /NOTE: All amounts in this release are expressed in U.S. dollars.
 /CONTACT: Craig Langpap of Asamera Minerals Inc., 403-233-4341/
 (AUA) CO: Asamera Minerals Inc. ST: Alberta IN: MNG SU: ERN


SE -- LA031 -- 2125 05/19/92 20:07 EDT
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Publication:PR Newswire
Date:May 19, 1992
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